Picture a 50-something year-old multi-unit franchisee who has been in business for more than 20 years and has tirelessly worked to grow and build a diverse business. His kids are in their mid- to late-20's and have been getting more involved in day-to-day operations. They are ecstatic to be entering the family enterprise and proudly [...]
Take stock of the employees in your company; most likely you have already mentally classified them into categories of nonperformers, underperformers, average performers, or super performers. Hopefully, you have the majority of your people in the super performer bucket, but in all likelihood, you have a mix of all four types. As the business environment [...]
~ An Excerpt from Family Business Heartburn Relief™~ The vast majority of businesses have a designated "successor leader." However, a business can have multiple successor candidates, who can provide support to "the leader." Successor candidates include any family member or key manager who brings value to the business and is prepared to serve as a [...]
The story of first generation family businesses is usually an inspiring saga about an individual with a vision who overcame a great deal of adversity through hard work, dedication, good timing and a certain amount of luck. Success does not come easy, especially when you start at the ground floor. The lessons learned through the [...]
Birth order can be a significant factor in many situations. Should it be relevant in the succession of your family business? If you’re like most parents, you probably strive to treat your children equally, paying special attention so as not to create jealousy or the illusion of favoritism. Additionally, you want to equip each of [...]
Picture this, 60+ year-old dealer who has been in business 20+ years. Possibly inherited the dealerships from his/her own family and have tirelessly worked to grow and build the business. The kids are in their late 20’s and have been getting more involved in the dealerships. They are ecstatic to be entering the family enterprise [...]
Succession planning is a hot topic in the automotive industry and has been one frequently discussed in the pages of Automotive Buy Sell Report. Recent articles by Don Ray and Robert Bass have specifically focused on successor identification and development, and how, in the absence of a qualified successor or the lack of management bench [...]
"Good morning, Jacob. Thank you for the fine dinner last evening. It was nice to spend time with you and Sandy. It is very apparent that you married above yourself." "Oh yes, Loyd. You continue to have an outstanding ability to pick up on the obvious," he responded with a chuckle. Dr. Merlot, my succession [...]
For many dealers, coming to terms with the assets and liabilities impacting the continued success of their business can be a difficult wakeup call. The ability to build a resilient, sustainable business over multiple generations is a multi-faceted endeavor impacted by different factors. One common concern heard from dealers however; is “Who has what it [...]
Just as there are many roads that lead to Rome, there are many paths that can be taken when it comes to preparing your successor. Many Dealers believe operational experience in the front and back ends of the business and participating in learning opportunities such as Dealer Academy are all that is necessary to become [...]
