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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.

About Kevin Trehan

Kevin’s strong passion for User Experience design and proficiency with various Web technologies landed him the role of “The Web Guy” at the NRHA. He graduated from IUPUI in May 2014 with a Bachelor’s Degree in Media Arts and Science and a Certificate in Computer Science. He has a pet ball python named Daenerys, he loves creating digital 3D art, and he perpetually craves sushi. He is also the President of the Indianapolis Guild of Extra Life, a non-profit organization that aims to help raise money for Children’s Miracle Network Hospitals through various video game-related events, such as marathons and tournaments.

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