Rural Lifestyle Dealer’s award-winning Managing Editor, Lynn Woolf, shares a “deep down” look at the rural market in this interactive webinar. She presents trends from the extensive 2019 Dealer Business Trends & Outlook Report, based on forecasts from dealers across North America. [To view any of our webinar replays, you must be logged in with a free user account.]

Succession planning is a dynamic process that needs adjusting based on the dealer’s changing goals and life circumstances.

Every succession plan should include a contingency plan that answers the question, “What would happen to my family and business if I’m not here tomorrow?”

The importance of a team coordinator cannot be over emphasized, one who is experienced in the dealership industry and succession planning and is a trusted advisor to the owner.

There is an overlap between a dealer’s estate plan and succession plan, so they should be done in tandem and recognize the unique aspects of the dealership business as well as the succession goals of the retiring dealer.

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 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.