According to a recent study by NAADA, “While nearly 50% of the dealerships surveyed recognize that succession planning is important, they also admit they haven’t dealt with it yet. For those who have a plan in place, 79% are looking at internal transition.”
Timely and thorough succession planning is a critical component of protecting a dealership’s legacy and ensuring business success. Understanding all of the moving parts to succession planning helps dealer’s assess where they are, and how they can either begin, strengthen or enact their succession plan with the least amount of friction.
- Exploring the different areas of your business that are critical to address when looking towards succession planning
- Analyzing the fine print within your dealer agreement and franchise policies
- Taking inventory on key aspects of your business to determine next steps towards succession planning
- Identifying key people in your organization that will support the succession planning process
- Developing an action plan to take tangible steps towards succession planning development