International Door & Operator Industry

NOV-DEC 2015

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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Page 18 of 128

Brian J. Schoolman is an attorney with Safran Law Offces in Raleigh, NC. Safran Law Offces has focused on the Construction Industry for more than thirty years, and is proud to have worked with and supported IDA from its inception two decades ago. For more information, please contact Brian at, or visit us at LEGAL&LEGISLATION At a minimum, the succession plan will identify who is to take over. However, the other details are perhaps even more important than just the name of the new leader. Those details should include the timing for when succession will begin, and the interim steps leading up to the fnal transfer of control. The plan should cover the hoped-for transition (planned retirement or selling), as well as eventualities including accident, illness, and death. And if possible, the roadmap should include the strategic plan for the business after the transition of power occurs, as well as any needed changes in management structure or other internal policies. And Finally… Outside of doing the succession planning, there is very little one can do to avoid death. The other inevitable – taxes – is at least somewhat more avoidable. Transition events are likely to be taxable events as well, so it is important that tax attorneys or accountants are part of the team in developing the succession plan. Often, the decision will come down to choosing one of several bad or expensive options. But if those decisions are considered before they occur, the transition can end up being less onerous from a taxation perspective. This issue, as well as all the many others that are mentioned or not in this article, can be managed and planned for. As company owners, the IDA members have a special place in the door industry. Putting some time and effort into continuity and succession planning is worth the cost, and will usually add more confdence and certainty both for the company and the market. And from a legal perspective, taking care of these issues means seeing problems in advance rather than having to cope with them only after change occurs. G A L & L E Continued from page 14 "... Because some transitions happen suddenly... a de- tailed written plan is a best practice for ensuring the future of the business." F e h r B r o s . p r o d u c t s a r e m a n u f a c t u r e d t o t h e h i g h e s t s t a n d a r d s Quality without Compromise

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