• Whiteheart Outdoor Update

    Whiteheart Outdoor Founder Bill Whiteheart

    Insider has learned that Whiteheart Outdoor’s plant is for sale.  Steve Minnich of Piedmont Business has been engaged to sell the assets.    You can reach Steve at steve@piedmontbusiness.com if you want more info.

    Whiteheart Outdoor’s founder Bill Whiteheart died in September 2017.  Winston-Salem Journal has an article on Whiteheart’s business and political career and an obituary.

    The Whiteheart situation raises a great business point.   You need a written transition plan if you are a sole proprietorship without a spouse active in the business.  A good transition plan should include the following:

    • Key executive insurance which pays off your lender in the even of your death.  That way your company can be sold free and clear of liens and your spouse won’t have to deal with nervous lenders.
    • A written agreement for someone to manage and sell the out of home company in the event of your death.  Pick an attorney or advisor who you trust or an out of home advertising broker like Kalil and Co or Johnsen Fretty or Burelz Billboards or Marty Williamson and sign a short letter which authorizes them to run your plant and to market the out of home assets if you die or are disabled.

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