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, and more focused on building an empire. Therefore, planning is critical to ensuring you have the right individual or team to carry the business forward.
In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss what it will take for up-and-coming leaders and potential successors to succeed now and in the future.
Often, we see a next-gen family member chosen as a “successor” and plopped into the corner office with the assumption people will fall in line and they will rise to the occasion. Sadly, these situations don’t work as hoped without some intervention. Key leaders leave, conflict becomes the norm, and the business underperforms.
The family business is a fishbowl; a strategy, formal job descriptions, and employment and performance policies create a standard everyone understands and a foundation for respect. Respect fosters trust, and trust is the foundation for collaboration and healthy relationships. With the right person and the right plan, anything is possible.
For more insight:
Visit the “Future Proof Your Business” discussion page or select one of the additional episodes of the series below:
- 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
- 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
- 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.