Who will succeed you? — 9 tips for selecting the right person and making it work
Abstract: Not everyone looks forward to retirement. But most owners will hand over the keys one day, and it’s important that they have a plan in place long before it’s time to walk out the door. Developing a succession plan encompasses a host of strategic and financial decisions, such as determining the dealership’s value, establishing a buy-sell agreement with a business partner or gifting to a family member. But the cornerstone of the plan will be choosing the right successor. This article offers nine tips for doing so and preparing him or her for the road ahead.