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Category: Succession Planning

June 29, 2022

Buy-Sell Agreement: Be Ready for Unforeseen Events

One estate-planning tool that can protect your family and the partners in your dealership is a buy-sell agreement. This legal document may give owners the first shot at buying an interest in the company if another owner pulls out, becomes disabled or dies. Ideally, these contracts are drawn up when a business is launched, or acquired from other owners, but they can be entered into later. Don’t wait too long. If you die or become disabled without an agreement, it… Read more ›

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

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 ›

June 19, 2017

Succession Planning A Challenge for Auto Dealerships – Survey Results Revealed

Councilor, Buchanan & Mitchell (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 285… Read more ›