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As Seen in Multi-Unit Franchisee Report - Building a Strong Foundation to Weather the Storm

As Seen in Multi-Unit Franchisee Report - Building a Strong Foundation to Weather the Storm

In the best of times, it's easy to look forward and have no fear as to what the future is going to bring. It's also easy to forget to take advantage of the good times to build a foundation that can withstand any potential future storm that might hit. In the worst of times, building this foundation can protect all that you have built, and hopefully help you weather the storm. A great example of this is taking a look back into history.

The economy tanked in 2008-2009. The markets affected most were those that not only relied on access to lending, but those that also relied on strong brands to pull them through. If you think back to the automotive manufacturing segment, Ford was the only manufacturer that weathered the storm, practically unscathed. The automotive retail industry, one of the hardest hit, had more than 1,200 dealerships collapse. Many of these were well recognized in their communities and top performers for the manufacturer. The dealerships that survived were able to, in part, thanks to the foundations that had been built long before the storm hit.

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Adriana Puente, MST joins The Rawls Group

Adriana Puente, MST joins The Rawls Group

The Rawls Group, one of the nation’s most respected business succession planning firms, is proud to welcome Adriana Puente as our newest associate planner. Prior to joining The Rawls Group, Adriana received her Masters in the Science of Taxation from the executive program of the University of Illinois in 2009 and has more than 10 years of experience as a tax accountant focused on corporate, partnership, non-profit, high net-worth individuals and estate taxation. She brings to The Rawls Group a unique perspective on sophisticated tax planning techniques and the implications it can have on business profits, estate planning and family harmony.

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As Seen in Multi-Unit Franchisee Report - Getting Help From Those Who Have Been There

As Seen in Multi-Unit Franchisee Report - Getting Help From Those Who Have Been There

My family and I recently took the plunge into the world of RV’ing. I enjoy operating all kinds of vehicles, so towing our new purchase round trip for the first time did not present too much concern, but I knew I’d have to be on my game. Anything new and different presents learning curves. One of the things I discovered soon, after plunging in, is the need for checklists. There are a variety of procedures and processes that must be in place and carried out for the RV to run properly, and to ensure that I do not kill someone on the roadway.

For instance, some of the procedures I had to learn included hooking up to the truck, unhooking and leveling the RV, putting out the slides and awnings, loading the motorcycles, dealing with the holding tanks and understanding black water, grey water, and fresh water. There is simply too much to do without a checklist, it would be very easy to make a misstep or forget something that could have a detrimental impact. In fact, if you think about it, there are a lot of instances in which checklists help ensure positive outcomes. Examples that come to mind are pilots and the checklists they use prior to flight, or captains of ships before they leave port. Surgeons have checklists to ensure they have all the proper supplies and staff before surgery, and each of your stores likely have opening and closing procedures organized in some sort of checklist. I’m sure you get the point.

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As Seen in Park Press: Hitting the Apex

As Seen in Park Press: Hitting the Apex

In all aspects of life, it is not about the destination, it is about the journey. Racing is a great analogy to this, as well as, to the longevity and sustainability of your business. Like a racer, every race brings with it a different set of challenges, but all races have the same expectation. Winning. Not just winning one race, but winning as many as you can so your reputation is strong to garner sponsorships and your team is committed to helping you win.

A business owner is very much like a racer. You take special care to ensure your business performs well. This means building the foundation of the business, as well as establishing a team to support growth efforts to help your business thrive. How you invest in your team impacts how the business performs and defines how you are able to support your family, your team, and community.

Like that racer, you’ve spent many long days and sleepless nights making improvements, working relentlessly to be the best and to bring out the best in others. Fine tuning things to win, thrive and sustain. Not without sacrifice, your family has felt the struggle while sharing in the success, and failures. Still, there are risks present that whether you are on the racetrack or running the business, being prepared for what may come is critical to protecting all you have worked so hard for. As the business owner, this means not just looking at where you are today, but also looking forward, just as a racer does going in a turn, to ensure you have built a business that will not only be successful today, but for years to come, even if you are no longer involved.

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As Seen in NCM Institute - Think Like an Owner

As Seen in NCM Institute - Think Like an Owner

Ownership, as defined by Merriam-Webster, is the state, relation, or fact of being an owner. Often, those who feel ownership of something take special care and feel great responsibility for it. If we dissect the definition of ownership a little more, it does not necessarily mean that one must “own,” but rather, there is a mindset of being or acting like an owner.

This “ownership attitude,” or lack thereof, can be seen in many dealerships. Some leaders may not own stock in the dealership but have ownership in areas of strategic initiatives, team motivation and collaboration, and show emotional investment in the achievement of the dealership’s mission. On the other hand, some leaders show up, fulfill their responsibilities, and get the job done. However, if a better gig presents itself across the street, they don’t hesitate to take the opportunity.

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