Even though Dealers are making money, the future is unclear; for some, the unknown creates anxiety. As a result, we see business owners considering, more than ever, if it is an excellent time to cash out. Succession planning allows you to choose your best outcome – identifying your strategic objectives to fulfill your vision and provide for your family, not just business goals.

For example, suppose you are working to make the business the best it can be by department, person, or structure. In that case, you can’t go wrong if the outcome is passing the business on to your family or key manager or putting it on the market to sell and get the best possible price.

In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss strategies to create more control over fulfilling the future you envision.

Resources

• Haig Report: Stay up to speed on the latest trends in auto retail, dealership values, and buy-sells.
• Automotive News Expert Q & A: Alan Haig answers questions in this Automotive News Buy-Sell Expert Q&A about how smaller automotive retail groups and independents can future-proof their dealerships.
• Buying or Selling Your Dealership: 5 Things You Must Consider
• 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.
• Contact Us: We can help you with insights and 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 immediately.

For more insight:

Visit the “Future Proof Your Business” discussion page or select one of the additional episodes of the series below:

• Next Gen: Empire Builders Vs. Caretakers
• Delegating Day to Day & Remain in Control
• What Family Businesses Must Do to Compete Now & Into the Future
• How to Compete with National Brands & Consolidators
• Keep or Sell: Determining Your Best Strategy
• Avoid Common Business Pitfalls