Whether you’re a dealer, executive, or advisor, this conversation will give you the insights you need to navigate uncertainty and position for long-term success.

Watch the video version here: https://bit.ly/42n6nCR

RELATED RESOURCES:

→ Learn more about succession planning and dealership strategies: https://seekingsuccession.com/

→ Take a free Growth & Succession Planning Assessment to see where your auto dealership stands: https://bit.ly/47f6YIi

HOW THE RAWLS GROUP HELPS AUTO DEALERS:

For over 50 years, The Rawls Group has helped auto dealers build resilient, high-performing businesses. From succession planning to strategic growth, leadership development, and navigating industry disruptions like tariffs, our experts partner with dealers to secure their legacy and drive success across generations. Give us a call, and in 30 minutes, we will help you find clarity on your next steps. 407.578.4455. https://seekingsuccession.com/

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
• Key Strategies for Developing Your Growth Game Plan
• Keeping or Selling: How to Build Value in Your Business
• How to Succeed Despite Economic Uncertainties

or more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Mis-matched expectations, communication differences, and management styles can create challenging moments impacting business operations, team dynamics, and family gatherings. As a result of leaning on succession experts, Joe and his leadership team learned how to make the company better and grow the business, successfully integrate the second generation into key leadership positions, and balance family and business relationships.

Resources

• 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, 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.

For more insight from Joe Chastang of Chastang Ford, check out the next episode in the 10-part series:  Avoid Emotional Landmines

or more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Respect and trust go hand. A person or leader must be respected in order to also trust their decisions. As a family member employee entering the business with hopes to be a key leader or owner one day, earning the respect of employees, key leaders and strategic partners such as banks and manufacturer/franchisors are essential. Anyone can be given a job or title, but respect is earned.

Kendall Rawls, a family member in her own families business  shares 4 strategies to earn respect in the family business

1. Gain Outside Experience: Minute 2:55
2. Invest In Yourself: Minute 5:37
3. Listen, Observe and Learn: Minute 6:43
4. Work Hard: Minute 8:27

Resources:

Email Kendall Rawls at kendall@rawlsgroup.com if you would like a gift copy of either “The Four Agreements” or “Braving the Wilderness” by Brene’ Brown.

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

As our world constantly changes around us, so do family and business. Thirty-five years ago, Roland started WKS Restaurant Company with one El Pollo Loco. As of today, it has grown to 375 restaurants in 19 states operating Denny’s, El Pollo Loco, Krispy Kreme, and Wendy’s.

Listen in to hear Roland Spongberg share how his planning environment is evolving as the family and business transform over time. Succession planning is an ongoing process that refines strategies towards the vision imagined.

Resources

• 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, 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.

For more insight from Roland Spongberg, Founder and President of WKS Restaurant Group, check out the episode It is Possible to be Equitable

or more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Family members who work in a family business have to work harder to find personal independence because they are so close to “the tree” of family and key leader stereotypes, and the baggage that can come from assumed enablement of the family business environment.

This discussion focuses on 4 strategies to fulfill your personal goals and create an environment for you to be the best you can be for yourself and those around you.

1. Know self-amongst family and business noise
   • Your strengths
   • Who you are versus who people think you are
2. Those who wonder all not always lost
3. Connect to what you value and what others value
4. Continue to engage in hard topics. If you push them under the rug, they will turn into a gnarly resentment monster.
5. Practice the Four Agreements, book by Don Miguel Ruiz

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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 process provided Century Automotive Group a roadmap for effectively integrating the next-generation family in the business while building trust and rapport with key leaders.  The family business is not a birthright; it is a beautiful family asset, which requires protecting the family unit and the business to ensure both are nurtured effectively.  Listen to hear Tracy Jones share key strategies that have created the roadmap for ongoing family and business success.

For more insight from Tracy Jones, President of Century Automotive Group, check out the episodes:

• Thriving for Three Generations
• You Can Get What You Want

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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 history of Century Automotive Group is unique and, at the same time, similar to so many entrepreneurial-owned businesses. Passion for an industry, and as Tracy would often hear her father say, a little bit of luck, a lot of talent, and the right place at the right time, a successful business is born. A love for the car business inspired Tracy to dream about becoming a Dealer at a very young age.

