As many struggle to keep businesses afloat during the COVID-19 pandemic, the last thing one might be thinking about is succession planning. However, now may be the best time to transition a business or, at the very least, to start thinking about a business succession plan. For property management companies, not having a business succession plan can be especially worrisome because of the complexity of the real estate ownership, control issues, and the management of properties and tenants in numerous regions.
In this Pennsylvania Apartment Association webinar, Steven Williams and Whitney O’Reilly will explain why property management companies should be planning now to have a business succession to ensure the future of their companies. They will review the various options for transitioning a business, including selling to a third party, selling to a key or multiple key employees, transferring to family members, or a combination of these options. Steve and Whitney will also cover:
- What a business succession plan looks like
- Essential factors to consider in creating a business success plan
- What other business owners are doing during this COVID-19 crisis regarding their succession plans