Hardware Retailing

MAY 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: https://hardwareretailing.epubxp.com/i/971427

Contents of this Issue

Navigation

Page 40 of 248

HARDWARE RETAILING | May 2018 28 Trends In one word, how does succession planning make you feel? Survey participants were asked to explain how succession preparation made them feel. The words they chose represented a mix of comfort and unease. Of the survey respondents who have developed a succession plan, 44 percent say the parties involved were "very prepared" for the process. The majority of study participants were the successors in the plan, with more than 80 percent of respondents saying they were stepping into the business as part of the succession plan. When crafting a succession plan for their operations, retailers need to consider many issues, including who will take over the business, the schedule for handing over ownership and what the owners' roles will be after they sell the business. More than 60 percent of study participants say that after the business changes ownership, the owner who is leaving will still work for the company for a short time. Nearly a quarter of respondents say the exiting owner will leave the business, but will still be available for questions. To read NRHA's complete Succession Planning Study, visit TheRedT.com/sp-study. Source: 2018 Succession Planning Study, NRHA No . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.2% Yes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.3% I Do Not Know . . . . . . . . . . . . . . . . . . . . . . . . . 7.5% Is your company's succession plan detailed in writing? After the transition, what will be the role of the owner who is leaving the business? Only the top two responses have been included. Still Working for the Company for a Short Time Leaving, but Still Willing to Answer Questions 0% 10% 20% 30% 40% 50% 60% 70% 60.4% 24.5% Anxious Relieved Comfortable Sad Nervous Excited

Articles in this issue

Links on this page

Archives of this issue

view archives of Hardware Retailing - MAY 2018