July 2023 - 32

MANAGEMENT
Success
Strategies
for Succession
Planning
BEST Human Capital and PivotPoint's Chris Cimaglio shares tips to
prepare for your exit and the transition of your garden center - and
the best time to get started.
By Teresa McPherson
B
y failing to prepare, you're preparing to fail. " This
familiar quote from Benjamin Franklin is especially
true when it comes to succession and exit
planning for your business, says Chris Cimaglio, certified
exit plan advisor (CEPA) and managing partner of
BEST Human Capital & Advisory Group and PivotPoint
Business Solutions.
So how early is too early to start preparing? " We
always like to start at least three to five years before
they're ready to exit the business, but we have several
clients we work with that are 10 or 15 years out, and
some who want to exit within a year, " Cimaglio says.
" Start as soon as possible. Even if you're 10 years out,
it's never too soon to start. "
32 | LAWN & GARDEN RETAILER | JULY 2023
He says it's important to have a plan for growth
when planning for succession - even if you don't
think you need one because you'll be selling the
business. He recommends increasing the value of the
business so owners can leave when they're ready and
on their timetable - even if they have someone to
leave the company to.
" We all have to act someday, " he says, " but we want
to keep building value in our business because that
will increase our return. " Cimaglio says to consider the
business as the product to ultimately be sold, " and
if you can improve your operations, increase your
margins, increase your return, increase your EBITDA
[earnings before interest, taxes, depreciation and

July 2023

Table of Contents for the Digital Edition of July 2023

Editors' Letter
Table of Contents
Headlines
Calendar
Editors' Picks
From the Road: Touring the Prairie State
Green Goods: Taking on Trends at Cast 2023
Product Focus: Plant Materials
Management: Success Strategies for Succession Planning
Trade Shows: Garden Center Show Returns to Milwaukee
Product Focus: Garden Accents and Decor
Holiday: What's Trending for the Holidays
Eco-Friendly: Green Gifting
Management: Safety First
Pohmer On ...: Setting Customer Expectations
Marketplace
Ad Index
5 Minutes With ...: Jennifer Hatalski
July 2023 - 1
July 2023 - 2
July 2023 - 3
July 2023 - Editors' Letter
July 2023 - 5
July 2023 - Table of Contents
July 2023 - 7
July 2023 - Headlines
July 2023 - 9
July 2023 - 10
July 2023 - 11
July 2023 - Calendar
July 2023 - 13
July 2023 - Editors' Picks
July 2023 - 15
July 2023 - From the Road: Touring the Prairie State
July 2023 - 17
July 2023 - 18
July 2023 - 19
July 2023 - 20
July 2023 - 21
July 2023 - Green Goods: Taking on Trends at Cast 2023
July 2023 - 23
July 2023 - 24
July 2023 - 25
July 2023 - 26
July 2023 - 27
July 2023 - 28
July 2023 - 29
July 2023 - Product Focus: Plant Materials
July 2023 - 31
July 2023 - Management: Success Strategies for Succession Planning
July 2023 - 33
July 2023 - 34
July 2023 - 35
July 2023 - Trade Shows: Garden Center Show Returns to Milwaukee
July 2023 - 37
July 2023 - 38
July 2023 - 39
July 2023 - Product Focus: Garden Accents and Decor
July 2023 - 41
July 2023 - Holiday: What's Trending for the Holidays
July 2023 - 43
July 2023 - 44
July 2023 - 45
July 2023 - 46
July 2023 - 47
July 2023 - 48
July 2023 - 49
July 2023 - Eco-Friendly: Green Gifting
July 2023 - 51
July 2023 - 52
July 2023 - 53
July 2023 - Management: Safety First
July 2023 - 55
July 2023 - 56
July 2023 - 57
July 2023 - Pohmer On ...: Setting Customer Expectations
July 2023 - 59
July 2023 - 60
July 2023 - 61
July 2023 - Marketplace
July 2023 - 63
July 2023 - Ad Index
July 2023 - 65
July 2023 - 5 Minutes With ...: Jennifer Hatalski
July 2023 - 67
July 2023 - 68
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