MOTIONLESS MOTIVATED What inspires you, inspires us. 801.532.2200 | eidebailly.com BE READY FOR THE ROAD AHEAD What’s next in your journey? Whether it’s optimizing your operations or preparing for a sale or acquisition, our experience can help you map out a path to success. Succession planning is an essential business activity for dealer owners, whether you own an auto or truck dealership, implement dealership or heavy equipment dealership. estate plan may give ownership of your business to all of your children equally – even those who aren’t involved or interested in the business. This could be detrimental to succession planning. 4. Start training. By this point in the process, you’ve likely identified your successor or your plans to sell. For a successor, start the training process and integrate them into dealership operations. If they’re already involved, gradually expand their responsibilities with the goal of preparing them to take over entirely. You want them to understand the ins and outs of your business, so they’re able to carry on the relationships you’ve built with employees, the community, the factory and any relevant third parties. 5. Document everything. Documentation is key to every step of this planning process and beyond. To give your successor a guidepost for business success, it’s helpful to document a strategy they can follow even years after you’ve exited. Your years of experience will greatly inform this strategy and can help you feel more confident in the transition. 3 For more information, visit EideBailly.com or reach out to Paul Skeen at the Eide Bailly Billings Office at 801-456-5456, or pskeen@eidebailly.com. 23
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