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Why Do I Procrastinate and How Can I Stop?

A friend of mine believes very strongly that no one should do today what they can put off until tomorrow. He is the ultimate procrastinator; and he's quite happy with where that's taken him in life. He simply does not buy in to the notion that any non-emergency has to be dealt with today. His rationale is all based on a Rolling Stones' hit titled "Time Is on My Side."

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1448 Hits

Win the Right to Be Heard: Successor Prep for the New Generation

Picture this, 60+ year-old dealer who has been in business 20+ years. Possibly inherited the dealerships from his/her own family and have tirelessly worked to grow and build the business. The kids are in their late 20’s and have been getting more involved in the dealerships. They are ecstatic to be entering the family enterprise and proudly fly the family name. The company has a fantastic reputation in the community and the family name holds weight and notoriety in the industry. It is well-established with sound business practices and a formula for success that has produced generous profits and provided a great place of employment for many families. Sound familiar?  

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1575 Hits

Family Feuds and Business Turf Wars: How Do They Start? How Do They End?

A lot of people lose sleep over a great divide where two or more people have chosen sides. It happens where ever there are people. It could be among friends, enemies, a family or families, clients, or business partners. Usually it is a disagreement over relatively scarce resources: People; Time; and/or Money.

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1563 Hits

When is the Right time to Discuss Succession Plans with Family Members?

In 1988, Jack was thrust into the leadership position of the family business his father started in the late 1950’s. At the time Jack took over the family business there was only one dealership and approximately sixty-five employees. Over the years the business had become highly productive and profitable in large part due to his father’s incredible work ethic, customer focus, business savvy and knack for attracting quality employees. Jack’s father was a humble man who attributed much of his success to luck, good fortune and being in the right place at the right time. “Timing is everything” was a phrase Jack’s father used frequently. From a business perspective, there very much could have been some truth to timing and being in the right place at the right time but for Jack, timing could not have been worse!

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Preparing Family Members to Take Over - As Seen On Automotive Buy Sell Report

Succession planning is a hot topic in the automotive industry and has been one frequently discussed in the pages of Automotive Buy Sell Report. Recent articles by Don Ray and Robert Bass have specifically focused on successor identification and development, and how, in the absence of a qualified successor or the lack of management bench strength, owners are forced to sell their business. 

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

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1466 Hits

Interview - Key Issues Impacting Dealership Succession Plans

Check out Dan Schneider's Interview on Car Business Today where he discusses key issues impacting your dealership's succession plan. 

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1367 Hits

Interview - Why Your Dealership Needs a Succession Plan in Place

Check out Jeff Faulkner's Interview on Car Business Today where he discusses why your dealership needs a succession plan in place. 

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1279 Hits

Family Business Issues - I Did Not Like You at 22

I recently met with the son of a client that I had not spoken to in a couple of years. It was somewhat of a surprise as I frankly did not think I would ever meet with him again as a prospective successor. We had initially been introduced when he was 21, a fresh college graduate and a new employee at my client's business. Neither he nor my client had taken my advice that he work elsewhere prior to joining the family business. Sonny was newly married and Dad did not want him to struggle as a common law employee; working long hours, being criticized for his size and not being able to travel with the family on vacations.

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1431 Hits

Are You Really Listening to Your Successor

"Good morning, Jacob. Thank you for the fine dinner last evening. It was nice to spend time with you and Sandy. It is very apparent that you married above yourself."

"Oh yes, Loyd. You continue to have an outstanding ability to pick up on the obvious," he responded with a chuckle. Dr. Merlot, my succession planning alter-ego, joined us as we enjoyed a cup of coffee before continuing the prior day’s discussion about Successor Development Curriculums for Jake Jr. and Sally, Jacob’s son and daughter who were both working in the dealerships.

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1948 Hits

Successor Filters

For many dealers, coming to terms with the assets and liabilities impacting the continued success of their business can be a difficult wakeup call. The ability to build a resilient, sustainable business over multiple generations is a multi-faceted endeavor impacted by different factors. One common concern heard from dealers however; is “Who has what it takes to fill my shoes?”. Here is an example of just that type of situation.

"Loyd, is there anything else you want to discuss? This succession assessment has really put me under a microscope. I haven't been bruised up like this since I slipped on the ice a few years back!"

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1676 Hits

Keys to Preparing Your Successor

Just as there are many roads that lead to Rome, there are many paths that can be taken when it comes to preparing your successor. Many Dealers believe operational experience in the front and back ends of the business and participating in learning opportunities such as Dealer Academy are all that is necessary to become a successful auto dealer. Operational rotations and successfully completing industry education are extremely valuable steps in the successor preparation process. However, this approach often results in a false sense of security for both the Dealer and the aspiring successor as other critical developmental opportunities are omitted. So, what else can you do to ensure your successor is adequately prepared to lead your business in the future? Here are some tips to help ensure your successor is equipped to take the leadership baton and successfully run with it.

