Does Your CPA Really Know You? Ask Yourself 5 Questions

Date February 9, 2024
Authors Carl Greenaway

Each day I talk to business leaders about what they like best – and least – about their Certified Public Accountants (CPAs). The responses range from, “I won’t buy a mobile phone without checking with Mary,” to “Mark is okay, but he likes my rival football team and that’s unacceptable.”

Clearly, there are many factors that can solidify or dissolve a relationship with a trusted advisor such as your CPA. Some, while not preferred, are tolerable; others are absolute deal breakers. Still, the services of a CPA are crucial to the success of any company. That’s why you should ask yourself these five questions to determine if your CPA is meeting your needs, or it’s time to move on to someone else.

Does my CPA understand my business and industry?

As the business development manager of a “Top 50” accounting and wealth management firm, I hear the term “generalist” quite often. In the accounting world, the label applies to a professional with clients in multiple industries. Traditionally, a CPA’s role was to have a working knowledge of each of their clients’ industries. Today, top firms specialize in precise areas of focus to ensure they are experts in the tax laws that govern their clients’ industries. For example, if you own a construction company and the only construction company your CPA works with is your own, are you certain you are taking advantage of every potential tax benefit and functional process available to streamline and grow your operations?

Am I getting the value I deserve?

Value has different meanings for different people. Accounting value is leverageable by:

  • Knowing your CPA is always there when you have questions
  • Trusting your CPA is current with the ever-changing tax laws that govern business owners
  • Counting on your CPA to complete important tasks on time

Value is essentially whatever you perceive it to be. Knowing what is important to you and your business will help you identify problems when your expectations of value are not being met. Make sure you can define “value” when working with your CPA, who must be a trusted advisor to be effective.

Have I outgrown my CPA?

You likely have a good relationship with your CPA. He or she has been with you since the beginning, seen your kids grow up, been there through tough times and good. But does that alone ensure he or she is the best partner for your company today? Can he or she guide you through the complex scenarios your business faces? In many cases after a consultation with their CPA of so many years, a business owner realizes the CPA is not only overwhelmed by the company’s growth, but also ill-prepared to help the company capitalize on its success. This is a dangerous place for a business owner.

Am I receiving the level of service I have come to expect from my CPA?

Do you feel like every time you call, your CPA isn’t in, and it takes forever to get a return call? Are you only meeting with your CPA once a year to drop off your tax documents? Have you ever had to write an unexpectedly large check to the IRS without knowing in advance why you owed so much? Think about what services you believe are most valuable to you, then ask yourself, are you receiving the level of service that you expect from your current CPA?

Are accounting services the only services the firm offers?

In today’s world, accounting firms must take a holistic approach to providing added value and top-level financial services. Does Mike from XYZ Tax do your accounting, Mary from the bank your 401k, and Diane from ABC Investments a business succession plan? What if your business could work with one company in a single location for all that? When the left hand knows what the right hand is doing, you gain significant efficiencies. Can you afford to not have all of your trusted business advisors working together, sharing information, and strategizing about your best options?

Having a trusted advisor as your CPA is more than simply hiring someone who belongs to your club or likes the same sports teams you do. It’s about partnering with a reliable professional who is a specialist in your field of business and who will help guide you and your company to the next level of financial success and security.

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Succession Planning for the Family Business When There Isn’t a Next Generation.

Date February 28, 2023
Authors Keith A. Veres

Meet the Hart siblings, John and Jane, owners of Ted’s Gadget Factory. Their family-owned and operated business has been passed down from generation to generation, and John and Jane have been honored to extend the family legacy.

Ted’s Gadget Factory was established in the 1930s by their grandfather, Theodore, a skilled craftsman and prolific inventor. He created new and innovative gadgets quite often, and as the demand for his gadgets grew, he opened a manufacturing facility and started cranking them out in multiples. The business boomed, and it has provided a comfortable living for three generations.

Today, Ted’s Gadget Factory is a well-established company with a reputation for quality products and responsive customer service. John and Jane have worked for nearly 40 years to keep the family legacy alive, and the business is thriving. But now, in their mid-60s, they are ready to explore their exit and transition options. Unlike their father and grandfather before them, the Hart siblings do not have children of their own and must explore new options for transitioning the family business.

So, what options do the Hart siblings have? There are numerous, but here are four they might consider:

Sell the business to an outside party.

