In Succcession: A Step-by-Step Journey For Continuity

By John Moore and Brian Cochran

John Moore built his finance company from the ground up. Twenty-five years later, he handed his business over to his partner, Brian Cochran. But it wasn't as simple as stepping down, retiring and hoping the company would continue to be led in the direction of John's own values and vision. It took years to implement. In Succession: A Step-by-Step Journey For Continuity is the roadmap they've created for navigating the complex and emotional process of continuity. Drawing from their own experiences as predecessor and successor, and having counseled scores of their own clients and colleagues through their own successions, Moore and Cochran walk readers through what is a complex and emotional journey and provide a plan for transitioning smoothly, pulling from biblical examples to outline a clear path to prepare for retirement and set up the next generation of leadership for lasting success.

• Language: English
• Publisher: eBookIt.com
• Release date: May 4, 2021
• ISBN: 9781737171102

Book preview

In Succession: A Step-by-Step Journey for Continuity

By John Moore with Brian Cochran

© 2020 by John Moore and Brian Cochran

All rights reserved.

Edited by Adam Colwell’s WriteWorks, LLC: Adam Colwell and Ginger Colwell

Cover concept and marketing consultation: McKee Wallwork + Co.

Cover designer: Jimmy Anaya

Interior design and typesetting: Katherine Lloyd, THE DESK

Published by Author2Market/D&L Press: Brad Smith

Printed in the United States of America

ISBN (Print): 978-1-7356969-2-8

ISBN (eBook): 978-1-7356969-3-5

All rights reserved. Except in the case of brief quotations embodied in critical articles and reviews, no portion of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means—electronic, mechanical, photocopy, recording, scanning, or other—without the prior written permission from the author. None of the material in this book may be reproduced for any commercial promotion, advertising or sale of a product or service.

Permission to make photocopies or to reproduce worksheets in whole or in part is noted on the bottom of each worksheet. Please refer to individual worksheets in this text.

All biblical citations are taken from the HOLY BIBLE, NEW LIVING TRANSLATION, Copyright©1996, 2004, 2007 by Tyndale House Foundation. Used by permission of Tyndale House Publishers, Inc., Carol Stream, Illinois 60188. All rights reserved. Used by permission.

The information contained in this book does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation.

Any opinions provided are those of the authors (John Moore and Brian Cochran), Ron Blue, or any other individuals listed in the book. Expressions of opinion are as of the initial book publishing date and are subject to change without notice. All financial, retirement and estate planning should be individualized as each person’s situation is unique. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Keep in mind that there is no assurance that our recommendations or strategies will ultimately be successful or profitable nor protect against a loss. There may also be the potential for missed growth opportunities that may occur after the sale of an investment. Recommendations, specific investments or strategies discussed may not be suitable for all investors. Past performance may not be indicative of future results. You should discuss any tax or legal matters with the appropriate professional.

Any case studies presented are for illustrative purposes only. Individual cases will vary. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.

Contents

Acknowledgements

Meet the Authors

Foreword by Ron Blue

Introduction Handing Over the Keys

Chapter 1 Our Story – Your Story

Chapter 2 Preparation: Gearing up for change

Chapter 3 Values and Culture: Defining what makes your organization unique

Chapter 4 Expectations: Getting on the same page

Chapter 5 Communication: Sharing, coaching, and encouraging through constant conversation

Chapter 6 Predecessor Lessons Learned

Epilogue Final Thoughts

Endnotes

Acknowledgements

Brian and I are grateful for the insight provided by several business and ministry leaders and the experiences they freely shared regarding lessons learned from their continuity plans. Their transparency was a great encouragement.

I would especially like to thank Jerry Foster of The Foster Group. Jerry spurred my thinking about succession planning concepts several years ago through his Kingdom Advisor presentations. His thoughtful strategy recommendations helped to start the continuity ball rolling at John Moore Associates.

Ron Blue’s investment in my life has been invaluable. I am very grateful for the leadership, coaching, and thoughtful teachings that transformed our business.

I would also like to express my appreciation to the team at John Moore Associates. Their encouragement and acceptance of this process enabled Brian’s leadership to move forward efficiently and effectively.

Thanks to Adam and Ginger Colwell for creating a structure for accountability during the writing process.

Brian and Emily Cochran are the best. Their courage to take on this process and move JMA forward speaks to their character and integrity.

Connie Moore—wife, mother, Grammy, and business partner—personifies a Proverbs 31 woman. Her steadfast faithfulness and encouraging commitment to our family, the John Moore Associates team members, and the families we have the privilege of serving at John Moore Associates are remarkable.

