Paul Goodman, a floral industry financial expert, shares insight on succession planning in this Floral Management article.

Dreaming about retirement? Before putting your feet up, you’ll want to do a little homework so you can fetch the highest price for your business — and thus enjoy your golden years to the fullest. Take it from former SAF President Shirley Lyons, who, last summer, sold Dandelions Flowers & Gifts, the Eugene, Oregon shop she and her husband founded in 1974. “The idea is to be turnkey ready,” she said. “Prospective buyers want to step into a business that’s already functioning well and that doesn’t require them to invent processes.” In this guide to succession planning, she joined with expert Paul Goodman, MBA, CPA, PFCI, to offer a blueprint on how to get your financial affairs in order, with specific examples that boost your business’s value to buyers (and their lenders).

There are many different ways to establish the value of a retail business, and floral industry financial expert Derrick Myers knows them all. Find out what’s important to consider when assessing fair market value, and how a professional figures out what a business is really worth.

Kennicott Kuts has a long history in the floral industry — with roots back to 1836 when Dr. John Kennicott established a flower farm (“The Grove”) in Illinois. The Kennicott family went on to pioneer new business models in the industry, establishing one of the first commercial ferneries in Florida and starting Kennicott Brothers Wholesale Florist in Chicago in 1881. Today, Kennicott Kuts has 12 specialty cut flower operations in the United States and Chile. Join SAF Board member Stephen Kennicott and his daughter Paige Kennicott-Jacques as they discuss the realities of running a fourth-generation family business in the floral industry and working together — and share insight on how multiple generations can work together to build more resilient businesses.

You’ll learn:

• Strategies for creating a positive work environment that spans generation — with insight from the owner level and next gen.
• Lessons learned from a longtime family business — including advice on how to communicate more effectively.
• Specific challenges and opportunities facing Kennicott Kuts and how the family is working together to create solutions.