People are our biggest asset and we often talk about the costs of turnover to an organization. However, when COVID-19 hit the stage it forced dealers to take a critical look at the roles and responsibilities within their business. This look is forcing many dealers to carefully evaluate staffing levels [...]
Even in the midst of a pandemic and the strife many faced personally and professionally, there are silver linings around it. As we mourn the business and personal losses, we also celebrate the opportunities created. Interest rates have remained low, dealers have been able to reevaluate expenses and look at [...]
A silver lining of COVID-19 is everyone is in the same boat as everything is new to all of us. We are in this together. The most critical thing we can do to ease our employees’ anxiety and worry is to communicate clearly and often. It is OK to share [...]
Apathy, skepticism and disgust are sentiments shared by millions of Americans as a result of the greed and selfishness pervading our society today. For some, it is definitely all about the money even if generating business profits is at the expense of others. Others see money and profitability as a measuring stick of how [...]
Understanding the difference between equal and equitable asset distribution is essential to developing a strong business succession plan and building business value. Working exclusively with successful business owners on their succession plans for more than a decade, one of the questions that I am frequently asked is: “How should I divide my estate?” This can [...]
Developing wealth independent from the business is paramount to an effective business transition. Most business owners reinvest their profits back into the business in an effort to provide working capital and grow the business. These are worthwhile business practices (in some cases, absolute necessities) especially when the business is relatively new and is expanding. However, [...]
Did you say credit continuity? Absolutely! Just because your successor may have the same last name as you does not necessarily mean credit continuity is automatically transferable to your successor(s). Capital is the life blood of a business and oftentimes access to lending capability is predicated upon the financial backing of the current owner through [...]
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 [...]
Recently I was invited to speak to a group of successful business owners about the various aspects of succession planning (what I refer to as the Succession Matrix). The Succession Matrix consists of ten interdependent factors that business owners must successfully address to improve the odds that their business will successfully make the transition to [...]
Technically, the answer is before you even open your doors for business (why go anywhere without knowing how you are going to get back?). Now I know that is idealistic to many of you as survival is your highest priority. Let’s face it, succession planning is a subject many business owners would rather not face. [...]
