Hardwood Floors April/May 2025

By Doug Howard

At the NWFA Expo, we are going to present and discuss the purpose of a succession plan, how a company can effectively put one together, and the importance of getting started well in advance. Succession planning may seem to many like something you do right before you get ready to sell the business. However, that would be like waiting until you were just about ready to retire to start putting money in a 401(k). For the same reasons it makes sense to plan for retirement early and drive the value of your investment funds, it makes sense to create a succession plan early so you can drive the value of your company. One of the difficulties with succession planning is that there are so many unknowns. How long will you want to work? Will the kids want to take over the business? How do you even go about selling a small or family run business? All of these are good questions.

Visit us at NWFA Expo Booth 2047