Ready to Start Working On Your Succession Plan?

Furniture World News Desk on 2/1/2023

Nationwide Marketing Group announced that it recently posted a blog article titled, "Ready to Start Working on Your Succession Plan?" The following steps provided to NMG's retail were provided by Rick Bellows,  executive vice president of field support for Nationwide Marketing Group.

Start preparing now, before you want to sell. To get maximum value, you must show steady growth year-over-year. Processes and systems must be in place. A potential buyer will be looking at trends. Can they come in and from day one continue to make money? Your people — your biggest asset — must all be on the same page, matched with solid processes.

Document all your policies and procedures. Build strong teams, and make sure the business is built to run without you. Define your core values and make sure every employee is on board.

Define what the real value of your company is. Steady growth? Consistent profits? People? Processes? Systems? What are your unique differentiators in your market? Are they clearly defined, and just as importantly, well-articulated and known by your community?
Have you identified who will take over? Are they ready? If not, what skills and/or training do they need to be ready?

Identify your transition team. Get your team involved: CPA, attorney, financial planner, insurance/tax planner. Get professional advice. You are not and should not be in this alone!
Figure out your worth. What is your business really worth? How did you establish that value? Can you clearly show the math on how you got to the number? Would a reasonable buyer agree?

By clearly defining your succession plan you will not only be building a better company that’s ready for transition, but you will be building a more profitable company now!

The entire blog can be found by clicking here. 

About Nationwide Marketing Group: Nationwide Marketing Group works on behalf of thousands of Independent appliance, furniture, bedding, electronics, specialty electronics, custom installation and rent-to-own dealers helping them grow their businesses and thrive on their own terms. With more than 5,000 members operating some 14,000 storefronts, Nationwide Marketing Group is the largest buying, marketing and business support organization of its kind, representing billions in combined annual sales across the membership. For 50 years, the organization has remained committed to the Independent channel, empowering members with the scale, sophistication and efficiencies they need to compete while delivering the unmatched business intelligence, tools and resources required to win in an ever-changing business environment. To learn more, visit nationwidegroup.org.