Successfully integrating family into the business, whether as an employee, manager, or one-day successor, requires having a plan. Next-Gen business owners may need to invest their entire net-worth back into the business to compete with the larger consolidators. This means being less a caretaker of the business as generations past, [...]
Successfully integrating family into business leadership while balancing family dynamics is full of complexities. As Joe Chastang shares, many private and family business owners screw it up. Thanksgiving and Christmas come around every year, and the business provides for 100+ employees.Mis-matched expectations, communication differences, and management styles can create challenging moments [...]
Operating a store is hard work, but it is rewarding. A common question we hear is what are the options to keep the dealership(s) as a family asset if no family is interested or capable of filling the shoes as Dealer/Operator. The good news is that the world is your [...]
The future is a mystery. Strategic planning may not fully prepare you for the curve balls of the future, but it can help us prepare to keep moving forward on the path to success. The best way to form a contingency plan is to have more than one solution to possible problems. “No plan [...]
The competitive landscape for automotive retail requires dealers to think even more about competition and growth. Some think they need to get bigger or get out; however, the bigger question is, what will it take to corner your market and fulfill your strategic vision? In Houston, for example, it will [...]
As Joe Chastang shares, getting your company started, running it, and being successful is a good feeling. Seeing your kids step in and do better is a better feeling. In 2015, when Joe embarked on the succession planning journey led by Jeff Faulkner and Jeff Bannon, he reviewed the action [...]
Formalities commonly do not exist or are lacking in family business environments. For example, we often see no clear direction about what each person is supposed to do, how to get it done, or what they are getting paid for, which opens the door for underperformance and distracting conflict. Consolidation [...]
Some Dealers are interested in privately testing the "sale" waters to determine what is in their best interest but do not want it disclosed. The best way to navigate the waters is to talk to trusted advisors. They know you, know your business, and they have earned your trust, so [...]
As Joe shares, it isn't fair to the business's employees for an owner to be lazy and not invest in the future success and sustainability of the company. Therefore, business succession planning isn't just about protecting profits and transfer of ownership; it is also about positioning the business for continued [...]
Even though Dealers are making money, the future is unclear; for some, the unknown creates anxiety. As a result, we see business owners considering, more than ever, if it is an excellent time to cash out. Succession planning allows you to choose your best outcome – identifying your strategic objectives [...]
