A family business is such a wonderful opportunity. However, many 2nd, and 3rd generation business owners screw it up. And as Tracy shared, she and her husband did not want to be the generation to screw it up. With the third generation entering the business, Tracy and her husband felt like the sandwich generation. Tracy’s father still plays a role in the business; Tracy and her husband fill key leadership roles as President and GM, and Tracy’s son was ready to come on board. As a family, Tracy wanted to sit around the Thanksgiving table with those she loved and continue to build a successful business.
The succession planning process provided Century Automotive Group a roadmap for effectively integrating the next-generation family in the business while building trust and rapport with key leaders. The family business is not a birthright; it is a beautiful family asset, which requires protecting the family unit and the business to ensure both are nurtured effectively. Listen to hear Tracy Jones share key strategies that have created the roadmap for ongoing family and business success.
For more insight from Tracy Jones, President of Century Automotive Group, check out the episodes:
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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.
