Handing Over The Keys

Keeping the Propane Business in the Family

The development of large corporate conglomerates heavily influences today’s industry, but the family independent companies still dominate it. Here, we discuss a few aspects to objectively consider if you plan to pass the company down to the next generation of family members.

Get the Next Generation Involved in the Daily Operations

The business owner and the next generation making business decisions together before the transition can ensure a smooth handoff. Making decisions together shows the employee base that everyone is on the same page and that the next generation of leadership isn’t going “Rogue.” Making decisions and running the business together prepares the next generation for leadership and garners employee respect.

Timing Is Important - Have a Plan

Have an open and candid conversation about when the next generation will officially take over. An established timeline helps the current business owner and the next generation of leaders. The official transition doesn’t have to be a single day, but it helps to keep it on a narrow timeline.

DON’T Rush the Process

Transitioning ownership and leadership responsibilities don’t necessarily have to take place at the same time. Most folks in our industry would say transitioning the leadership responsibilities should take priority over the legal ownership. The legal ownership transition of shares can take place behind the scenes. Work with your attorney and CPA to address this any time after the “official handoff date.”

If you are facing a transition in your business or are in the decision phase, one of our experts would be glad to discuss your options. Please contact one of the Consultants in our Business Sales Department at Propane Resources at 913-262-8345.

This article is an excerpt from a more extensive article by Adam Zoellner, Manager of Consulting and Acquisitions at Propane Resources. It was published earlier this year in the exclusive?Leadership Guideposts?newsletter, a?Propane Resources, LLC?service.

Propane Resources has been a leader in propane supply, marketing, human resources, consulting, and business sales since 1992. For questions or more information about this topic, call Adam at 913-262-8345 or email him at?[email protected]. For more information about Propane Resources, please visit our website:?https://PropaneResources.com