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 oyster regarding how to structure ownership and management.
There are a variety of strategies successful owners have implemented to delegate day-to-day responsibilities. The key and critical ingredients are good talent and trust, especially if you are looking to recruit an operator or key leader to run the business while you oversee from afar. Creating skin in the game is a way to foster trust and motivate your team, especially for high performers. This way, you know they are also impacted by every dollar in and every dollar out. Like management structures, there are various strategies and methods to structure incentive programs based on your end goals.
In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discusses various strategies successful owners have implemented to delegate day-to-day responsibilities while they invest or spend time developing other opportunities.
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
- What Family Businesses Must Do to Compete Now & Into the Future
- How to Compete with National Brands & Consolidators
- Keep or Sell: Determining Your Best Strategy
- 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.
