Rex A. Collins

Rex A. Collins

Rex Collins is a Principal of HBK CPAs & Consultants and directs the firm’s nationwide Dealership Industry Group. He has worked extensively in the dealership industry since 1984 as a department manager, a general manager and an owner, as well as providing tax, accounting, transactional and operational consulting services exclusively to dealers. He can be contacted at rcollins@hbkcpa.com.

ARTICLES

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Succession Planning Step-by-Step: Part 2

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: Part 1

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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