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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 Digital Dealer Magazine - Family and Business Separation – Is it Possible?

As Seen in Digital Dealer Magazine - Family and Business Separation – Is it Possible?

In a family-owned automobile business, the dealership and general business dynamics often become the center of family interaction.  Read Amy's unique perspective on how to create boundaries between family and business from her experience as a family member employee in her family's business. 

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Dr. Merlot’s Perspective on Gender Bias in the Workplace

Natural May Not Be Obvious

Known for offering up the truth of the matter, let’s get right to the point and address a trend that I am seeing more often than I would like. Gender bias in the workplace. Yup. I said it. It’s out there, and if you are reading this, then you have experienced it, have seen it, or perhaps are a participant in it. Regardless of where you stand, let’s take a look into how your business may intentionally or unintentionally be impacted.

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As Seen in Digital Dealer Magazine - Finding Your Place in the Family Business

Finding your role in a family-owned dealership can be a difficult task. Not everyone is cut out or may care to take on the responsibilities of Successor/Owner, so where do you fit?

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Getting Comfortable with Your Exit Strategy

Before you can get comfortable, you first need to define your exit strategy. This means being able to define what your exit will look like and the range of options are broad and include:

  • Complete cold turkey break from operations
  • Exiting day-to-day management but continuing to have operational final say
  • Entrepreneur’s retirement: participate when you want to, and delegate decision making power to an individual successor or board of directors
  • Sale of the business
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How to Build Respect for Your Successor Amongst the Management Team

Pride and heartfelt emotions are often factors when a business leader assesses his/her successor’s ability. Therefore, honest management feedback regarding a successor’s performance is a valuable piece of the succession planning puzzle. However, getting reliable feedback from management may be difficult unless the business culture supports open communication and an empowered management team. Ultimately, they are the ones who will be going to battle with the successor and their buy-in will be proportionate to their voice in the process. Management loyalty is not a company asset that gets re-titled to the successor!

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Chimp, Chump, Champ: The 3 Stages of Successor Development

On a limited basis, The Rawls Group provides Successor Development Forums (SDF) for prospective leaders who feel they need coaching and education on the unique challenges of successor development. An SDF is not intended to be a "lucky sperm club;” it is intended to be a “work group" for successor candidates who are seeking coaching that they cannot get at home.

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Knowing Your Role and Playing Your Position

Football is one of my favorite sports and football season is one of my favorite times of year! It has been said that football is the ultimate team sport. Success on each play requires each player understand their role, work together, communicate effectively and ultimately execute to achieve the desired outcome. The teams that win consistently have committed players who know their role, play their position and trust their teammates will do the same each play. From my perspective, there is a striking parallel between football and family business. To successfully compete and operate a family-owned dealership or dealership group, requires each family member, manager and employee to understand their unique role, work together, communicate effectively and operate interdependent departments well. Whether you are a team member of a family business or a superstar on a football team, knowing your role and playing your position are key ingredients to success.

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The Rawls Group to Present at Digital Dealer 19 Conference and Expo

The Rawls Group announces that they will be presenting at the Digital Dealer 19 Conference and Expo being held in Las Vegas October 5-7th, 2015.

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How to Overcome the "Perfect Family" illusion

Recently while attending a church service our preacher, Dr. Bob, delivered a sermon titled, “Behind The Manicured Hedges” that struck a chord personally and also as a professional family business succession planner. The preacher was referring to Winter Park, FL a largely affluent community consisting of families who have above average means, fabulous homes and impeccable landscaping surrounding their homes. Many who drive along the brick paved, tree lined streets are impressed with the meticulous landscaping and are somewhat envious thinking that these families have no issues or no problem that money cannot fix. If only that were true! The fact is, regardless of how perfect a family looks from the outside, all families have issues.

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As Seen in Multi-Unit Franchisee Report - Emotional Rescue: Understanding Relationship Dynamics in the Family Business

Recently one of my partners and I were facilitating a meeting between a father and his daughter to work through some mismatched expectations between them in the family business. We had already had several prep meetings laying the groundwork for aligning their expectations, which were all positive and headed in the right direction. They were both excited that we were going to be able to help them get some things out on the table, as they typically would avoid one another and leave issues unresolved.

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As Seen in Irrigation and Green Industry - Passing the Baton to the Next Generation

If you’ve decided that it’s time for your kids to take over the family business, there’s more to it than simply handing them the keys. You need to have a succession plan. We can’t give you a template, as there’s no single “right” way to do it. But you do need to have a plan. 

In a good succession plan, roles are clearly defined. “Everybody can’t run the company,” says Champ Rawls, associate planner at the Rawls Group, LLC, an Orlando, Florida-based succession-planning firm. “You have to clearly outline what everybody’s responsibilities will be.” 

