Burkholder held various positions in sales, marketing and accounting over his tenure at Morbark, as well as serving on numerous committees and boards.

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.

More than a third of the dealers in a recent Rural Lifestyle Dealer poll say they plan to retire in the next 5 years. What about your plans and are you ready?

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.