Tschanen Brandyberry, special projects editor for the UBM Americas Automotive Group, wrote a blog, “No Time Like Now to Start Your Succession Plan.”
When you are ready to sell your aftermarket business, you need to have a succession plan, which outlines who your business will go, when, for how much and in what method.
You need to consider your family and employee dynamics when creating your succession plan. If a suitable successor is not among them, you will need to find an outside buyer for your business
Regardless of the buyer, make sure that you have a fair price set for what the business is worth. It can’t be determined strictly by your retirement needs.
Make sure you consult professional help to make sure you understand all the tax implications of all scenarios involved with the plan.
Click here to read more tips about establishing a succession plan.
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