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Category: Succession Planning

November 15, 2022

How to Approach Succession Planning

Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they’ll get to “someday.” But that’s a mistake. Like making future plans in your private life, creating a succession plan for your organization is a necessity. And the earlier you start planning, the better. You’ll come across information that needs to be documented for the successor — and you might also… Read more ›

August 25, 2022

2022 Update – Business Transition Planning in 3 Steps

Several years ago, Councilor, Buchanan & Mitchell’s (CBM) dealership team participated in a survey of clients and other business owners in the industry and found that many dealerships have been pushing succession planning back by more than 5 years. Furthermore, nearly 50 percent of the dealerships that participated in the survey admitted that while succession is important, they haven’t dealt with it yet. Despite the passage of several years, CBM decided to share what we still believe to be critical… Read more ›

August 23, 2022

Tax Planning Critical When Buying a Business (2022 Update)

Acquiring a company will leave you with a long to-do list, 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 19, 2022

Tax Planning for Payments to Buy Out an Exiting Partner

Sooner or later, your firm will encounter the issue of buying out a partner. This may be due to the partner’s retirement, death or other reasons. The federal income tax rules for partnership payments to buy out an exiting partner’s interest are tricky, but they also open up tax planning opportunities. The Basic Tax Rules Payments made by a partnership to liquidate (or buy out) an exiting partner’s entire interest are covered by Section 736 of the Internal Revenue Code…. Read more ›

August 19, 2022

6 Questions Every Succession Plan Should Answer (2022 Update)

The auto dealership group at Councilor, Buchanan & Mitchell (CBM) participated in a survey several years ago to determine how prepared dealership are for a succession planning process. The survey, which incorporated feedback from respondents nationwide, found that auto dealers 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. The results of the succession planning survey, which continue to… Read more ›

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 ›

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 ›