Business planning is an integral part of the Succession Planning process. I was reminded of this when I read about a local lumber supply company closing its doors after 155 years of service. Curious if this was now a common phenomenon for retail lumber yards, a quick internet search revealed five closing announcements since February. All of them were family owned and, on average, been in business for 90+ years. One common theme for these closing was competition from big-box national chains.
This is where a good Succession Plan comes into play. (more…)