How do I teach a successor my furniture store’s buying cycle with trade shows?
Walk your successor through one full year of buying, in order: which shows you attend, when you place orders, how far ahead you commit and how you decide what to carry. Write the calendar down, attend at least one show together, and introduce them to the suppliers they will deal with on their own.
Furniture buying runs ahead of selling. Orders placed at a show arrive months later, so a mistake in judgment shows up long after. Your successor needs to see how the cycle runs, not only the list of suppliers.
Begin with the calendar. Mark each show, each order deadline and each season of delivery. Then explain how you decide quantities. What do last year’s sales, the floor plan and customer requests contribute? Show the spreadsheets or notes you use, even if they are rough. Include the mistakes, because those teach the most.
Take your successor to a show and let them lead part of a meeting while you watch. Introduce them to the reps in person. Hand over the show contacts, the terms you negotiated and the notes about which suppliers deliver on time. Last, agree on who decides while the handover is underway. Shared decisions on the first cycle reduce risk for both of you. Your accountant can help plan the cash needed. Leave room for the successor’s own judgment. They may want to try new lines or skip a show, so explain the reasons behind your habits and where you think change is safe. A handover works best when the successor understands why, not only what.
Key takeaways
- Build a written annual calendar of shows, order deadlines and delivery seasons.
- Explain how you set quantities, and share the mistakes as well as the method.
- Attend a show together and introduce the reps in person.
Related reading
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentWhat is succession planning?
- 02Business Development Bank of CanadaGovernmentAdvice for succession planning - Articles and tools
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