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Category: Succession Planning

October 24, 2017

Business Transition Planning in 3 Steps

Findings from our first nationwide survey revealed that auto dealers, like other professions, are pushing succession planning back by more than 5 years. Furthermore, nearly 50 percent of the dealerships surveyed admitted that while succession is important, they haven’t dealt with it yet. Unlike other studies you may find in the market, our succession planning survey focused on the state of the mind of dealership owners, rather than the hard metrics of retiring dealership owners. In response to the survey… Read more ›

September 13, 2017

Tax Planning Critical When Buying a Business

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning before your deal closes. Complacency can be costly During deal negotiations, you and the seller should discuss such issues as whether and how much… Read more ›

August 13, 2017

6 Questions Every Succession Plan Should Answer

CBM participated in a nationwide survey of auto dealers to examine the extent to which they think about succession planning for their businesses. Read more here. Findings from our first nationwide survey revealed that auto dealers, like other professions, are pushing succession planning back by more than 5 years. Furthermore, nearly 50 percent of the dealerships surveyed admitted that while succession is important, they haven’t dealt with it yet. Unlike other studies you may find in the market, our succession… Read more ›

June 19, 2017

Succession Planning A Challenge for Auto Dealerships – Survey Results Revealed

Councilor, Buchanan & Mitchell P.C. (CBM), a mid-sized accounting and advisory firm that serves clients throughout the Mid-Atlantic region, released the results of a nationwide succession planning survey of auto dealer representatives conducted in collaboration with the National Alliance of Auto Dealer Advisors (NAADA) and NAADA’s member firms. Results from the survey reveal that succession planning remains a challenge for auto dealerships. Nearly 1/3 of the dealerships surveyed indicate they do not have a succession plan in place. More than… Read more ›

October 27, 2016

Why buy-sell agreements are critical for dealerships

Part of a dealer-owner’s responsibilities is to plan for worst-case scenarios. One such situation is the owner’s sudden death or disability, or the death or disability of a partner. Creating a buy-sell agreement is one of the best ways to prepare for such an event. This article discusses the basic elements of this legal document and how it’s funded.

November 20, 2014

CBM Expands Their Professional Services Practice

CBM is pleased to announce the expansion of their professional services division. The firm’s depth of experience goes back to its inception in 1921. Since opening its doors, CBM has served a variety of professional services clients throughout the Washington, DC and Baltimore metropolitan areas. “As a CPA and business advisory firm, we understand the unique needs and day-to-day challenges that other professional service firms encounter,” said Peter B. Reilly, CPA, CVA, President and Managing Partner of CBM. “Our clients vary… Read more ›