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As Seen in Multi-Unit Franchisee - Mapping Out The Road To Success

As Seen in Multi-Unit Franchisee - Mapping Out The Road To Success

The only thing that we can rely on to be constant is change. The political environment is forcing rapid change like we've never seen before. No question that technology continues to evolve in a way that forces us to embrace it or simply get left behind. Demographics are changing with a record number of Boomers who are set to retire in the next few years, causing anxiety for many about who may be their future leader..

A change in leadership brings with it, a distinct change in style. Everyone is unique with their own personality type that impacts inter-office relationship dynamics, how departments operate, as well as how the organization goes to market. There are differences in tastes, motivators, expectations of employees, and even what one views as success or failure. These changes in styles and leadership are going to become more abundant as newer generations develop and move into leadership roles in the workplace.

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As Seen in Digital Dealer - Business Growth Comes from Sweating the Small Stuff

As Seen in Digital Dealer - Business Growth Comes from Sweating the Small Stuff

Some people may skip this article because they consider they take pride in not sweating the small stuff. After all, there are a great many consultants and gurus who consistently preach the message of “don’t sweat the small stuff…and, by the way, it’s all small stuff.” Good for them; they may have become successful by following that counsel. If you are one of those fortunate souls, congratulations.

If you are having trouble expanding your market, keeping people productive, growing your bottom line, and building lasting relationships with family members, clients, customers, vendors, and strategic partners, then you may want to consider sweating the small stuff. It’s the small stuff that makes the difference.

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As Seen in Multi-Unit Franchisee - Prepare For The Future With Strategic Planning

As Seen in Multi-Unit Franchisee - Prepare For The Future With Strategic Planning

2016 was a challenging year. Between proposed legislation impacting family gifting (IRS 2704), the DOL legislation impacting overtime, and the political uncertainty of the election, it is surprising that all our heads have not spun off our bodies. One of the biggest pain points of 2016 that could leave a lasting burn into 2017 is all the speculation around proposed legislations. Many of you last year were likely either chewing on your fingers with panic or moving towards action to button up your estate plans and shoring up HR policies. Now, after all that work, we find ourselves with a new party in office. That could mean that much of the proposed legislation could be reversed, may not go into effect, or may not go into effect to the extent you had planned.

So now what? If you have pro-actively engaged in planning, take a sigh of relief. You are likely in a strong position to adjust to whatever 2017 may (and will) throw at you. It is no secret that we are huge proponents of strategic planning, specifically the kind where you have integrated the plan into your culture, tied performance criteria to achieving the plan, and are actively reviewing your trajectory compared to available resources. We believe it keeps you agile and in the ready position to tackle whatever may be thrown at you – economic, political, regulatory, recruitment and retention, process/procedure - you name it.

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As Seen in Automotive Buy Sell Report - Grow or Exit, Is Private Equity for You?

As Seen in Automotive Buy Sell Report - Grow or Exit, Is Private Equity for You?

The automobile industry’s general upward trajectory, with increased car sales and dealer profits, has led the finance world to recognize the industry as a solid investment. Retail auto dealerships have become more intriguing as investors seek to diversify their holdings.

Meanwhile, the transportation industry is evolving as new players create direct-to-consumer products and advanced technologies change the way we interact with our vehicles. Many fear the industry as we know it will change drastically in the next ten to twenty years.

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As Seen in Mitzi Perdue's Blog - Substance Abuse and the Family Business: the Problem Doesn’t Go Away on Its Own!

As Seen in Mitzi Perdue's Blog - Substance Abuse and the Family Business: the Problem Doesn’t Go Away on Its Own!

This month's blog post by Mitzi Perdue, “Substance Abuse and the Family Business: the Problem Doesn’t Go Away on Its Own!” features The Rawls Group’s, Loyd Rawls. Read more about how substance abuse can harm not only the family, but the family business in this month's blog post.

When it comes to substance abuse, members of a family business are no more immune than the rest of the population. However, as family business advisor Loyd Rawls points out, the consequences can be more dire because serious abuse problems can threaten the entire company.

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As Seen in Multi-Unit Franchisee - Get Ready For The Next Four Years Now

As Seen in Multi-Unit Franchisee - Get Ready For The Next Four Years Now

The election is over and the 45th president of the United States will be sworn into office this week. Regardless of your political affiliation, a dynamic shift is upon us. We are transitioning from eight years of Democratic policy to a new era of Republican leadership. In addition to the change in party lines, we will have the first president in office that is one of the most recognized business names in the world and promises to run the government more like a business.

So now what do we do to prepare for any changes in the business climate? Put your pen to paper and get moving on your strategic plan. This means that if you have not yet established a plan for your business, you can consider the priority here to be that of critical. If you have a strategic plan in place but have not looked at it in the last three to five years, you are not getting off easy. Understand that what we have grown used to in the last eight years in terms of policy, legislation, business structure, and taxation, are all likely to change. This also means that any planning you have done as it relates to the prior administration, probably will need to be revisited and adjusted accordingly.

