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Rex A. Collins

Rex Collins is a Principal of HBK CPAs & Consultants and directs the firm’s nationwide Dealership Industry Group. He has worked extensively in the dealership industry since 1984 as a department manager, a general manager and an owner, as well as providing tax, accounting, transactional and operational consulting services exclusively to dealers. He can be contacted at rcollins@hbkcpa.com.

rcollins@hbkcpa.com

Articles

ARTICLES

Succession Planning Step 6: Identifying Options for Transferring Ownership

By Rex A. Collins posted on August 3, 2018 | Posted in Best Practices

Consider various strategies for transferring ownership, including gifting, selling or redeeming the owner’s interest, selling business assets, tax-free exchanges and others methods.

Succession Planning Step 5: Planning for Ownership Succession

By Rex A. Collins posted on July 27, 2018 | Posted in Best Practices

Succession planning involves the perspectives of the purchaser as much as the seller. The purchaser could be the children or other family members of the owner, or they could be non-family members. Here are considerations to make when accounting for buyer perspectives.

Succession Planning Step 4: Review Options for Funding the Transfer

By Rex A. Collins posted on July 20, 2018 | Posted in Best Practices

Transitioning ownership involves careful consideration of how the transaction will be funded. Buyers and sellers should remember several funding options in succession planning.

Succession Planning Step 3: Determine Retirement Cash Needs

By Rex A. Collins posted on July 10, 2018 | Posted in Best Practices

A major consideration in succession planning is determining the ongoing cash needs of the retiring owner and how those needs will be funded.

Succession Planning Step 2: Identify and Prepare New Management

By Rex A. Collins posted on July 3, 2018 | Posted in Best Practices

The successful transition of management responsibilities is a critical part of a succession plan and even more critical to the ongoing survival of the dealership.

Succession Planning Step 1: Identify & Prioritize Goals

By Rex A. Collins posted on June 29, 2018 | Posted in Best Practices

Ensure the future of your dealership by following a sound process for succession.

Succession Planning

Getting Key Employees to Stay When You Leave

By Rex A. Collins posted on June 8, 2018 | Posted in Best Practices

Consider these seven components as you develop your employee retention strategy.

Succession Planning Step-by-Step: Part 2

In Part 2, we examine integrating estate plans, designing a contingency plan and adjusting.

By Rex A. Collins posted on April 21, 2018 | Posted in Best Practices

When is the best time to develop a succession plan? Ten years before you want to exit the business. However, it is never too late to start planning your exit from daily decisions or from the business altogether, while preserving your legacy.

Becoming a High Performing Dealer by Achieving Benchmarks

By Rex A. Collins posted on April 2, 2018 | Posted in Data & Forecasts

Spotting significant differences between your dealership’s performance and that of comparable dealers can be the first step to improving your profitability.

Succession Planning Step-by-Step: Part 1

Ensure the future of your dealership with this sound process for choosing new leaders, funding the transition and ensuring a rewarding retirement for yourself.

By Rex A. Collins posted on January 27, 2018 | Posted in Best Practices

A sound dealership succession plan addresses a long list of issues, including retirement income, transferring wealth to the dealer’s heirs, transferring ownership, dealing with the income and estate tax consequences associated with an ownership transfer, and addressing other issues key to the ongoing success of the business; not the least of which (and often forgotten) is transitioning management.

View All Articles by Rex A. Collins

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