Commentary

LBM dealers have a variety of options as they look toward transitioning their business.

If you have not considered gifting, it is worth spending time talking to a knowledgeable advisor so you can protect your business and your net worth.

Doug Ford, vice president of sales and purchasing, and Pam Stott, executive assistant, formed a task force that led to the Workforce Development Coalition.

Your business is likely your most valuable asset. Knowing its value is imperative because it fuels important decisions like tax planning, how to fund your post ownership goals, and determining and negotiating a sale price.

The first step in your estate and tax planning considerations should be to invest in an independent, reliable, unbiased business valuation.

Unless you were hiding under a rock, which you may wish you had been at the time, you are aware that the COVID-19 pandemic forever changed the way many of us do business.

Emotional discussions can be difficult, especially when they focus on our attachment to our business.

Once the offers are accepted, it can be even harder to take the time to train the new hires, especially during a busy year.

In the lumber and building materials industry, we need to better examine how we use transparency for mutual gain.

I have decided to not sell the business but to create an Employee Stock Ownership Plan (ESOP) so that the legacy built over the last 40 years will carry on when I retire.