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As Seen in Digital Dealer - Respecting Each Other’s Differences Builds Long-term Success

As Seen in Digital Dealer - Respecting Each Other’s Differences Builds Long-term Success

As owners or managers in the business, we often put a lot of pressure on ourselves to “do it all”. We like to own the work and too often, avoid delegating or mentoring others for fear of losing our position of power. What happens is that we, as the leader, set an example that others try to follow, and before you know it, people are working in silos. The reality is that teamwork is one of the most crucial foundations to a successful, long-term business and the entry for our future leaders.

Because we are human, the tendency to share and collaborate often does not come natural. We are competitive by nature, we want personal recognition and our personal opinions and beliefs impact our daily interactions with others. All of these influences creates barriers to reaching out to those around us for help or “across the aisle” to another department for insight, diminishing our ability to ensure proper mentorship and growth of our colleagues and future leaders.

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As Seen in Digital Dealer - Entitlement- The Kiss of Death in a Family Business

As Seen in Digital Dealer - Entitlement- The Kiss of Death in a Family Business

Entitlement issues are rampant in family owned dealerships. It is a stealthy and dangerous disease that can have a widespread and prolific impact on our business culture, as well as at home. How do we keep it from becoming an epidemic in our business and family lives?

First, you must understand exactly what entitlement means. The simple translation is when a person believes they are special and deserve to be treated different (better) than everyone else. Or perhaps that they are “deserving”..

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As Seen in Multi-Unit Franchisee - Strategies To Create Harmonious Business Families During the Holidays

As Seen in Multi-Unit Franchisee - Strategies To Create Harmonious Business Families During the Holidays

Many franchise owners go into business with or employ close friends and family simply because there is an existing trust factor. As mentioned in one of our previous articles, "Family Business Perspective Matters," you don't have to be blood related to be considered a family business.

The last two months of the year offer more time together with loved ones than any other time of the year. For multi-unit franchisee business owners who view their partners, senior executives, or staff as close friends or family, this means that it often also brings a bit more of a challenge to navigating relationships and work environments. Working with close friends, family, or colleagues who have grown to feel like both, means that you are inheriting all the customary behaviors, habits, and routines that develop between those you care about. Familial-like bonds provide us with personal fulfillment outside of the office and can translate into building management teamwork in the workplace. However, the downside to personal bonds in business is, without clear expectations, role responsibilities, and performance criteria, it is an environment that can harbor attitudes of entitlement and resentment. Personal bonds often make it difficult to hold each other accountable from a business perspective. Even though we make the decision to handle working relationships with intentions of keeping it strictly business, without purposeful facilitation, it never ends up working out as planned.

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As Seen in Multi-Unit Franchisee - Succeeding at Succession

As Seen in Multi-Unit Franchisee - Succeeding at Succession

This month’s Multi-Unit Franchisee article, “Succeeding at Succession” was written by Helen Bond and features The Rawls Group’s, Kendall Rawls. Read more about how transition your business and build a successful future with succession planning in the article below.

For Wanda Sieber, what began as an ordinary phone call became a wake-up call. The person who answered the phone told Sieber that the owner of the business she'd called had died unexpectedly, adding "We don't even know if we're going to have jobs tomorrow." Putting off succession planning is not unusual for multi-unit franchisees, who are preoccupied with running their everyday business--not when they will hand over the reins, whether through careful planning or an unexpected event. And as more Baby Boomers inch into retirement, the need to plan for succession has never been more acute.

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As Seen in Digital Dealer - Why Equal is Not Fair

As Seen in Digital Dealer - Why Equal is Not Fair

“But I love all my kids equally and I want to treat them fairly!” exclaimed Ted, the exasperated business owner who was trying to figure out his estate plan. This sentiment is voiced over and over by my dealer clients leading to many discussions on ‘why equal is not fair’! It’s easy to relate to this concern as most of us have experienced what I call ‘the Christmas/Hanukkah Syndrome.’ That happens as you lay out your gifts on your bed or table and start figuring out whether you have bought the right number of gifts. “Let’s see, I have 3 gifts for John, but only 2 for Hannah, but the 2 for Hannah cost more than the 3 for John – how do I make this work?” When we apply the same thinking to our estate planning it can really get crazy.

I believe it is important to remember that when your children were growing up, you didn’t say, “I just paid $5,000 for braces for Ken, therefore I need to spend $5,000 on each of my other kids.” Clearly, you spent money for braces for Ken because they were needed and would do the same for your other children depending on their needs.

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As Seen in Multi-Unit Franchisee - Entitlement Is A Silent Killer Of Business

As Seen in Multi-Unit Franchisee - Entitlement Is A Silent Killer Of Business

Entitlement is a stealthy and dangerous virus that has a widespread and abundant impact in your business. Often it becomes so rampant and normal that multi-unit franchisee owners do not even know there are any entitlement issues going on right in front of them.

