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.