As a first-generation business owner, Joe Chastang has built a solid and successful diversified business in downtown Houston, TX. Initially, an employee of Volvo heavy truck, starting in 1991, Joe purchased a Volvo franchise in '94 when Volvo decided to eliminate their corporate-owned stores. After nine years of ownership, and [...]
Thirty-five years ago, Roland Spongberg started a restaurant company with one El Pollo Loco in Long Beach, CA. Today, WKS Restaurant Company employs 12,000 employees across 375 restaurants in 19 states operating Denny’s, El Pollo Loco, Krispy Kreme, and Wendy’s. From a pure family perspective, with six children, Roland initially [...]
Roland Spongberg became interested in succession planning after a car dealer friend shared difficulties he was experiencing with his siblings. With no desire to cash out, and a father of six kids, with some working in the business and some not, Roland began thinking about the future and opportunities he [...]
Developing strategies for growth are essential to succession, especially in Century Automotive Group’s case, where four kids are interested in the business within the third generation. As Tracy shares in our discussion, the succession process created a forum to determine: Strategic Plan for the next five years Organizational structure and [...]
A family business is such a wonderful opportunity. However, many 2nd, and 3rd generation business owners screw it up. And as Tracy shared, she and her husband did not want to be the generation to screw it up. With the third generation entering the business, Tracy and her husband felt [...]
Century Automotive Group is thriving across three generations. Love and commitment to nurturing family relationships have been vital ingredients for their success. From Tracy’s integration into the business as the second generation, and now the third generation actively working in the business; they live by there is no business gain [...]
