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Grow Your Team or Plan Your Exit? Why Advisors Can’t Afford to Wait
Manage episode 487941177 series 3663825
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If your business can’t run without you, it’s not built to last…it’s as simple as that! Tyson Ray and Kim Cochenour dive into the tough but necessary conversations around delegation, team building and preparing for succession.
From letting go of control to right-sizing your client base, they reveal the mindset shifts every advisor needs to make to lead with vision – and eventually step back with confidence.
- Tyson and Kim look at whether it makes sense to grow your team, fire some of your clients or sell your practice.
- Kim starts the conversation by highlighting the fact that, if your business needs 100% of you to function, you’re dealing with a weight that’s only going to keep getting heavier…
- Tyson shares his story of right-sizing his business twice – and why it was a good idea (both times!).
- During that process, Tyson basically ended up saying “you’re not good enough” to about half of his clients, and this had MAJOR repercussions!
- Ask yourself this: Is delegating part of the decision of growing my team or is it part of someone who’s already done that?
- Tyson opens up about when he got to the realization that he couldn’t keep running his business – and his life – at that pace.
- When building your own team, whether it’s for business, football, basketball or something else, you need to remember that you typically don’t pick all the right players the first time.
- A big win Tyson had in his business was to let go of responsibilities and letting go of control.
- Being able to let go, getting rid of that ego part leads to better business and leadership decisions.
- Tyson touches upon the difference between micromanaging and empowering team members – something he has done with Kim herself!
- Kim shares an important reminder: whether you’re going to plan to grow your business or to start building a succession plan, it’s going to take you a while to get there.
- Tyson and Kim wrap the conversation up by addressing a career-defining question every advisor should ask themselves.
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