pornn

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!

Continue reading
2013 Hits
0 Comments

2 Key Areas Impacting Your Ability to Take Your Business to the Next Level

When working with a team of business leaders, one of my first questions is "How many of you are ready to go to the next level?” Either a lot of hands go up or there is a chorus of "Absolutely." And then I ask them "How many of you know what the next level looks like?" The near to total silence is deafening. They don't know what the next level looks like; and there is some concern that somehow, it might require more work and effort.

Continue reading
2276 Hits
0 Comments

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

Continue reading
1623 Hits
0 Comments

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. 

 Click Image to Preview

Dan-Schneider-family-business-succession-advisor

 


 Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.


1531 Hits
0 Comments

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. 

 Click Image to Preview

jeff-faulkner-business-succession-planning-the-rawls-group

 


 Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.


1457 Hits
0 Comments

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.

Continue reading
1624 Hits
0 Comments

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.

Continue reading
2313 Hits
0 Comments

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!"

Continue reading
1977 Hits
0 Comments

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.

Continue reading
2747 Hits
0 Comments

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."

Continue reading
1543 Hits
0 Comments

How to Handle Underperforming Family Member Employees

Family members are attracted to the family business for a number of reasons. Most of my clients are thrilled to have their offspring involved in their businesses and many have high aspirations for their children. The truth is, family members can represent a profound asset especially if they enter the business with humility, adequate training, and meaningful prior work experience. These individuals tend to be a delight to have around and are relatively easy to manage. Conversely, entitlement, arrogance and a less-than-stellar work ethic can be problematic. So what happens when a family member does not carry his or her weight?

Continue reading
2980 Hits
0 Comments

How Do I Become an Effective Cross Generational Coach?

There are multiple generations in almost every organizational and business setting. If not at start up, then during transition periods of one kind or another. Older generations don't get younger ones; and younger ones don't get the older ones. Are you puzzled by why it always seems to be that way?

Continue reading
1922 Hits
0 Comments

Why Do So Many Businesses Underperform?

When the opportunity to work with a team of business leaders presents itself, one of my first questions is "How many of you are ready to go to the next level"  Depending on how I ask people to respond, either a lot of hands go up or there is a chorus of "Absolutely" that deafens the room.  It seems like everyone is in love with the idea of going to the next level.

Continue reading
1753 Hits
0 Comments

How Many Hats are Too Many?

There are many elements that are key to a successful business and it is not a walk in the park. Most often, some of these characteristics include:

  • A strong leader who is on top of their business
  • Someone who is able to wear many hats and put out fires as they arise
  • Someone who has earned the respect of their managers who would follow them anywhere
  • And someone who is aware of the daily activities of their business and operates with an open-door policy their managers are happy to take advantage of

While this leadership style is currently an asset to operations, it is also a liability to succession.

Continue reading
2009 Hits
0 Comments

Working Towards Working Together

When I first met my wife, Patricia, I was head over heels in love. Although, just a few years after our honeymoon, our marriage appeared to be less than ideal. However, we decided we wanted to be married so we found a counselor to help us understand and deal with the good and bad we brought to our union. After 30+ years of counseling we have a marriage that isn't perfect but one that is getting better every day.

Continue reading
1960 Hits
1 Comment

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.

Continue reading
1718 Hits
0 Comments

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."

Continue reading
2031 Hits
0 Comments

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.

Continue reading
1942 Hits
0 Comments

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.

Continue reading
2354 Hits
0 Comments

Bulk Up and Charge Up - How Vacation Can Reveal Your Business' Bench Strength

I recently wrote an article about managing one’s business as if it were always for sale. One of the key points was getting management proficient at running the business successfully in the owner’s absence. But what about management’s absence?

Continue reading
2278 Hits
0 Comments