Los Angeles Succession Planning

As Seen in Automotive News – We’re built for this – How a California dealership group keeps business in the family

2019-11-15T12:38:02-06:00By |Categories: Video|Tags: , , , , , , , , , , , , , , , |

“We are built for this” highlights the story of how two people with vastly different personalities and business beliefs found common ground to grow and successfully transition the business from gen 1 to gen 2. Hugh Roberts, Jeff Bannon, Howard and Susan Drake discuss different strategies implemented key to their success and what they are [...]

Defining Succession

2019-11-15T12:29:01-06:00By |Categories: Succession Blog|Tags: , , , , , , , , , , , , , , , , , , , |

Please forgive us for being academic, but in order to fully understand business succession, we are going to define a few terms. First, an often confused first cousin, business continuity or exit planning: As the term describes, business continuity is the continued existence of a business, as in the business continues.  An exit planning [...]

5 Succession Misconceptions & How They Impact Business Value – #5 A Succession Plan Isn’t Needed if I plan to Sell

2019-11-15T12:25:46-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #5 - A Succession Plan Isn't Needed If I Plan to Sell A common misconception is the thought that plans to sell your business negate the need for succession planning. Unfortunately, this thought process couldn't be more wrong, and has a direct impact on the amount of cash you’ll have in your pocket [...]

5 Succession Misconceptions & How They Impact Business Value – #4 I’m Too Young to Think About Succession Planning

2019-11-15T12:23:39-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #4 - I'm Too Young to Think About Succession Planning Translation: “I am bulletproof and have no intention of dying prematurely; I am not interested in enhancing business productivity, profitability and teamwork; the business is all about me; and I am not interested in protecting the value of my business and the welfare [...]

5 Succession Misconceptions & How They Impact Business Value – #3 Succession Planning and Business Growth Aren’t Related

2019-11-15T12:20:00-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #3 - Succession Planning and Business Growth Aren't Related Succession planning is not about you leaving the business; it’s about building a foundation of success today that will set the course for future generations. Your organization may be in 'growth mode' so you’ve put succession planning on the back burner. But growth without [...]

5 Succession Misconceptions & How They Impact Business Value – #2 Succession Means Retirement Planning

2019-11-15T12:20:42-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception #2 – Succession Planning Means Retirement Planning Succession planning often fuels a myriad of emotions. “No one is gonna push me out!” “Succession, that’s all about retirement, and I’m not going anywhere anytime soon!” “I like control; I’m not giving it up!” While all of these are valid emotions [...]

5 Succession Misconceptions & How They Impact Business Value – #1 I’m All Taken Care Of

2019-11-15T12:21:18-06:00By |Categories: Succession Blog, Succession Misconceptions|Tags: , , , , , , , , , , , , , , , , , , , , , |

Misconception # 1- “I’m All Taken Care Of “I have it all done.” “My estate and exit strategy are in order.” “My attorney and CPA have me covered.” These are beliefs are commonly expressed by many business owners. While there may be confidence and truth behind these statements, what the [...]

As Seen in Automotive Buy Sell Report – The Devil Is In The Details: Common Estate Planning Mistakes Made By Dealers

2019-11-15T11:58:22-06:00By |Categories: Succession Blog|Tags: , , , , , |

Business owners spend a great deal of time and money developing an estate plan in an effort to protect their family and business. Intentions are good with clients but there is often a lack of understanding regarding the potential downside of their decisions that may have been done without the advice of experts. Hugh Roberts [...]

As Seen in Multi-Unit Franchisee Report – Suspended In A State Of Succession Planning Limbo

2019-11-15T11:00:50-06:00By |Categories: Succession Blog|Tags: , , , , , , , , , , , , , |

The majority of owner’s we interact with are in what Jeff Bannon refers to in this article as “Succession Limbo.” The most common reasons we see owner's "stuck" is either fear of making a poor decision or lack of clarity on planning options available to them. To provide a way out of succession limbo for [...]

As Seen in Multi-Unit Franchisee Report – The Sell or Grow Conundrum: Start By Asking The Right Questions

2019-11-15T11:04:29-06:00By |Categories: Succession Blog|Tags: , , , , , , , |

Sell or grow is a common question owners wrestle with as they consider what’s next.   In this article, Jeff Bannon, along with Renay Winston, who is the president of People Management Solutions, discuss how owners can find clarity.  Jeff and Renay suggest owners to consider the following questions: What does the current and future [...]