Growing does not always mean adding to an existing portfolio. Instead, developing a successful acquisition strategy may include selling to buy more stores. For this reason, it is essential to create a Buy Box™. The Buy Box™ exercise strategically organizes your growth parameters, eliminates distractions, and allows you to zero in on the opportunities supporting your strategic plan. The process identifies your growth parameters such as geography, brands, volume, etc. So, if an opportunity comes across your desk that does not fit within your Buy Box™, you can quickly decide to move on.
You can also share your Buy Box™ with Business Brokers, Banks, and other strategic partners, which provide them the insight to help you facilitate your acquisition strategy efficiently, minimizing distractions. In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss different approaches to consider when developing your growth strategy.
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
- Keep or Sell: Determining Your Best Strategy
- Uncertain Future: Better to Grow or Cash Out?
- Avoid Common Business Pitfalls
- 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.
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
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.