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As Seen in Automotive News - Family feud disrupts DARCARS


Article Written by Jamie LaReau for Automotive News, Jeff Faulkner Cited as an Expert Source


The cornerstone to the success of a family-owned auto retailer is the family members themselves.

So when a family dispute flares, the impact on operations can be devastating. It becomes a concern for many manufacturers and could result in termination of the franchise agreement, experts say.

DARCARS Automotive Group is embroiled in such a family dispute.

Tamara Darvish, 51, a well-known face of the company and leader in the auto industry, filed a lawsuit against her father, John Darvish Sr., 78, and the company he founded. She charged that he reneged on his promise to make her part of the dealership group's ownership team. Her stepbrothers run the company.

The suit, filed Jan. 9 in a Maryland court, will have a ripple effect on DARCARS' 22 dealerships, experts say. And such conflicts usually worry manufacturers..

"Family members are the leadership of the organization and when they are sideways with one another, there is no sense of purpose for the company," said Jeff Faulkner, an Atlanta partner at succession planning firm Rawls Group. "The business is not just about them. It's about their employees, vendors and others who depend on that business."

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1346 Hits

Changing Family Business Perspectives for the New Year

Reflecting back on Thanksgiving, Christmas and New Years you may be thinking I have had all the family I can handle. No doubt, these are wonderful family holidays but within the realm of the family business it is very easy to get "over-famlied" and conclude "I need some space; I don't need more of the same crap I get at work at home". The ambient stress, frustration, resentment and acrimony with parents, siblings, cousins, in-laws or children can drain your enthusiasm and consume your patience, blocking your ability to apply your skills and talents towards the productivity of your family's business. As a result, you may be looking at going back to work like another opportunity to stick your hand in the garbage disposal. If family relationships have drained your New Year family business enthusiasm it is time for you to consider new perspectives that will relieve relationship pressure and potentially reinvigorate Family Dynamics and Harmony.

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1499 Hits

Wills and Trusts - How to Keep Your Family and Business Matters Private During Probate

As a succession planner, I am in constant dialogue with my clients’ attorneys about appropriate estate planning structures. Depending upon the state of residency, the training, and the perspective of the attorney, the dialogue can be interesting, especially when it comes to a few of my preferred structures, simple Pour Over Wills and Revocable Trusts. As we discuss these options, I commonly hear, “We can accomplish the same objectives with a Testamentary Trust Will.”, which is a Will containing a trust that is funded after the completion of probate. However, my classic response is, "Our clients who own a family business, and to varying degrees are subject to greater publicity and scrutiny, would prefer to remain private, and depending upon the state, avoid the hassles of probate, which cannot be guaranteed with a Testamentary Trust."

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1824 Hits

How Giving Too Much to Your Kids Can Impact Your Succession Goals

There are 3 common "giving" pitfalls that create future havoc on your succession plan.  Most of the time family business owners believe they are doing the right thing, but are unaware of the long-term impact of giving or creating unearned rewards such as a job, title or a paycheck.

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1745 Hits

Operating Your Business Like it’s Always For Sale

In early October, Berkshire Hathaway announced it had agreed to buy Van Tuyl Group, the nation’s largest privately held auto dealership group. Warren Buffet, having dipped his toes into the automotive industry by taking a stake in GM, sees the opportunity to replicate Van Tuyl’s success by consolidating dealership groups throughout the Sunbelt.

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2017 Hits

Transfer Stock: Gift or Sale

Recently a business owner approached me with the following: I am considering transferring some company stock to my son and possibly some talented managers. He stated, each person has made significant contributions to the business and a few of them feel they have already earned the right to some of the stock via sweat equity. He asked, should I gift or sell the stock to them?

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1782 Hits

Fifty-Fifty, Not So Nifty

As a business succession planner, I encounter the full gamut of dealership business structures, Regular C corporations, S-corporations, partnerships and limited liability companies. I have had clients owned by public corporations and foreign corporations, and even one client who boasted he was the only sole proprietorship dealership in the United States. That relationship was short-lived - he was not pleased with my response.  

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2029 Hits

How to Assemble Your Succession Planning Team?

Engaging in the succession planning process can be a daunting task. Being transparent, identifying current and potential issues and developing a plan for the greater good of the business and family requires substantial energy. To add further complexity to this process, getting family and key managers to mutually come together for a shared purpose can seem impossible at times. However, you have decided in order to reach your objective, you’ll need help. So, who should be on your team?  

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2113 Hits

Are You Overpaying Your Children? Be Aware of the Potential Long-term Impact

So, in my first two posts, How "Over Giving" to your Kids Can Impact Future Succession Goals, and Did Your Child Earn That Title? The Impact of Giving What One Doesn't Deserve, on this subject I have discussed how a past pattern of giving can have a negative impact on the eventual gifting of business assets.  The previous posts focused on two common areas where business owners "give" to their children, which can create havoc on the business, successor development and family dynamics - giving your child a job or a title without earning them. 

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1620 Hits