Developing strategies for growth are essential to succession, especially in Century Automotive Group’s case, where four kids are interested in the business within the third generation. As Tracy shares in our discussion, the succession process created a forum to determine:
- Strategic Plan for the next five years
- Organizational structure and how to effectively scale
- Expertise and management styles to best fill open roles
- Purpose, mission, and vision
- Strategies to take advantage of changes in the car business
Succession planning is an investment, but as Tracy shares, their business is better because they have developed succession strategies. It is money well spent, and they have made money by investing in developing and implementing strategies for the future. In Tracy’s words, “You can’t afford NOT to” especially if you bring children on board or have an older parent or dealer who wants to stay engaged in the business. Listen in to hear Tracy Jones share her perspective about how through succession planning, you can all get what you want.
For more insight from Tracy Jones, President of Century Automotive Group, check out the episodes:
Leverage our 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.
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.
