David CiambellaAll Articles
What is One Change Dealers Can Make to Increase Profitability?
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 and determine how they can do more with less, and how they can be sure to keep the right people in the right roles. Our business is only as good as our people so we must be certain to have the best, strongest, and most [...]
What Opportunities has COVID-19 Presented for Dealers?
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 ways to be more efficient and effective throughout the business and we’ve also been given the ability to look inward and reprioritize what is most important in our personal lives. The biggest opportunity the pandemic has presented for everyone is the ability to reflect on [...]
What Can I Do to Ease My Employees Anxiety and Worry?
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 what you do not know, but even more important to share what you do know, and what your company is doing to ensure their safety and the future of the organization. Watch the short video to hear Tiffany Cardwell with MCM CPA and Advisors and [...]
Personal vs. Personnel Impact – What Message Are You Communicating?
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 well they are leading and operating their businesses or how many lives they are impacting through their businesses. So I ask, which category do you find yourself in? The answer to this question could have an impact on the long term success of your business. [...]
Equitable Asset Distribution and It’s Impact on Family Business Harmony
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 be a perplexing question for business owners who have multiple children some of whom are active in the business and others who are not active in the business. Generally speaking, most business owners love all of their children equally and therefore wish to treat them [...]
Are You Financially Ready To Transition Your Business ?
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, it is important that over time you also work towards developing a pot of wealth independent from the business. Having peace of mind that your financial security is not dependent upon the future success of the business will enable you to be more prepared for [...]