One option for the Hart siblings is to sell to an outside party: another company, a private equity firm, a family office, or an individual looking to buy an established business for their own family. One advantage of this option is that it provides an opportunity to maximize the cash they will receive at closing. However, finding a buyer who shares the Hart’s values and commitment to quality could be challenging. They should explore the market for all potentially interested parties to ensure the best chance of locating the best-suited buyer.

The Harts would be well advised to hire an investment banker or business broker to conduct the sale process professionally. When marketing a business to outside parties, owners need to keep their focus on the business to prevent any hiccups. Their limited time is best spent running their company while professionals create the marketing materials, perform the market outreach, vet potential buyers, schedule management presentations, coordinate due diligence, and help negotiate a successful closing.

Sell the business to key employees.

The Hart siblings might also consider selling the business to a key employee or group of key employees. This exit option keeps the business with people they know and trust, and it also provides for a potentially more comfortable transition for the Harts. It can also help ensure that the legacy of Ted’s Gadget Factory continues for many years to come. However, it is important to consider the financial and legal implications of selling or transferring ownership to employees; and it is necessary to make sure these key employees can run the business effectively. John and Jane won’t want to have to return and rescue the business once they’ve embraced their post-business lives.

Liquidate the business.

Often seen as an option of last resort, the Hart siblings could liquidate the business and share the proceeds. This option provides a simple and straightforward exit for owners, but it also means that the legacy of Ted’s Gadget Factory will come to an end. John and Jane will want to consider the impact of liquidation on their employees, other stakeholders, and their communities. Often a business owner who sells remains in their community and wants to exit their business in a way that allows them to hold their head high around town.

Create an Employee Stock Ownership Plan (ESOP).

An ESOP, in simplest terms, is a retirement plan. But more than that, according to The ESOP Association. “ESOPs motivate employees, increase productivity, improve worker retention, keep jobs local, contribute to business longevity, and so much more.” Using an ESOP to sell the business to employees over time gives them a stake in the future success of the company. It can also provide significant tax benefits for both the company and the owners, making it an attractive option for owners looking to exit their businesses in a controlled, structured manner. John and Jane would want to speak with an ESOP expert to help them determine if this is a viable option for them.

The Hart siblings have many options for exiting their business. The right choice will result from a variety of considerations, including their personal goals, financial situation, and the future of the business. As a CPA, Financial Advisor, and Certified Exit Planning Advisor, I would recommend that the Hart siblings work with a team of professionals to consider their options and ensure their exits and transitions are structured in a manner that provides them with the best opportunity to meet their financial, lifestyle and other post-business life goals. They’ll want to remember this once-in-a-lifetime event as a great success.

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Three Things Contractors Should Do before the Next Downturn

Date January 31, 2019
Categories

Michael Kapics, CPA, CCIFP, and Construction Industry Group Leader for HBK CPAs & Consultants, would like to share the following article written by Brandon Dougherty, CPA, which highlights several important recommendations to assist contractors in maneuvering through turbulent economic times.

In times of economic prosperity, contractors tend to be less concerned about surviving and more prone to taking unnecessary risks. But it is in times of relative security that business owners are in the best position to prepare their companies for the inevitable less prosperous times.

Set Realistic Expectations for Growth
In bull markets, many business owners take advantage of improved margins and increased cash on hand to grow their businesses. While their overall growth strategy might be sound, the implementation of an effective strategy is imperative to ensure that the expansion does not negatively impact the company’s liquidity. Rapid expansion into new, unfamiliar geographic areas or service lines can be disastrous if not carefully planned. Entering new markets can lead to losses in the new initiatives and put additional stress on established operations.

Further, significant increases in the size of individual projects, whether in a new geographic area or a new service line, can appear attractive on the surface because revenues are likely to increase. But higher revenues do not necessarily translate to higher profits. Especially if a company is unfamiliar with the licensing requirements and regulatory environment in a new state or municipality, what sounded like a great idea around the boardroom table, could ultimately destroy what the owners have built through years of dedication and hard work in their field.

When planning for expansion it is essential that the business take a deliberate, measured approach to ensure that the new enterprise does not negatively affect the existing operations. Realistic growth plans typically extend 12 to 36 months and allow the businesses to evaluate and react as things unfold during that time.

