When you hand off the keys to your dealership, you’ll need to have the right strategies in place to protect your legacy and realize the full value of your assets.
Here are some steps you can take to ensure you’re ready.
2. CONSIDER YOUR OPTIONS
There are multiple routes to retirement, and you’ll need to ask yourself some questions to determine which is right for you:
- Do I want I transfer my business to a family member or someone else?
- Do I want to liquidate the business, take it public, or sell it?
- What kind of a legacy do I want to leave?
- How can I plan for tax and other liabilities?
3. CREATE WORKABLE ROAD MAP
Whatever you decide, without a timetable and specific strategies your exit may not occur when or how you want. Rather than simply reacting to circumstances, it’s far better to put yourself in control with a robust, flexible plan.
- Assemble a team of advisors who understand your goals
- Review your overall financial situation to ensure you can meet your financial and personal objectives
- If you’re passing the business to the next generation, start the conversation now
4. AVOID COMMON PLANNING PITFALLS
When putting your succession plan in place, it’s important to get ahead of obstacles that might hold you up.
- Consider your own financial needs before implementing a gifting plan to ensure you don’t give away more than you can afford
- Plan in phases if you have multiple dealerships
- Consider separating operating businesses from real estate
- Thinking about succession planning early can make the process easier
- Whether you want to pass the business to a family member or sell to an outside buyer, being prepared is key
- A trusted financial provider can help you build a robust plan to make the most of the enterprise and wealth you’ve created