Planning for the Future: AASP/NJ Webinar Outlines Options for Next Steps

by Alana Quartuccio

No matter what the circumstances may be, every business owner will eventually exit their business. The more prepared one is when the time comes will make a huge difference in how things could play out.

AASP/NJ hosted a free virtual webinar last month featuring Matt DiFrancesco of High Lift Financial, an association benefit provider, who got automotive business owners to think what the next chapter of their lives could look like, no matter where they are currently on their timeclock.

“You can’t put a puzzle together without knowing what the picture looks like on the box,” DiFrancesco illustrated. “We have to work to create what you want that picture to look like.”

According to DiFrancesco, lack of planning is the biggest mistake business owners make. “Everyone comes to a point where they need to ask what the rest of their life looks like and what they want to do from that point on.

“I prefer to use the term ‘transition’ as opposed to ‘exit,’” he added. “It can come in all different shapes and sizes and not every business owner decides to completely step away.”

He shared real world examples of three business owners who made the decision to exit their business at different timelines with varied goals and outcomes to demonstrate the point of needing to plan ahead.

One scenario involved a burnt-out longtime shop owner who sought to get out immediately. This owner faced challenges due to the business being heavily dependent on his role running the office and overseeing production. That dependence decreased the value of the business. Other difficulties involved the business’s lack of clean financials, limited cash flow and having no one in the business poised to take it over.

“Time is the one thing you can’t buy back once you decide to sell,” notes DiFrancesco.

Less planning ahead equals less options when the time to transition out of the business comes. He shared other examples to prove this point. In one case, a shop owner with a plan to exit in five to 10 years began with transitioning his team. One member stepped into the position to take over. They created a plan that would allow this individual  to earn ownership in the business with an option to eventually buy the business. The owner and this individual still retained the option to sell to an outside party if such an offer were to be put on the table in the future. In another case, a shop owner looked 10-15 years out with goals to expand his business and create a leadership team that would allow him to step away to enjoy leisure time and travel.  DiFrancesco pointed out this business owner wanted his plan to ensure that his business and his family would be protected.

If one plans to sell to an outside buyer, early preparation is key. “The right buyer will find you if you give yourself enough time. The best exit should fit your life, not the highest offer,” he stressed.

It’s also smart to think about one’s financial goals for the lifestyle they want to achieve once they transition from the shop.

“It doesn’t matter what your timeline is, everyone needs some type of plan,” DiFrancesco advised. “The more time one has, the better they can determine what they really want. More options means more control, no matter where you are on the timeclock.”

Want more? Check out the September 2026 issue of New Jersey Automotive!