Succession Assessment for Dealerships / MNP.ca

Succession Assessment for Dealerships

A favourable exit doesn’t happen by chance. A comprehensive succession plan is critical to ensure you maximize the time, energy, and capital you’ve invested in your dealership — as well as to protect the interests of your business and stakeholders.

Are you on track to meet your goals? Take this five-minute survey to find out. An MNP Dealership Advisor will get in touch to discuss your results and ensure you’re ready to exit on your terms.

Objectives

Have you considered all options for transitioning your business? Are you on track to transition on your terms and when you want to?

I have not considered my transition options.

I have thought about my transition, but I haven't considered the impact on my business or my family.

I have an idea of my timelines and financial needs — and have considered transition options (e.g., family, selling to employees, selling to partner, third-party sale, splitting operations and real estate) — but haven't reached any decisions.

I have sought advice and have a comprehensive Plan A and Plan B which consider several different factors.

Tax & Estate Planning

Are your tax framework and estate plan structured to ensure you retain the maximum amount when you sell?

I have not considered the impacts of tax and estate planning on my succession plans.

I have a family trust in place but have not discussed how to maximize it at exit.

I have thought about tax and estate planning but have not yet acted on it.

I have sought advice and have a structured tax and estate plan for when I exit the business.

Family Planning

Have you considered the implications of your transition on your family (i.e., family involvement, family wealth, family ownership, etc.)?

I have not considered the implications on my family.

I have considered the implications but am unsure whether my family members are ready for ownership or for managing family wealth.

I have a plan in mind for how this should go but haven’t finalized the details or shared these plans with my family.

I have sought advice and have a comprehensive plan in place for family involvement through and beyond my transition.

Business Planning

Does your dealership’s current business plan reflect your transition goals (i.e., capital required, timeline, etc.)? Is this informing / providing the necessary confidence to make strategic decisions for the future?

I have not thought about the relationship between my business plan and succession goals.

I have considered several possibilities for the future of the business (e.g., expanding geographically, adding other franchises, etc.), but have not reached any decisions.

I have decided the business’ trajectory over the next few years but have not considered how this will impact my transition plans or my family.

I have a documented plan — complete with financial and leadership transition plans —which outlines the future of the business and how it integrates with my transition.

Stakeholder Planning

Have you considered all stakeholders in your transition plan?

I have not considered the impacts of my transition on all stakeholders.

I have considered the impacts to stakeholders but not yet consulted with other stakeholders.

I have connected with bank contacts and manufacturer representatives — and considered employees in my transition plan.

I have reached out to various stakeholder groups to identify concerns and solicit suggestions. I have also included key individuals in the build out of the plan.

Information

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About ExitSMART™

Leveraging nearly 60 years of business succession experience, MNP created ExitSMART™ to offer owner-managers and large organizations the means to successfully exit their business on their own terms through careful planning.

Learn more about MNP's Succession Services