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Successor Identification - Family versus Non-Family Member Successors

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Succession Planning or Building Business Value Planning?

There are many reasons why succession planning may be an unpopular topic. Some of which may be:

  • It appears to overwhelming and too emotional to address

  • A fear of giving up control, not wanting to retire, or addressing the inevitable of all humans – our mortality

  • The monetary/ time investment appears to much for the business

  • To excited and focused on growth to think about “the end”

I am not going to minimize any of the reasons above for avoiding succession planning, as they are very valid arguments however; I would like to challenge your thinking on the concept to see if I can move it up on your popularity scale. To do this, I am first going to provide a definition of succession that is much more comprehensive than misconceptions may lead you to believe.

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Setting Boundaries: How to Avoid Family Business Entanglements

A principle I'm reminded of on a daily basis is: “It is far easier to get entangled than it is to get untangled.” If you've ever tried to unravel a tangled up web of string you know what I'm talking about. Entanglement almost seems to be an effortless exercise whereas untangling can tax even the most patient of personalities.

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Regrettable but Reality – Facing Challenging Family Business Decisions

In spite of family dynamic issues, ABC Auto, a second generation multi franchise dealership group was “successful.” Dad, our original client from 35 years ago, was quite the dynamo. He had been a very successful domestic dealer in a prosperous community. Back in the 80's he also accumulated an assortment of lucrative import franchises before they were hot. Both of his sons came into the business and worked their way through the various seats with energy, enthusiasm and varying degrees of success. Against my recommendation, however; their dad did not hold them accountable for performance, elevated them quickly to management, paid them and passed ownership to them equally. He just could not bring himself to make a decision as to who would lead and who would follow.

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How to Move Under-Performers Up or Out of Your business

Take stock of the employees in your company; most likely you have already mentally classified them into categories of nonperformers, underperformers, average performers, or super performers. Hopefully, you have the majority of your people in the super performer bucket, but in all likelihood, you have a mix of all four types.

As the business environment becomes more complex and even more litigious, it's important to know how to deal with each of the 4 groups for two very different and yet related reasons: Risk Management and Productivity Management. With the concept in mind that you are only as strong as your weakest member the following will provide insight into how to address those in the non performer and under performer buckets.

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Identifying Successors - Can I Have Multiple Successors?

family_business_heartburn_relief_loyd_rawls

~ An Excerpt from Family Business Heartburn Relief™~

The vast majority of businesses have a designated "successor leader." However, a business can have multiple successor candidates, who can provide support to "the leader." Successor candidates include any family member or key manager who brings value to the business and is prepared to serve as a leader with a goal of perpetuating the success of the business.

Multiple successor candidates ideally generate a team of successors who are led by the successor leader. The interaction of multiple successor candidates can be complex especially if there are no expressed parameters for sibling/cousin/Key Manager interaction; or if back biting, resentment and rivalry are tolerated. However, assuming there is mutual respect among the group of next generation successors, the more successors who have skin in the game and a vested interest in continued success, the merrier. Multiple successors, effectively managed, create organizational strength, resilience, power and leadership bench strength. 

Email This email address is being protected from spambots. You need JavaScript enabled to view it. for an electronic version of Family Business Heartburn Relief

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Successful Successors Come in All Sizes

The story of first generation family businesses is usually an inspiring saga about an individual with a vision who overcame a great deal of adversity through hard work, dedication, good timing and a certain amount of luck. Success does not come easy, especially when you start at the ground floor. The lessons learned through the sacrifices of G1 become a value system that is modeled for future generations. As future generations are introduced however, the story of G1 often becomes more like folklore – the message is heard but is not entirely relevant anymore. The successful family business is sure to have had a positive change on the family’s standard of living and your successor isn’t starting with the same perspective as G1. So in order to successfully pass the baton to the next generation, it is important to identify who you’re working with and what will motivate them.

The difference between successful G1 and G2 business owners can be compared to an ongoing rivalry between two current NFL quarterbacks – a first generation Tom Brady and a second generation Peyton Manning. Their routes to the NFL couldn’t have been more different; Brady an unknown back-up in college and 6th Round Draft Pick vs. Manning who is essentially quarterback royalty and a First Round Draft Pick. Despite the differences, they are both tremendously successful at what they do and are both known for a relentless work ethic to be the best.

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Successor Development - What About the Youngest?

Birth order can be a significant factor in many situations. Should it be relevant in the succession of your family business?

If you’re like most parents, you probably strive to treat your children equally, paying special attention so as not to create jealousy or the illusion of favoritism. Additionally, you want to equip each of them with all of the tools they will need to be successful in life. Unfortunately, reality has a funny way of making “equal” unattainable.

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