Invest in Your Human Capital
Another leading cause of contractor failures relates to performance and personnel issues. A lack of skilled labor has impacted many of the nation’s contractors. While this can make a successful expansion nearly impossible, it is also a struggle for many businesses just trying to maintain their existing levels of operation. Inadequate training or experience, as well as an insufficient quantity of personnel, can halt a growth plan in its tracks. A strong business invests in its workforce through formal, on-the-job training at all levels, and develops a culture of loyalty, ownership, urgency and accountability.

Prudence in Prosperity
Maximizing distributions to owners, deferring the reduction of debt, and other policies that erode a strong financial foundation can squander a company’s opportunity to truly improve its financial footing. Contractors should avoid big-ticket items like planes, boats and equipment unnecessary to the business, as the cost and upkeep of such items can be burdensome when cash flows are tight and margins are compressed by an economic downturn. Resale values are also typically substantially depressed during down markets. Instead of splurging on non-vital items, business owners should invest a portion of their profits in short-term, liquid investments as a way to ensure future cash flow.

Create a Long-Term Succession Plan
Succession planning plays a huge part in the long-term viability of a company. Retirements, unexpected deaths, or other changes in leadership can result in a shift in focus that can lead to abandoning ways of doing business that led to the company’s success. With no plan to ensure continuity in the event that a death or disability could cause a change in the culture, key staff members could become disgruntled, and some of them might ultimately leave a business at a time when they are needed most.

The topic of succession can be an unpleasant conversation, but it is critical for owners of small and medium-size businesses to have a plan in place for what happens when they move on, by choice or otherwise. Having a trusted advisor knowledgeable about succession planning can ensure a thorough and objective analysis of all factors.

Economic downturns, national or local, external or internal, are inevitable. Informed, thoughtful planning is the best way to ensure your business will survive the next one. For questions, please contact Brandon Dougherty of HBK’s Construction Industry group at BDougherty@hbkcpa.com

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Why Knowledge Management is an Important Business Process

Date October 15, 2018
Authors HBK CPAs & Consultants

Knowledge management is the process of recording and managing an organization’s mission-critical knowledge.

One way to use it is to mitigate the ill effects of turnover. How? First collect and categorize knowledge as either explicit (already documented) or tacit (only in employees’ heads).

To gather tacit knowledge, get employees’ buy-in, conduct interviews and use an intranet to facilitate online discussions.

With all this information, you can more quickly disseminate a departing employee’s know-how and more easily train new hires.

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Effective Succession Planning Final Steps including Developing a Contingency Plan

