I have interviewed some very impressive women in recent weeks for our Women in Automotive section. Their rise to the top has often been a text book example how to prepare to take over the family business, as recommended in one of our columns this week.
For example, Carrie Way, owner of Crest Auto Group, worked in the family dealerships, then went to college, worked in non-family dealerships, then worked in variety of roles at family-owned dealerships before partnering to buy the group.
Liza Borches, head of Carter Myers Automotive, worked for a manufacturer after graduating from college and attended the NADA dealer academy along the way to taking over the family business.
Those transitions went well. That isn’t always the case, however. This week, John Buelow of CliffLarsonAllen, takes us through the ideal preparatory route for a family heir, and offers some somewhat graceful exit options if that chosen heir doesn’t cut the mustard.
Once an acquisition deal is closed it may be tempting to sit back and smell the roses. Don’t! There are some important post-closing dealership process-related areas you need to be on top of. For example, be sure you have agreed upon with the former owner a proper cutoff for sales, benefits, payroll and utilities. Without an agreed upon cutoff date, the former owner may continue to reap the benefits of sales, and you may continue to shoulder unnecessary costs, while you are toasting success.
This week, Thomas England, from DHG Dealerships, one of our favorite contributing firms, provides a nice check list of areas you need to pay attention to post-closing.
We also have, of course, Transaction News.
Enjoy!