Meet the Authors

John Moore founded John Moore Associates (JMA) in 1997 with a passion to help people reach a point of contentment with what God has given them so they are freed up to be more generous in many ways, not just financially. A Certified Kingdom Advisor, John’s life verse from the Bible is 1 Timothy 6:6: Godliness with contentment is great gain. His diligent stewardship is in part refined by his military experience, which instilled in him a strong sense of discipline and strategic thinking. John now uses these skills to develop and refine optimal strategies tailored to the needs of each family he advises. An avid pilot, John enjoys flying both airplanes and gliders and spending time with his wife of over 40 years, Connie.

Brian Cochran has been part of the JMA team since 2013. As a CERTIFIED FINANCIAL PLANNER™ professional and a Certified Kingdom Advisor, Brian collaborates with tax advisors, attorneys, and insurance professionals to help meet the financial objectives of the families he serves. Brian’s desire is to convey the principles that make people successful with their finances in a simple way and get rid of the intimidation and fear surrounding money management. Brian is a sports enthusiast and spends his free time watching, playing, and coaching basketball. He especially enjoys traveling to see Portland Trailblazer games with his wife, Emily, and their two sons.

Foreword

Succession is arguably the toughest process in business. Your company is the ship you’ve been carefully steering through storms since you first christened it. Nobody loves it like you do, nor has invested in it what you have—they never could.

Still, a day inevitably comes when the captain must pass the helm to his first mate. And the questions and trepidation that come with that moment abound: Will he treasure this the way I have? Will he make the right decisions? Is he ready to navigate rough waters? What if he leads us into a wreck?

The questions from the new captain are just as numerous and just as worrying: Is this a fair deal to me? Why do I have to wait so long? Will I ever be free to make the decisions I need to make? Is this the right path for my future and that of my family? Am I up to the challenge?

Often, the weight of those questions is so great that businesses forego a succession plan altogether, put it off until it’s too late, or cobble something together amidst an emergency. Such cases obviously bear poor fruit for the business, for clients, and for both generations of ownership. Having been through three successions of my own and participated as a member of the board of directors in several national ministry leadership successions, I’m well aware of the temptations and challenges that surround them. Succession has remarkable power to sour a friendship and destroy a business or ministry. I’ve also watched and counseled hundreds of clients and colleagues through their successions from both ends of the equation, and the results have ranged from the fruitful to the catastrophic. It’s something that’s so hard to do right that I don’t think anyone would do it at all if they didn’t have to.

John Moore has been the captain of John Moore Associates (JMA) for decades. Through blood, sweat, and tears, he has spent over two decades building a company that his employees, clients, and community have come to adore and trust. He’s been recognized with national, state, and local accolades for both the quality of his work and the ethics with which he does it.

Finally, he has recently handed his life’s work over to someone younger and less experienced—as we all must do eventually. But the way in which he’s done it provides a valuable model, and I’m grateful that both the successor and the predecessor have taken the time to chronicle their experience for us here via In Succession: A Step-by-Step Journey for Continuity.

What’s noteworthy is that this change didn’t happen overnight. John’s relationship with Brian Cochran—and the succession plan they crafted together—has been a journey of more than seven years, over which John has poured into his partner a day at a time and prepared him to take the reins.

The longevity of that effort is important, but the intentionality and dedication that it represents is far more so. John and Brian insist on talking about continuity rather than succession, and that says everything you need to know about their relationship. The future of their company is the continuation of the principles and beliefs John has lived for a career, and that will be lived for another career through Brian. It’s not a transaction, where one set of self-interested goals succeeds another, like a throne wrested by a young king from an old one. Instead, it’s a carrying forward—a continuity.

Brian not only shares John’s values and beliefs, but they’re aligned on the future of the company. They’ve invested a lot of hard work and intentional conversation into securing and protecting that alignment. John and Brian as a team have focused their planning around the company’s core values, which were first created by John and are being carried forward by Brian. Because of that, while it will evolve and grow, both parties are confident that 10 years from now, the mission of the company will continue to impact the families that JMA has the privilege of serving.

Compare that to what you usually see in succession scenarios. Succession is so hard because it roots out pride. Often, the young guy can’t wait to take control and starts changing everything the minute he does. The old guy wants to see his name live forever and often overvalues what he’s built. The result is an awkward, adversarial give-and-take, and by the time they get finished, the only thing left is (if they’re lucky) the name on the door.

But for Brian and John, pride has taken a back seat, and the name on the door has been of minimal concern. Instead, they’ve focused on the core of the company—the superficial has followed the pivotal. In fact, the decision to keep their name is a testament to John’s humility as well as