SEASON 7 | EPISODE 3
Join host Derek D as he sits down with Jake Pollack, a Partner at the Shackelford, Bowen, McKinley & Norton law firm and Dave Cantin, the CEO of the Dave Cantin Group. Dave and Jake uncover the misconceptions and importance of succession planning in the automotive industry, addressing not just immediate transitions but also long-term strategies for business continuity.
Discover why succession planning is more than just preparing for a sudden exit and why dealer principals need a plan in place to safeguard their legacy and ensure a smooth transition for future generations or potential buyers. Learn from real-life examples and gain valuable insights on assembling the right team and initiating the process effectively.
If you're an automotive executive or dealership owner, this episode is a must-listen.
Episode Highlights:
● Why Jake says delaying the creation of a succession plan can lead to complications and missed opportunities and therefore prefers to create plans as soon as his clients acquire a dealership or business.
● Jake’s advice on assembling the right team of professionals, including attorneys, CPAs, and financial advisors, to ensure a comprehensive and effective succession plan.
● Planning for voluntary and involuntary transitions, such as retirement or unforeseen events like incapacity, to avoid disruptions and maintain business continuity.
● How life insurance, private investments, or other assets can be utilized to equalize value among family members involved in the business, ensuring fairness and clarity in the succession process.