The sales forecasts for August were a bit confusing, or at least the headlines were. Depending on what story you read, sales were either up or down. Turns out they were both, due to the Labor Day holiday timing. Some companies and dealership groups adjusted for it, others didn’t, and some headline writers took it into account and others didn’t.
Something all dealers should take into account is the fact that they won’t be around forever. You know where I’m going with this. Succession planning is crucial. Not only does it boost the value of your dealership, it will make your life a lot easier when you decide to leave day-to-day operations at your business.
Our first story this week is a profile of Tommy Baker, founder and owner of Baker Motor Co., a successful and growing luxury dealership group on the eastern seaboard. Baker declined to tell me his age, but I know his kids’ ages and some of his background. So though he may not be about to retire, he should be thinking about succession planning.
The good news is, he told me he has a succession plan! I don’t know what that plan is, but Baker told me his kids aren’t going to take over the dealership. Our second story this week, by Dan Schneider of Rawls Group, discusses an option for dealers facing similar circumstances — ownership on an investment basis. That can not only allow you to maintain your lifestyle, it also keeps the family foot in the door in case your kids’ kids get the itch to sell cars.
We also have the ever-popular Transaction News.
Enjoy!
Alysha Webb, Editor and Publisher
