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.

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