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.

Rex Collins of HBK Consultants & Associates addresses offers his advice in RLD’s “Fix My Problem” series, including making your dealership be the one place where every technician in the area wants to work.