Date June 7, 2018
Authors
Categories
There are a lot of bases to cover in developing an effective and comprehensive succession plan. To help you address important considerations and contingencies, and as part of a broader discussion of succession planning, the HBK Dealership Industry Group developed, “Ten Steps to Effective Succession Planning.” This article completes the series with steps eight through ten.   Step 8: Develop an implementation strategy   Just as there are many parts to a comprehensive succession plan, there are many areas of expertise required to develop and implement an effective plan. Given our background in the industry and succession planning, and with the support of the HBK network of hundreds of professionals in all financial disciplines, we cover most aspects of the plan, coordinating with an attorney to ensure legal issues are addressed. The importance of a team coordinator cannot be over emphasized, one who is experienced in the dealership industry and succession planning and is a trusted advisor to the owner. The coordinator will quarterback the team, oversee all initiatives and communicate with the owner as decisions are made and the implementation strategy is developed. The use of written reports and memos to document the process and lay out the plan, step by step, is helpful in communicating with all interested parties. These reports can be used to:
  • List all critical data relative to the client and the business.
  • Reiterate client goals and objectives for the plan.
  • Communicate all planning decisions and recommendations: what precisely is it that the plan is going to accomplish.
  • Provide the action plan for implementation.
  • Detail the implementation team’s analyses and findings.
  • Improve the dealer’s understanding of the plan and its impact.
  • Provide a launching pad for implementation, that is, the detail of how we’ll proceed.
Step 9: Design a contingency plan   The primary goal of a succession plan is to accommodate the transfer of ownership and management of the dealership to a successor or successors during the dealer’s lifetime. But every succession plan should include a contingency plan should the owner die prematurely, become disabled or otherwise become unable to operate the business. The contingency plan answers the dealer’s question, “What would happen to my family and business if I’m not here tomorrow?” Because a contingency plan considers the immediate present, it needs to be monitored and adjusted regularly to accommodate current circumstances. A dealer leaving behind a child intended to take over the business but too young at the owner’s death, for example, might have a contingency plan to sell the business or provide interim management until the child becomes old and able enough to operate the business. Whether the business is to be sold or transferred within the family is an important part of the contingency plan. Liquidity to provide for the family’s needs should something unexpected happen to the dealer is an important consideration. One which can involve the use of insurance to provide for the family’s needs for cash. If an owner’s child is to be the eventual successor, the contingency plan should include a process for objectively determining if and when the heir is ready to assume responsibility. And as always, a plan must recognize the manufacturer’s role in approving any successor. Steps for designing a contingency plan include:
  • Periodically review the owner’s will to ensure dealership assets are transferred in accordance with his or her wishes in the event of an untimely death.
  • Determine the family’s liquidity needs in the event of death or disability.
  • Identify prospective interim managers if the contingency plan is to wait until a child or other successor is capable of assuming management responsibilities.
  • If there are multiple successors, consider buy-sell agreements to address ownership succession in the event of an owner’s death.
  • Purchase disability insurance where there are multiple owners to resolve any dispute over disability. The amount of the disability benefits are often less important than having the ability to use the insurance company as a third-party to determine whether one of the partners is disabled. If the insurer will pay the disability claim, then the insured is considered disabled for purposes of ongoing management.
Step 10. Monitor and adjust the plan   Succession planning should be part of the overall dealership strategic plan. But it is also a dynamic process that needs adjusting based on the dealer’s changing goals and life circumstances. The frequency of review varies depending on the owner’s needs, but we recommend at least an annual review. Not only changes in the owner’s personal life will call for adjustments, changes in tax laws, economic conditions and even in manufacturers’ sales and service agreements can create the need to redefine goals and objectives and reassess and adjust the succession plan. This concludes our series, “Ten Steps to Effective Succession Planning.” In subsequent articles we’ll examine peripheral issues, including how to overcome resistance to succession planning and how to groom successors and retain key employees. Rex Collins is a Principal at HBK CPAs and Consultants. He directs HBK’s National Dealership Industry Group, which provides tax, accounting, transactional and operational consulting exclusively to dealers. Rex can be reached by email at rcollins@hbkcpa.com; or by phone at 317-504-7900.  

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Effective Succession Planning Step 7: Integrate Succession and Estate Planning

Date June 1, 2018
Authors
Categories

There are a lot of bases to cover in developing an effective and comprehensive succession plan. To help you address all important considerations and contingencies, the HBK Dealership Industry Group developed, “Ten Steps to Effective Succession Planning.” This article addresses the seventh step in an effective succession plan, integrating an estate plan into your succession plan.

Step 7: Integrate Succession and Estate Planning

Throughout this series we have emphasized the distinction between ownership and oversight. As an owner considers succession, the distinction becomes critical, particularly when an owner wants to keep the family business in the family but does not have a family member willing or able to run the business.

We’ve seen a lot of this in recent years. Like this one: The dealership founder had not finished high school, but instead had gone to work in a dealership. Over the years he became knowledgeable enough to start his own business, and was granted a manufacturer’s line. His business was a success, and when he retired, his son, who did obtain a high school diploma, succeeded him. He too was successful, growing the business and sending two sons through college, then to law and medical schools respectively. But they are now a lawyer and a doctor, and neither is available to participate in, much less manage the dealership. In this case, the sons could retain ownership of the dealership as long as the management of the dealership is done by someone competent and knowledgeable in dealership operations. There is clearly an overlap between a dealer’s estate plan and succession plan, so they should be done in tandem and recognizing the unique aspects of the dealership business as well as the succession goals of the retiring dealer.

Even where a next generation will take over operation of the dealership, a comprehensive succession plan must include estate planning in order to ensure transfer of the dealer’s wealth in the most tax-efficient manner possible, that is, to minimize estate and gift taxes. It also includes planning to ensure the dealer’s estate has sufficient liquidity to pay taxes and other expenses without forcing the sale of assets, including the dealership.

Estate planning as part of a succession plan involves many of the traditional estate plan techniques; but, many of these traditional techniques are not available to dealers. As opposed to other business owners, generally the dealer must obtain manufacturer approval relative to any ownership transfers. This includes estate planning transfers.

