Succession Plan

[Waxman]

Men plan and the fates laugh.

yes this is true to some degree. but if you think about it, why wouldn't you plan to exit? you began with a plan for the wash when you began right? layout, equipment, # of bays, profit centers. why not plan a when and how scenario that suits you and your 'future self'? you can always change, alter or scrap entirely the plan if you decide that is best for you.

 

[Earl Weiss]

.............................you began with a plan for the wash when you began right? ..............

Perhaps for some. I was kinda born into it. Didn't plan that. As opportunities arose to acquire other locations I either jumped on them or not. The opportunities were not planned.

 

[dewey9876]

Does anyone have a business plan that I could look at? Trying to purchase the wash I have managed for the last 20 years.

Thanks in advance!

 

[Greg Pack]

My succession plan is pretty simple:

1)Work
2)Die
3)My Wife's new husband comes in and runs the place into the ground. They then sell it for a third of what I paid for it.With the proceeds he gets to open the sports bars that he's always wanted to .....

I'm joking of course, but that is close to what happened to my father. He was a successful self employed businessman who died at a young age, and the vultures came out of the woodwork after my mother.

I rambling, but this thread is a good reminder that I need to prevent something similar from happening to me.

 

[rph9168]

If you are the main person in your business it is very important that your wife knows as much about it as possible. Make sure she knows what you think would be best for her to do whether to keep it or how to sell it as quickly as she can. I have seen washes go down hill fast after the death of an owner when his wife is left with the business with no clue how to keep it going or what to do to sell it.

 

[smallwash]

business plan sample

Does anyone have a business plan that I could look at? Trying to purchase the wash I have managed for the last 20 years.

Thanks in advance!

Go to bplans.com

You can look at many sample b plans and get an idea of the areas you need to think through and address.