Jeff FaulknerAll Articles
As Seen in Digital Dealer – Entitlement- The Kiss of Death in a Family Business
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. The simple translation is when a person believes they are special and deserve to be treated different (better) than everyone else. Or perhaps that they are “deserving”.. Read the complete article on the Digital Dealer Website website Sign up for our monthly e-newsletter to stay [...]
Pass the Baton So Your Successor Can Fill Your Shoes
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 experience - you might run past the disqualification line before the hand off is complete, or even worse, drop the baton. Learning how to pass the baton in a smooth, seamless manner involves four main strategies: leadership team bench strength/buy-in, Business owner support, developing financial [...]
As Seen in Digital Dealer Magazine – Protecting Your Profits From The Unknown
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
How to Build Teamwork Amongst Key Managers and Family
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, and drive your business onward to future success. So what happens when your managers and family don’t work as a team, and how can you turn things around? When managers and family don’t work as a team, it erodes the very culture of your business [...]
How To Leverage Your People To Build Sustainable Business Value
In order to build long-term sustainable value in your business, you must understand that the business is all about the people. People generally want work with a purpose, to feel like they are a part of something bigger than themselves, and that their work matters. As a business owner, you need to understand that you are leading a group of volunteers. Your employees could go somewhere else to work. What will endear them to you and the company is when you provide them with a clear and compelling sense of purpose. When there is a clear purpose that drives you [...]
How to Create Family Business Policies
In developing family policies, I used to think it was the documented policies that made the difference in preventing future conflicts. But, I have come to believe that it is not the policies themselves that promote family harmony. Rather, it is the process of developing the policies that really make the difference. Family businesses have been a subject of formal research for over 20 years and developing policies is definitely a best practice of those that last. But, what research seems to bear out is that it is the family that is flexible with one another and trusting of [...]
