How Distributors Can Support Contractors During HVAC Succession Planning
One of the last business decisions HVAC contractors face is also one of the biggest.
Creating an effective succession strategy requires unique discipline, focus, and fortitude. It’s easy to understand why many business owners put succession planning off as long as possible. It’s complicated, time-consuming, and touches on sensitive topics such as family, money, and leadership
Succession planning starts with an honest business evaluation and involves answering hard questions:
- Can you afford to exit?
- Is your business in solid financial shape?
- If not, what will it take to get there?
- Who will lead the company after you exit?
- Who are all the stakeholders in the company, and what do you owe them?
- What are the tax and other financial implications of your exit?
- Is there a contingency plan?
Most HVAC distributors aren’t experts in succession planning for residential and commercial service contractors. So how can you help your customers prepare for this significant step?