What does successful succession really look like in today’s advisory landscape? Tyson Ray and Kim Cochenour sit down with Dave Patchen to explore the complex dynamics of succession planning – from generational mindsets and private equity pressures to the systems that truly sustain a business.

Whether you’re planning to sell, pass the torch, or build a lasting legacy, this conversation will help you through value-packed insights and actionable takeaways.

• Tyson and Kim are joined by Dave Patchen who shares his insights on business succession and the role millennials play in the process.
• Dave starts his contribution by talking about where he has seen internal transitions done right – and why it’s a good idea to have a “plan to fail” mindset.
• He points out that it is rare to be able to do them right the first time.
• Dave touches upon whether private equity and the multiples make it harder for the next generation to step in and have the internal succession.
• Tyson discusses the relationship between quality, cost, and service, and how you tend to get two out of the three.
• You have a similar dynamic on the transaction side, with multiples, the client’s best interest, and keeping your team.
• Dave shares his thoughts on advisors realizing that you can’t get high multiples while keeping everything else the same.
• Kim, Dave, and Tyson talk about the next generation of advisors and the implications their mindset, focus and goals have when it comes to successful business successions.
• Dave explains why he believes that, in the professional context, baby boomers need to be more flexible than millennials.
• Dave isn’t a fan of mainly using social media and growing one’s business through “accidental referrals”.
• A client-referral system, a center of influence referral system that is 100% process-driven and a client feedback system are three processes that Dave sees as critical for a business.
• When it comes to selling as an advisor, there’s an important question you should ask yourself: “What’s next?”
• A scientific fact you probably didn’t know: there’s a brain in the gut.
• Dave, Tyson and Kim discuss why approaching business succession requires a plan, whether you like it or not.
• Dave sees Be, Do, Think as the highest order of internal engagement – despite it being the opposite of what we tend to do in Western society.
• “The most powerful practice is the ability to put space around your thoughts,” says Dave.
• Remember: the way toward helping someone is an open and curious mindset, not a persuasive and thought-driven one.

Mentioned in This Episode:

TotalSuccession.com

FORM Wealth Advisors

Tyson Ray

Kim Cochenour

Dave Patchen on LinkedIn

Raymond James

Bob Dunwoody