A Succession Planning Timeline

In the July issue of Hardware Retailing, we wrote about the succession planning process and what buyers need to do as next-in-line owners of a business. We spoke with four retailers who were in the process of buying, or had recently bought, an independent home improvement business, and learned how they went about each step of the process.

In the August issue of Hardware Retailing, we took a look at succession from another angle with a story about what owners need to do as they sell their stores to family members, trusted employees or outsiders. We spoke with the sellers who had worked with the buyers featured in the July story to learn more about the sellers’ part of the ownership transition process.

We have created a succession timeline that shows the steps in the buying and selling processes. Simply click on an icon and read more about what you should do at each step, and find some additional information or resources to help you plan.