By Dave Cantin, CEO and Founder, The Dave Cantin Group
Unless you’re a poet or a heavy metal musician, chances are good that you don’t sit around thinking about your mortality all day. You’re too busy running your dealership business and living your life. The problem, however, is that your business and your legacy could be thrown into chaos if you found yourself exiting your business without a concrete plan. And nobody enjoys chaos (except, perhaps, for poets or heavy metal musicians).
The data is surprising when it comes to succession planning (or lack of it). A recent survey performed by the National Alliance of Auto Dealer Advisors (NAADA) found that nearly one-third of auto dealers do not have a succession plan in place, though fully half of them recognize the importance of succession planning. For those that do have a plan in place, 79 percent are seeking internal transition to a business partner or family member.
Read the full article at Cantin Automotive Insider.