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Putting the Success in Succession Planning

Many independent home improvement retailers are in their 50s and 60s, and if they haven’t already, they will soon be thinking about who will take over their businesses.

The North American Retail Hardware Association (NRHA) 2016 Young Retailer of the Year honorees, who are highlighted at TheRedT.com/2016-YROTY, demonstrate that young and talented next-generation leaders are already making a mark in the industry. However, finding younger leaders to groom as future owners takes time and planning.

To better understand how store owners are planning for the future, NRHA surveyed more than 230 retailers and found that 41 percent of respondents have participated in a succession plan in some way, be it by helping create the plan, coming in as the new owner or leaving the business to a successor. However, only 28 percent of survey respondents currently have succession plans in place, and 27 percent don’t know where to get started with planning.

August Trends Graphic

About Sara Logel

As NRHA’s market research analyst, Sara conducts organic research and stays abreast of industry trends to help hardware retailers better run their business. Sara also contributes to editorial content in Hardware Retailing magazine. Sara received her B.S. in Marketing and Spanish from Butler University and, after graduation, began her career with NRHA. Sara enjoys traveling, being outdoors and exploring the city of Indianapolis.

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