Articles by Rex A. Collins


Succession Planning Step-by-Step

In Part 2, we examine integrating estate plans, designing a contingency plan and adjusting.
When is the best time to develop a succession plan? Ten years before you want to exit the business. However, it is never too late to start planning your exit from daily decisions or from the business altogether, while preserving your legacy.
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Succession Planning Step-by-Step

Ensure the future of your dealership with this sound process for choosing new leaders, funding the transition and ensuring a rewarding retirement for yourself.
A sound dealership succession plan addresses a long list of issues, including retirement income, transferring wealth to the dealer’s heirs, transferring ownership, dealing with the income and estate tax consequences associated with an ownership transfer, and addressing other issues key to the ongoing success of the business; not the least of which (and often forgotten) is transitioning management.
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