Succession Planning

New this year, the creation of a succession plan and an emergency business contingency plan are required to fulfill requirements for Haworth Best in Class designation.

Charter is well-versed with the requirements, and has assisted multiple Haworth dealers to create succession plans that fit their specific goals and timeline. Our succession planning process for Haworth dealers meets or exceeds succession plan documentation standards as required in the 2015 Best In Class program metrics. This customized process is based on a staged approach that enables you to secure and retain your succession plan certification. 

A comprehensive succession plan can help you increase the value of your dealership, position your business to carry on successfully without you in the future, and ensure that you achieve the best return on your investment. 

A SUCCESSION PLAN ENABLES YOU TO:

  • Develop an action plan to grow dealership value by increasing bottom line cash flow.
  • Build and develop your management team with an eye to a transaction and succession.
  • Identify and mitigate business risk elements, while addressing identified value detractors.
  • Develop and implement strategies to minimize transaction tax exposure.
  • Make strategic decisions consistent with maximizing your enterprise value and optimizing your return on investment (ROI).

Haworth Succession Plan Deliverables

Charter Capital Partners has applied our tools and expertise to develop a customized succession planning process for Haworth dealers. With credentials including Certified Exit Planner (CExP) and Certified Valuation Analyst(CVA), Charter team members are highly qualified to guide you through the process. Using a staged approach, you're able to work your way step by step, building towards implementation. You can choose to complete one stage per year, or combine stages, depending on your unique situation and the schedule that works best for you.

  • Stage 1:  Business Assessment and Alignment
    • Business Valuation
    • Value Driver Analysis
    • Business Succession Roadmap
    • Revenue Pipeline Assessment
    • Business Contingency Plan 
  • Stage 2: Comprehensive Position Analysis
    • Updated Business Valuation
    • Updated Value Driver Analysis
    • Industry Benchmarking Assessment
    • Cash Flow Planning Assessment 
  • Stage 3: Integrated Implementation Plan
    • Updated Business Valuation
    • Transferable Value Analysis 
    • Updated Industry Benchmarking
    • Business Succession Roadmap Update
    • Finalized Transition Plan

Frequently Asked Questions

HOW DOES IT WORK?

The process begins with signing a confidentially agreement, and an initial phone call with the Charter team. We’ll then schedule dates for an onsite visit and forward a list of requested information and data. We maintain a password-protected virtual data room for ease of sharing and to ensure the security of your data. Upon analysis of the information provided, we visit your location to meet you and understand the core of your company – the intangibles that cannot be captured by numbers. We typically spend a full day onsite for this part of the process.

WHO IS INVOLVED AND WHO WILL HAVE ACCESS TO MY PLAN?

Each business owner has their own preferences regarding who they wish to involve – you may choose to have financial controllers, sales managers, spouses or other advisors be part of the process. It is your choice. Our interaction and project deliverables are bound under a confidentiality agreement between Charter Capital Partners and your dealership.

WHAT IS THE TIMELINE FOR THE PROJECT?

The Haworth succession planning process typically takes 45-60 days per phase, but the timeline is driven by access to the information we request, and the extent of legal and business
planning you may have already done. Many Haworth dealers will choose to complete one stage per year, and then work on the plan in the interim. Depending on your business needs, you may decide to combine stages.

What is the cost?

Each succession plan stage has separate components and associated costs that can typically be offset with Dealer Dollars. Once we determine the scope of your plan, we will provide you with a fixed cost for each stage (or combination of stages) prior to beginning our work. In the event a Haworth dealer chooses to engage Charter Capital Partners to sell or transition the business, all succession planning fees paid to Charter will be credited against the final transaction fee.

HOW DO I GET STARTED?

To get started developing a succession plan for your Haworth dealership, take the next step and contact us to schedule a meeting.

ADDITIONAL