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 anything you say or are considering would remain confidential. Critical to expert insight is their knowledge of the car business and the nuances specific to the size of your estate. If you are the most significant client or one of the few car dealers your advisors serve, actively research to add car industry experts to your team.
As you navigate the decision, remember your advisors are your most trusted resource. Be honest with them about your intentions and what you are trying to achieve, as this will also help ensure you receive the best advice and recommendations.
In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss different approaches to privately evaluating your options.
For more insight:
Visit the “Future Proof Your Business” discussion page or select one of the additional episodes of the series below:
- Next Gen: Empire Builders Vs. Caretakers
- Delegating Day to Day & Remain in Control
- What Family Businesses Must Do to Compete Now & Into the Future
- How to Compete with National Brands & Consolidators
- Uncertain Future: Better to Grow or Cash Out?
- Avoid Common Business Pitfalls
- Key Strategies for Developing Your Growth Game Plan
- Keeping or Selling: How to Build Value in Your Business
- How to Succeed Despite Economic Uncertainties
Resources
- Haig Report: Stay up to speed on the latest trends in auto retail, dealership values, and buy-sells.
- Automotive News Expert Q & A: Alan Haig answers questions in this Automotive News Buy-Sell Expert Q&A about how smaller automotive retail groups and independents can future-proof their dealerships.
- Buying or Selling Your Dealership: 5 Things You Must Consider
- Succession Readiness Survey: A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, lifestyle, and ultimately achieving your vision.
- Contact Us: We can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.
The Succession Planning Matrix
The Succession Planning Matrix
Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.
Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.
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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.
