Your Guide for Business Growth and Succession

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Your Guide for Business Growth and Succession

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Course Name:

Your Guide for Business Growth and Succession

Specialty:

Collision/Mechanical

Instructor:

Mike Henning

Credits:

10 credits

Field of Study:

Management & Administration

Approval Date:

07.01.2004

Course Description:

Passing your family automotive business to the next generation will probably be the toughest challenge of your business career. The reasons are simple: the extended time frame needed to accomplish the task, the emotional involvement with children, dealing with family and business issues indiscriminately, and the lack of direction and planning. Most parents/owners just drift along in the hopes succession will work out. Unfortunately for 70 percent, the fairy tale ends in tragedy.

By completing this course with the accompanying materials, you will be among the elite who are forearmed and forewarned. After struggling for years to build a successful and growing company, you will be prepared to face the new pressures and concerns of succession. For example: introducing family into the company, dispute resolution, family compensation, communication, effective delegation, teaching the next leader, ownership transfer with minimal taxes, estate protection, concepts of organization and basic business planning for the future. It will include establishing a solid company with a positive cash flow, passing on an operation strong enough to last beyond your lifetime, and providing an opportunity for your children and grandchildren.

This course is the "key" to helping find the family's place in the company's future without destroying both the business and the family at the same time. This will truly be the owner's and the family's Final Test For Success.