A smart and effective transition plan for a family business is critical for its future and should be taken seriously.

That is why getting the necessary help from professionals is important for anyone who is thinking about transitioning their family business to the next generation.

Because a well-thought-out transition plan is not just about preserving what has been built over the years but also for business owners to find life after exiting their businesses.

In today’s episode, Larry Dragan, CEO of Ultimate Unlimited, LLC. shares his journey from working in a garage, to buying the business, and eventually transitioning it over to his son. He also discusses how his passion for other things made the process a lot easier.

We also talked about:

(02:32) How Larry got into transitioning his business

(04:04) How he turned over the garage to his son while still remaining involved in the business

(05:48) The importance of having an exit plan

(10:13) How Larry’s other interests helped make the transition easier

(17:10) How long the business transition process took

(18:52) Issues we are seeing in the automotive industry

(22:13) Why the pay structure for technicians has to change in the future

Connect with Larry Dragan

Website: https://www.ultimateunlimitedllc.com/

Email: [email protected]

Phone: 866-202-2290

LinkedIn: https://www.linkedin.com/in/larry-dragan-30547560/

Connect With Matt DiFrancesco:

[email protected]

(814)201-5855

LinkedIn: Matt DiFrancesco

LinkedIn: High Lift Financial

Facebook: High Lift Financial

About the Guest:

As a young kid, Larry Dragan started by taking apart things like lawnmowers and other stuff that his dad never had any idea how to put back together.

From the age of 14, he worked his way through high school by helping his father work at a garage that is owned by a close family friend.

When the time came for the garage owner to retire, he made an offer to Larry to buy the business. He became the owner of the garage at 19 until he eventually turned it over to his son while still serving as the chairman of the board.

In the 90s, Larry got involved in the mediation of problem vehicles and served on the arbitration boards for both Chrysler and Ford.

Today, he still provides many services nationwide, including expert witness services, lemon law cases, pre-purchase inspections, automotive appraisals, automotive mediation, umpiring, and automotive business coaching and development.