As we prepare for a new year we often focus on keeping/growing what we have gained, or minimizing what we have lost. We also tend to get tunnel vision on growth and what the new year will bring. And, we cannot help but reflect on the past year as we look forward to where [...]
Industry: Franchise Company Overview: First generation, multi-unit and multi-brand business across several state lines Challenge: 50/50 first generation business owners. One partner actively involved in the day to day operations, while the other has become less active, yet very much involved in overall business decisions. Second generation family members and a few “friends of the family” [...]
First, consider yourself blessed. The majority of businesses I have encountered do not have an available, capable or committed successor. On occasion, I encounter situations where there are multiple potential successors who appear to have the capability and passion, but lack the experience. The best advice I can give you is: do not make a [...]
Another initiative that, in my educated opinion, has the ability to set your company apart from the competition is streamlining your processes. Nobody, but nobody, likes to be told how to do their job. This is why this issue sets organizations that excel at it apart. Standard operating processes lay the foundation upon which an [...]
Business Structuring is a critical component of succession planning that can have a huge impact on family harmony. Throughout the course of this article, I’m going to describe three different family business situations that I’m currently involved with where Business Structuring is causing havoc. Situation 1: Active and Inactive Shareholders The first story is [...]
A principle I'm reminded of on a daily basis is: “It is far easier to get entangled than it is to get untangled.” If you've ever tried to unravel a tangled up web of string you know what I'm talking about. Entanglement almost seems to be an effortless exercise whereas untangling can tax even the [...]
In early October, Berkshire Hathaway announced it had agreed to buy Van Tuyl Group, the nation’s largest privately held auto dealership group. Warren Buffet, having dipped his toes into the automotive industry by taking a stake in GM, sees the opportunity to replicate Van Tuyl’s success by consolidating dealership groups throughout the Sunbelt. At a [...]
I recently wrote an article about managing one’s business as if it were always for sale. One of the key points was getting management proficient at running the business successfully in the owner’s absence. But what about management’s absence? A recent article in the Chicago Tribune points out the results of a new survey released [...]
“Is there anything your father should have done that he didn't regarding his estate planning?" "Yes" said the son... That question was posed by the father’s original dealership partner (now in his 80’s) to the son several years after the father’s death at a meeting in which I participated. The son, who is a highly [...]
"I love coming to work every day!” exclaimed the 81- year old dealer. No doubt and he definitely still had plenty of gas left in his tank! Energetic and mentally sharp, his idea of “retirement” was to come in to work at 10:00 a.m. (“but I stay at least until 5:00 p.m.”). As the founder [...]