Some of the most frequently implemented techniques used by dealers:

  • Annual gifting programs – can be used, when the dealer begins succession planning early enough, to transfer a substantial portion of the estate with no transfer tax.
  • Family limited partnerships – can be used to transfer ownership to a next generation at a discounted value. The dealer retains control of the business so the value of transferred interest in the business is discounted to reflect the economic reality that the next generation cannot control or market the business.
  • A grantor retained annuity trust (GRAT) – allows the dealer to make large transfers of assets including ownership in the dealership to family members without paying gift taxes. In a GRAT, ownership is transferred into an irrevocable trust in exchange for annual fixed annuity payments based on the value of the business at the time of transfer. Payments are made over a specified period of time, and any remaining value not paid out goes to trust beneficiary along with ownership of the business.
  • An intentionally defective irrevocable trust (IDIC) – leverages elements of the tax code to take advantage of differences in the way income and estate taxes are treated relative to the trust. This works particularly well for assets that are appreciating, like a growing dealership business. In an IDIC, the dealer, or grantor, transfers ownership to the trust in exchange for income, which is taxed as income. But the assets in the trust are not included in the estate for estate tax purposes.
  • Self-cancelling installment note (SCIN) – is a technique whereby the dealer sells ownership to a family member or trust in exchange for a promissory note. The note includes a self-cancellation feature. The dealer receives payments while alive, and the note is cancelled upon his or her death.

As a part of your exit strategy, these techniques can accomplish various goals, more than simply reducing transfer taxes. Estate planning is key to ensuring a successful transition of your dealership. However, an estate plan is not a succession plan. An estate plan without succession planning is a recipe for disaster as it only addresses a portion of the financial concerns relative to succession planning – not, for example, issues like retirement, disability or other potential life and business-altering occurrences – and none of non-financial concerns, specifically leadership and management succession, which must be approved by the manufacturer whose products the dealership represents.

Rex Collins is a Principal at HBK CPAs and Consultants. He directs HBK’s National Dealership Industry Group, which provides tax, accounting, transactional and operational consulting exclusively to dealers. Rex can be reached by email at rcollins@hbkcpa.com; or by phone at 317-504-7900.

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Effective Succession Planning Steps 5 & 6: Ownership Succession Planning & Identifying Ownership Transfer Options

Date April 19, 2018
Authors
Categories

There are a lot of bases to cover in developing an effective and comprehensive succession plan. To help address all important considerations and contingencies, the HBK Dealership Industry Group developed, “Ten Steps to Effective Succession Planning.” This article addresses the fifth step in an effective succession plan, planning for ownership succession, and step six, identifying options for transferring ownership.

Step 5: Planning for ownership succession

For purposes of discussion, ownership succession can be viewed from two distinct perspectives: transfers to a family member or members, and transfers to non-family members.

Transfers to family members

You can hardly overstate the impact of family dynamics on transferring ownership to a child or children. Beyond business, the transfer involves emotion. While the role of a succession advisor is key to properly transferring ownership under any circumstances, an experienced advisor can be particularly helpful in addressing issues that arise when ownership will remain within the family. The succession plan should serve to:

  • Divide ownership between active and non-active family members. Some dealers want to divide their estate evenly among their children, but children typically have different abilities and/or varying degrees of interest in the dealership. This makes equal and fair estate divisions rare. It is better to transfer other assets to non-active children, reserving the dealership for the sibling(s) who is active in the business and, most significantly, demonstrates the skills to run a profitable operation. We often recommend using various types of insurance to equalize the dealer’s estate between active and non-active heirs.
  • Help children active in the business acquire interest in it. Insurance is only one vehicle for helping active children acquire the business at an owner’s death; but, it can be a useful one. Life insurance can provide the proceeds required to buy the business. There are useful and appropriate roles for life insurance trusts, second-to-die policies and other insurance vehicles. But it is not always a go-to solution. Succession planning should begin well before a dealer reaches retirement age, and if planning is done early, gifting or other tax-effective methods can be used in transferring ownership – either during the owner’s life or at death.
  • Help a dealer understand the pitfalls in transferring ownership to inactive children. Inactive children can undermine the effectiveness of their siblings who active in the business. Two non-actives can outvote the active child if ownership is equally divided among three. It is best to transfer other non-dealership assets (or a minority interest at most) to inactive children and keep control in the hands of actively-involved siblings. If minority interests are given to non-active children there is a potential downside for non-marketable and non-income producing asset if the majority owner decides not to make income distributions to the minority owners. Careful planning is the key to avoiding such problems.
  • Help craft a buy-sell agreement. If a buy-sell is an appropriate succession planning tool, then it must be written so that the provisions produce the desired leadership, economic and tax results.

