Financial Foresight For Succession Planning

What will happen to an automotive service or repair business built up and nurtured over the years when the owner retires? Who’s going to lead the business in the years ahead? Will ties with the business be severed or will it be used as a source of retirement income for the departing owner?
A succession plan for the business can help ensure that a closely-held or family repair shop, however big or small, will continue to operate successfully when the owner or owners exit, retire, pass away or are suddenly incapacitated.
In this episode of "It's Time," our six-part series on succession planning - sponsored by Standard - industry veteran and shop mentor Art Blumenthal shares his thoughts on the financial considerations shop owners need to have when deciding to turn their shop over to the next generation.
The accompanying article by Mark Battersby goes into even more specific detail.
ShopOwner - www.shopownermag.com
Standard - www.standardbrands.com
Art Blumenthal - Art-Blumental.com
Mark Battersby's Article - www.shopownerm...