This is an archive of articles from our past newsletters.
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Dealers are seeing record profits in spite of a global pandemic and limited inventories. This has many dealers wondering if they should be building the portfolio by buying more stores or taking advantage of the market and selling to get top dollar, and others are wondering what will happen if they just stay in [...]
The term bench strength may appear abstract and very indirectly placed in your business as most would consider the term (bench-strength) to define one person laying on a bench-press while on the brink of lifting a weighted bar. However, if we conceptualize the components of skills, capabilities, experience, and who contributes those components daily [...]
Your business's value depends on the strength and quality of operations, culture, people, and reputation. These areas can be where they need to be to take your business into the future IF you commit to succession planning. Your business is more valuable to you than anyone if you can create an effective union of [...]
Whether a business grows stronger or larger, a business will always seek to build value. Much of a business's value lies within management's resourcefulness, commitment, enthusiasm, and teamwork. Business Value also lies within sustainable and flexible structures, strategies, and resources to address potential, probable, and possible contingencies impacting the future you envision. [...]
The only thing that we can rely on to be constant is change. The political environment is forcing rapid change like we’ve never seen before. No question, technology continues to evolve in a way that forces us to embrace it or simply get left behind. Demographics are changing with a record number of Boomers [...]
Looking forward is easy to do, especially when you are dreaming of your next step to amp up the business. However, say the words “succession planning” and suddenly looking forward stops as many believe “we aren’t there yet,” or “I’m done, my estate plan in buttoned up.” To many, the phrase succession planning reflects [...]
Probably nothing, unless you plan to die soon! I happened to be with a client with whom I have worked since 1991, on the day President Trump was elected. That led us to examine the political climate over the past 26 years. We reminded ourselves that the 1980’s had been a Republican era (but Democrats [...]
“But I love all my kids equally and I want to treat them fairly!” exclaimed Ted, the exasperated business owner who was trying to figure out his estate plan. This sentiment is voiced over and over by my dealer clients leading to many discussions on ‘why equal is not fair’! It’s easy to relate to [...]
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 [...]
Being in the family business is no easy task. You are juggling expectations amongst your loved ones from two different spectrum – family and business– as well as preconceived notions from managers, employees and vendors that you are likely enabled, under-qualified, and of course, grew up with a silver spoon in your mouth. No matter [...]