Transfers to non-family members

Dealers not passing along their business to a family member might sell to a neighboring dealer or a public or private equity group. Where there are multiple owners, transition can occur inside the ownership circle, a friendly if not a family transfer. The advisor’s role can be:

  • To determine the provisions in a buy-sell agreement that will serve to keep ownership among the existing partners, if that is desired.
  • To locate a buyer when no obvious successor is in sight. Often employees are willing to buy the dealership but lack the assets to make the purchase. When an owner must finance part of the purchase, it is critical the buyer has the ability to operate the dealership profitably and the commitment to ongoing payments is secured.

Step 6: Identifying options for transferring ownership

Once a successor is identified, the retiring dealer’s cash needs are determined and funding sources are located, we can consider various strategies for transferring ownership, including gifting, selling or redeeming the owner’s interest, selling business assets, tax-free exchanges and others. Each situation is unique and we here in the HBK Dealership Industry Group have developed numerous methods and techniques for transferring ownership in the dealership.

There are too many alternatives to discuss fully in this article however, the transfer option must accommodate the following:

  • The owner’s needs for assets from the business
  • The owner’s willingness to incur taxes on the transfer
  • The successor’s desire to be insulated from the business’ existing liabilities
  • The successor’s desire to reduce future income taxes on the business
  • The amount of cost and complexity the parties are willing to incur

As well, factors such as the availability of funding and the type of business entity can affect the outcome of a transaction.

Rex Collins is a Principal at HBK CPAs & Consultants. He directs HBK’s National Dealership Industry Group, which provides tax, accounting, transactional and operational consulting exclusively to dealers. Rex can be reached by email at rcollins@hbkcpa.com; or by phone at 317-504-7900.

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Ten Steps to Effective Succession Planning Step Four: Review Options for Funding the Transfer

Date April 12, 2018
Authors
Categories

There are a lot of bases to cover in developing an effective and comprehensive succession plan. To help you address all important considerations and contingencies, the HBK Dealership Industry Group developed, “Ten Steps to Effective Succession Planning.” This article addresses the fourth step in an effective succession plan, reviewing options for funding the transfer in light of the retirement funds you have identified as needed.

It is not surprising that one of the most difficult aspects of transferring dealership ownership is the ability of the successor to provide the required funds. In the ideal scenario, the buyer writes a check for the full amount. But that is often not the case. And in fact, the availability of funds often limits funding options to ongoing payments in such forms as deferred compensation and payments on assets retained by the retiring dealer, like the dealership real estate.

In addition to crafting the succession plan agreement, we often assist the buyers and sellers in obtaining funding from such sources as:

  1. The dealership. How much can the dealership afford to provide in ongoing payments? We prepare financial projections to determine how using cash flow to fund the purchase will impact operations, currently and over time.
  2. The retiring owner. This involves quantifying the owner’s ability to finance at least a portion of the transfer. If seller financing is used, you as outgoing owner need to secure the note and consider how interest on the note will be paid or subordinated. The use of seller financing might need to include a personal guarantee from the buyer.
  3. Insurance. If insurance is part of the funding mechanism, there are different types of policies to consider. We conduct such comparisons as the use of term versus various permanent life insurance and second-to-die policies. Determinations must be made relating to who owns the policies and how the premiums are paid.
  4. Commercial financing. We often help successors obtain commercial financing by locating potential lenders and preparing proposal packages.
  5. Equity. Consider offering equity in the company, such as to a private equity group. If private equity is an option, detailed preparations and documents will be required prior to any offering.

Where there is value in a dealership there will be numerous options for funding a sale or transfer. Depending on the successor’s finances, the option could be a combination of funding vehicles. Choosing the right one or ones will require the support of a professional familiar with the dealership industry and the particular business being sold or transferred and experienced in constructing funding packages.

Rex Collins is a Principal at HBK CPAs and Consultants. He directs HBK’s National Dealership Industry Group, which provides tax, accounting, transactional and operational consulting exclusively to dealers. Rex can be reached by email at rcollins@hbkcpa.com; or by phone at 317-504-7900.

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