The beginning of a new year is usually a time for reflection and planning. From New Year’s resolutions to revenue projections, most of us are refining plans and looking for inspiration as the new year begins. For many business owners in the horticultural industry, that includes plans for the next stage of your life and your business.

As the industry winds up a trio of record years, it’s an excellent time to reassess and position your business to meet your goals. Whether you aim to scale down or scale up, the options are many. From traditional succession or partnerships to industry consolidation and strategic sales, planning is power. It’s your business, and you control its future—and your own.

Successful succession
Research shows that most family-owned businesses end with the first generation. Only a third make it to the second. But the horticulture industry has been built on family, and finding companies in their third, fourth, or even fifth generation isn’t hard. What is hard is the reality that many hort businesses don’t have a next generation leader to take the reins. That makes succession planning even more important. 

National statistics for all business types show that less than one in five owners have a plan for succession. A recent greenhouse industry survey suggests less than half of greenhouse owners have succession plans in place.

If the bulk of your net worth is tied up in your business, its future is crucial to yours. What would happen to your business without you? Could it—would it—run without you at the helm? Whether your preferred successor is a family member or a loyal employee, the sooner you start planning, the better it’ll be for you, your successor, and your business in the long run.

Strategic partnerships
Retirement means various things to different people. For some, it’s hitting the links daily and leaving business behind. But for others, especially in an industry as close-knit as horticulture, it often means trimming back on day-to-day leadership while staying vitally involved in long-term plans.

If that fits with your next-stage life and business goals—whether you’re the one stepping back or stepping up—a strategic partnership may deserve consideration. That may be an inside employee, an industry peer, or a complete outsider.

What matters most is a person who can share your vision, build on it, and improve it for the future. And appreciate that you’re willing to share your wisdom and expertise. Yes, finding the right partner may not be easy. But planning gets the process started.

Acquisition and consolidation
Hort-related businesses are undergoing widespread consolidation. Lawn and landscape businesses are being bought up at record rates, and the number of garden retailers buying existing growing operations—or vice versa—is close behind. Expanding your business through acquisition or being acquired by another company is increasingly commonplace.

Which team ends up running an acquired business can go many ways. Planning helps ensure it goes your way. A recent greenhouse industry cover story had a great example: A struggling family-run company’s acquisition by a long-term customer kept an existing leader in charge and revitalized the business.

Whatever side you’re on, you don’t have to wait for someone else to move first. You know your business, and you know your industry. Look around. See what’s happening and how it fits. Prepare yourself, your team, and your business to bring maximum value to all interested parties. Then you’re ready to move when opportunity hits. 

Strategic sales 
It’s been said that—one way or another—everybody leaves their business eventually. A recent greenhouse industry survey found that more than one-third of greenhouse owners are considering retirement and/or sale of their business within the next five years. Careful planning can be the difference between a sale that yields maximum value or a quick liquidation that falls short.

Looking ahead means building the strongest possible business right now. From a team that can step into your shoes without missing a beat, to a strong and loyal customer base, to a lean operation prepared for the future with technology. Strengthening your business increases its value, its appeal, and its provision for your future. And if you’re expanding, a strong business makes it possible.

What’s the best time to start planning the next stage of your life and business? Experts will tell you it was three to five years ago. In other words, don’t delay. If you’ve already started, take time to reassess regularly so everything stays on track. Then, whatever’s ahead, you can meet it on your timing and your terms.

Here at ICL, we want to help you produce the best possible plants and grow a strong, healthy business to boot. So, give us call. Let’s chat about your plans for the future and how our products, services, and people can help you meet those goals.