Let's start with understanding entitlement. Simply, it is when an individual believes they deserve to be treated differently than the rest of those around them. In business, entitlement exists when an employee or senior executive believes they should receive better or different treatment than their coworkers. There are a number of examples, but there are a few that have significant impact.

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As Seen in Multi-Unit Franchisee - Understanding Private Equity - What You Should Know Before You Jump In!

As Seen in Multi-Unit Franchisee - Understanding Private Equity - What You Should Know Before You Jump In!

Private equity firms are an active force in the industry due to the rewarding investment opportunity the franchise business possess. They use their capital as a strategy for growth, or provide it as an option to those looking for a way out. There is no doubt that as a franchise owner, private equity (PE) provides you options. However, if you find yourself considering PE as a strategy, make sure you understand some of the unintended consequences in relation to your purpose and future business vision.

As an operator who is looking to grow, PE can be attractive. They can be your financial partner providing the capital resources necessary for growth, but without careful consideration you can also find yourself in your worst nightmare. Before you make a commitment to a PE partnership, it is critical to consider and understand the rules of engagement. Simply, make sure you know how to form the appropriate partnership in regards to your goals, and how you get out of it.

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Webcast Replay: Turning Investment and Planning Roadblocks into Roadmaps

Webcast Replay: Turning Investment and Planning Roadblocks into Roadmaps
 

 

 

 

Turning Investment Roadblocks into Roadmaps

Click Here to Access Replay of Webcast 

Hosted by The Rawls Group - Business Succession Planners and Bernstein Private Wealth Management.

Entrepreneurs we meet often struggle with turning their vision into reality. Market fluctuations, cash flow, capital expenditures, family, ability to recruit and retain top talent, and a litany of other influences quickly take the business off course. Common questions we hear are:

  • How do I overcome roadblocks to grow my business and increase value?  
  • How can I feed the golden goose while also building personal wealth independent from the business?
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As Seen in Multi Unit Franchisee - Family Business Perspective Matters

As Seen in Multi Unit Franchisee - Family Business Perspective Matters

An owner's perspective about the purpose and who the business serves directly impacts culture, ability to recruit and retain good people, and drive performance - all of which influences customer perceptions, revenue, and profits. In the franchise industry, often times, multi-unit franchisees do not intuitively view themselves as a family business owner. This misperception can and does have an impact on overall business success, sustainability, and value

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As Seen in Multi Unit Franchisee - Strategic Planning Creates Exciting Future

As Seen in Multi Unit Franchisee - Strategic Planning Creates Exciting Future

Some things in life are actually fun to plan - weddings, vacations, and special celebratory events. The planning that goes into the event usually leads to a happy outcome, even when there are bumps along the way.

Business Planning, however, usually gets a bad rap. Mention business planning to a multi-unit franchisee entrepreneur or a fast moving, high-energy executive and watch their eyes begin to gloss over. So how do we make business planning fun, exciting, and worthwhile for those involved?

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As Seen in Multi-Unit Franchisee - True Business Success Requires Liquidity

As Seen in Multi-Unit Franchisee - True Business Success Requires Liquidity

Everyone feels the liquidity pinch some time or another. Growth, acquisitions, internal investments, taxes, and bonuses take capital and drain liquidity. With all of these needs using up your cash, it can be hard to set some aside for a rainy day, but that's just what you should be doing to ensure the future success of your business, says Champ Rawls.

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As Seen in Automotive Buy Sell Report - Vision Conflict: Aligning Visions of a Group’s Growth Among Dealership Owners

As Seen in Automotive Buy Sell Report - Vision Conflict: Aligning Visions of a Group’s Growth Among Dealership Owners

You're a dealer nearing retirement, but the next generation of ownership has big (risky) plans for the business that put your retirement in jeopardy. There are family and business issues to resolve in this scenario. Learn more as Loyd Rawls and his alter-ego, Dr. Merlot, discuss how to navigate this vision conflict in a new article published in Automotive Buy Sell Report.

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5 Steps to Streamlining Your Business

Another initiative that, in my educated opinion, has the ability to set your company apart from the competition is streamlining your processes. Nobody, but nobody, likes to be told how to do their job. This is why this issue sets organizations that excel at it apart. Standard operating processes lay the foundation upon which an organization that desires long-term sustainability can build. These processes are not intended to be constraining. They are intended to provide the parameters of operation, like the banks of a river. When the water remains inside the banks, it’s powerful and productive. When it overflows those banks, it’s powerful and destructive…and very messy!   

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As Seen On Automotive Buy Sell Report- Why do I need a succession plan if I’m going to sell the dealership?

If you plan to sell your dealership, some would say succession planning is a waste of time, emotional energy and money. They might be right. However, I would encourage them to talk with Jay (not his real name) before they make a final decision. 

Click Here to: Read full article on Automotive Buy Sell Report website

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