This week’s issue has a bit of a theme, and that is succession. One thing I have noticed when I interview family members – especially daughters – who have successfully taken over leadership of a family dealership group is that they have generally followed the prescribed path almost exactly.
They usually have worked outside the family business, at other dealerships and/or for the manufacturers or even in another industry. They almost always attend the NADA Dealer Academy. And they have worked in a variety of roles in a dealership.
The woman I profile in this week’s issue was extremely prepared to take over majority ownership of her father’s dealership group. She worked in other dealerships in a variety of jobs, did the same in family-owned dealerships, and attend the Academy. She set herself up for success.
Our second piece this week is a story of what can happen if a family fails to prepare the next generation to take over the business. Loyd Rawls and his truth-telling alter ego Dr. Merlot reveal a sad tale of a father forced to sell his dealership business because he didn’t force his children to prepare for ownership.
We also have, of course, Transaction News.
Enjoy!