Contemplating our own exit from the business is not an easy thing to do. However, we argue that being a responsible and forward-thinking business owner, it is something you MUST do. To put your life’s work into the business and then not consider the impact of your departure on your family, employees, community, and [...]
Conflict is a given in life. No two people agree on every angle of every subject. In emotionally bonded relationships like family and or business partnerships, differences of opinion carry more weight and often leads to conflict. There are some underlying reasons for these responses to our differences, which is probably subject matter for [...]
Combining family and business is challenging and can be frustrating when things are going well, but when a crisis like Covid-19 hits...pressure builds and emotions can blow sky high. You can't run a business like a family, and you can't run a family like a business. During difficult times family members need each others' [...]
Years ago I read the following in an article on succession planning in a magazine called Financial Planning: “Sitting on charitable boards is activity, but it is not necessarily work. Not all post-succession activities need to be aimed at generating a concrete result. But for many business-leading clients, results are all that matter. Having [...]
Family and business are challenging and can be frustrating when things are going well and “normal,” but when a crisis hits…pressure builds, and emotions can blow sky high. On the daily, it takes work from all parties involved to manage emotions. With the current pandemic we have greater uncertainty and anxiety about our physical [...]
We are faced with unknowns all the time. A business partner can't make it to the big meeting because of a family issue, the big deal didn't go thru, or the COVID-19 Pandemic hits and threatens our business and our daily lives. Jeff Faulkner, a Partner with The Rawls Group-Business Succession Planners, provides [...]
Entitlement issues are rampant in family owned dealerships. It is a stealthy and dangerous disease that can have a widespread and prolific impact on our business culture, as well as at home. How do we keep it from becoming an epidemic in our business and family lives? First, you must understand exactly what entitlement means. [...]
Developing a successor is paramount to sustainable business success. It requires empowering your successor to step up to the challenge, while holding them accountable to strategic goals. For a period of time there are multiple hands on the baton. If this delicate transition is not done properly there can be a demotivating tug of war [...]
Great article by Jeff Faulkner in Dealer Magazine. How to protect your business, and even see it thrive, during the inevitable next economic downturn. Spoiler: succession planning is key! Read the complete article on the Dealer Magazine website
Your management team and family member employees should form the backbone of your business. Ideally, they know and live your values; they are in alignment with your goals; and they are your boots on the ground interacting with customers, employees, and vendors. At their best they optimize resources to achieve a high level of performance, [...]
