Dear rural lifestyle dealer,
A sound dealership succession plan addresses a long list of issues. In this free eGuide, Rex Collins, Principal at HBK CPAs and Consultants, shares a step-by-step guide for success planning — including identifying and prioritizing goals, preparing new management, developing an implementation strategy and more.
Ensure the future of your dealership with this sound process for choosing new leaders, funding the transition and ensuring a rewarding retire for yourself. Download the free eGuide, Succession Planning Step-by-Step, today!
Ensure the Future of Your Dealership
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Plan Ahead
You can’t address all business succession issues at once; what happens with one will affect how you handle another. Taking this into consideration, your planning should begin at least 10 years prior to an expected retirement date and should include a contingency plan if death, illness, a family situation or a change of heart require an earlier-than-expected transition date.
In this free eGuide, you will learn key takeaways like these to help you with a smooth transition of ownership when the time comes:
- Be willing to set a middle ground when defining your succession planning goals.
- Have a contingency plan to address if a death, disability or other circumstance prematurely prevents the owner from running the dealership.
- Prepare a successor to assume the role of decision maker.
- Determine the ongoing cash needs of the retiring owner and how they will be funded.
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Getting Key Employees to Stay When You Leave
Without retaining capable managers and other key members, most dealerships won’t survive the departure of the owner. A critical part of any succession plan is a strategy for identifying and keeping key employees onboard.
This free eGuide, Success Planning Step-by-Step, will teach you 7 components to customize an employee retention strategy for your dealership transition:
- Identify key employees and their goals
- Communicate with employees to lessen fears and concerns
- Point out the positives of continuing to work for the dealership
- Give key employees responsibility for the dealership’s ongoing success
- Reward them through incentives
- Consider offering non-taxable fringe benefits
- Explore the use of employment contracts
Grooming New Management
Equally important as retaining key members of your dealership is grooming someone to manage the business. Transferring management to a capable successor — or successors where management is divided among branches or departments or in other ways — is likely the most crucial aspect of succession planning. This free eGuide shares with you the steps to ensure a qualified successor is selected and groomed to successfully lead the dealership.
Download “Succession Planning Step-by-Step” and discover how to ensure the future of your dealership.
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New members, click "Sign Up" for free account. Or, regular members click "Go In".
Yours for a better rural equipment industry,
Lynn Woolf, Managing Editor