The importance of dealership succession planning cannot be overemphasized in today’s auto market. Dealership owners who don’t make it a point to work with a dealership expert witness may end up in a bad place. That’s why it’s vital that business owners take a few moments to consider the benefits of dealership succession planning, as well as the consequences of avoiding it.
Why Dealership Succession Planning is Important
Shout it from the rooftops: Dealership succession planning is important.
Here is Why:
Keeps auto businesses in the family – One of the key reasons a business owner should make dealership succession planning a priority is to keep his or her businesses in the family. Jamie La Reau wrote, “Good planning ‘guarantees your family’s going to keep the dealership,’ says Dennis Amico. “You won’t have the manufacturer pulling the plug.” The peace of mind this type of planning can buy is priceless.
Ensures a healthy business legacy – Every businessperson wants to leave a business legacy that is healthy and free of litigation and financial troubles. Auto dealership owners can ensure a great legacy by working with a dealership expert witness to protect business assets and appoint future dealership management.
Protects family members from financial burdens – Although death can be an uncomfortable topic to discuss, for business owners, it is necessary. Those who don’t make plans for their dealership’s future may end up burdening family members. If dealership owners pass away before they engage in succession planning, their “heirs find themselves with unnecessary tax burdens, forced liquidations, and fellow shareholders comprised of widows, children, or other relatives,” said Auto Dealer Today’s Ron Smith. This can be easily avoided by working with a qualified dealership expert witness.
A dealership expert witness is crucial to successful dealership succession planning. Dealership expert witness Bryan Parker has extensive experience in helping auto dealership owners transfer wealth through gift or sale, empower new leadership, transfer voting control of businesses, and steer clear of legal problems.
Contact dealership expert witness Bryan Parker to learn more about how dealership succession planning can benefit you.