The future is a mystery. Strategic planning may not fully prepare you for the curve balls of the future, but it can help us prepare to keep moving forward on the path to success. The best way to form a contingency plan is to have more than one solution to possible problems. “No plan [...]
Many business owners lean on the DIY approach to strategic planning, integrating family into the business, succession planning, and positioning their business for sale on the open market. Where entrepreneurs are sharp in many ways, without outside help, they often suffer from being able to see the trees from the [...]
The only thing that we can rely on to be constant is change. The political environment is forcing rapid change, as we’ve never seen before. Technology continues to evolve, forcing us to embrace it or simply get left behind. Demographics are changing with a record number of Boomers who are set to retire in [...]
The competitive landscape for automotive retail requires dealers to think even more about competition and growth. Some think they need to get bigger or get out; however, the bigger question is, what will it take to corner your market and fulfill your strategic vision? In Houston, for example, it will [...]
We are in some interesting economic times, making it difficult to predict the future. As a result, many multi-unit franchisees wonder if it is time to hit the gas or break. We have talked to multi-unit franchisee owners who have the cash and are interested in investing in the future. [...]
Formalities commonly do not exist or are lacking in family business environments. For example, we often see no clear direction about what each person is supposed to do, how to get it done, or what they are getting paid for, which opens the door for underperformance and distracting conflict. Consolidation [...]
Some Dealers are interested in privately testing the "sale" waters to determine what is in their best interest but do not want it disclosed. The best way to navigate the waters is to talk to trusted advisors. They know you, know your business, and they have earned your trust, so [...]
Most entrepreneurs and multi-unit franchisees' long-term vision involves owning a business to build wealth, support a lifestyle and live off the cash after a one-day sale. However, successful owners know this dream can become a reality with the right business succession strategies, starting with the end in mind way before [...]
We fantasize about the day we start our own business or make our first million. Maintaining success is the ultimate objective that many entrepreneurs fail to consider. But achieving success is only half the battle; sustaining success is the challenge because the only constant is change. We are dealing with continual flux now more [...]
Even though Dealers are making money, the future is unclear; for some, the unknown creates anxiety. As a result, we see business owners considering, more than ever, if it is an excellent time to cash out. Succession planning allows you to choose your best outcome – identifying your strategic objectives [...]
