One-third of dealerships have no succession plan, survey shows
A new survey of more than 285 dealerships found that 35 percent have no succession plan in place. The survey was conducted by WANADA member Councilor, Buchanan & Mitchell, PC (CBM), an accounting and advisory services firm that works with dealerships in the Mid-Atlantic, in collaboration with the National Alliance of Auto Dealer Advisors.
Dealers are pushing off succession by five years, the survey found. The biggest obstacles to succession planning are timing and the owner’s willingness to step back. Nearly half of dealerships know succession is important, but haven’t dealt with it yet. Almost 80 percent of those with a plan are seeking internal transition.
For future survey updates, WANADA members may subscribe at www.cbmcpa.com. For more information, email John R. Comunale, CPA (jcomunale@cbmcpacom) or Keith A. Laudenberger, CPA (email@example.com).