ESOP

Succession planning isn’t something anyone wants to talk about. It’s hard to face mortality and have uncomfortable conversations with family, but it’s important to have them in order to carry on the business and the family legacy.

Throughout the life of any business, having a proper valuation is important for several reasons, but many dealerships, especially legacy family businesses that have been in business “forever,” have not gotten a valuation done in years.

While we all look forward to retirement (or at least most of us), we don’t like to think about leaving our businesses. Dealer owners invest a lot of time, money, sweat and sometimes tears into their dealerships. Letting that go is hard, but if you have a legacy plan in place, then it will make it easier.