It was a different time and place for women back then, so instead of going directly into the car business after college, Tracy got her CPA and worked for Price Waterhouse Cooper in Houston. Then, about five years later, Tracy’s father asked if she was interested in moving back to Huntsville, AL because the business needed a controller, and he was thinking about retiring. Tracy was ecstatic about the opportunity and felt confident in her experience as it gave her credibility and, with her finance background, had a much-needed skill to provide.

Listen in to hear Tracy Jones share the history of Century Automotive Group, what inspired her to join the family business, and how succession planning has supported their vision for building strong family relationships and a business growing in value and community impact.

For more insight from Tracy Jones, President of Century Automotive Group, check out the episodes:

• You Can Get What You Want
• Roadmap to Family and Business Success

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Before we get started, you may be wondering who is this Dr. Merlot Dude? The Doc is the straight-talking alter ego of Loyd Rawls, who is the founder of The Rawls Group. An alter ego may seem a little silly, but it does provide levity to a topic many people view as heavy.  What is funny though, is succession planning is actually a topic owners need to embrace because it creates strategies for them to create the future they envision. One of our mottoes at The Rawls Group is to do good and have, which is just what “Dr. Merlot” provides Click to learn more about Dr. Merlot and Alter Egos.

Now, let’s dig into the question of When is it time for me to give up control of the business?

Dr. Merlot’s Perspective:

The time to give up control is when you have confidence in your qualified successors to be good stewards of control. Confidence and stewardship are everything. High performance does not guarantee high potential, and being a leader is much more than being in charge. Leaders evolve from capacity, confidence, commitment, and experience. Leaders are humble and focused on goals that impact the welfare of the business, those they are leading, and the extended group that depends upon the continued success of the business. Leaders are always pursuing improvement.

Kendall Rawls’ Insight:

The ability to drive performance, growth, and achieving business goals is essential to a good leader and as a qualified successor.  And, driving performance, growth, and business goals are directly tied to recruiting, retention, and motivation of people.   No matter what your business is, it depends upon people to deliver products and services.

In our ever-changing world, a leader’s ability to communicate effectively with a diversity of people is essential.   Research has shown, people stay, or people leave because of the culture.  Culture is made up of many things, some key ingredients to the sauce are respect, the opportunity for growth, and shared feedback.

Leadership sets the tone for the culture. So, whoever you have chosen to fill your shoes, ask yourself, how do they make people feel and how are they influencing culture?

 If you are unsure of how to answer the question, ask key leaders in your team whom you trust and consider engaging in engagement surveys or a 360 review.  According to McKinsey’s Organizational Health Index, there are 4 key qualities people look for in their leaders and ultimately organizational cultures:

• Supportive
• Strong orientation to results
• Seeks different perspectives
• Solves problems effectively

They may not have all the tools right now and the likelihood of anyone having it all is slim to none.  However, what you are looking for is someone who can build a team, spot potential, wants to develop others, and exudes trust in those around them.

In addition to the 4 criteria above, below are a few questions to consider as you are evaluating your developing successor capacity and commitment to developing as a leader.

• Are they humble enough to admit what they don’t know and lean on others’ expertise?
• Do they actively say and show trust in their team?
• Do their words match their actions?
• Are they actively pursuing furthering education, coaching, or development?
• Do they ask questions?

Dr. Merlot’s Perspective:

There is no reasonable public successor leadership certification program because each leadership opportunity has unique leadership demands.  You must be the one who certifies your successor. If you are not confident in the leadership potential of your successor, you should not transfer control.

Kendall Rawls’ Insight:

The identified or developing successor may have all your same strengths or maybe completely different.  In family business environments, we often see next-generation leadership to have different strengths than those of the existing owner.  What matters most in leadership transition is finding the balance.

If they have the capacity and commitment to developing as a leader, from the questions listed above, supporting a different strength in your successor is all about teamwork.   You can either recruit talent from the outside or develop from within.

If you have been committed to investing in your people and have a strong talent magnet culture, you are already on your way to building a team to support the differences in leadership between you and your developing successor. If your developing successor exemplifies different strengths and approaches to getting things done then you, TRANSITION, is the name of the game.  Otherwise, it can feel like a culture shock to your organization.

It is essential, you allow your developing successor to take on more responsibility, while you are there to support coaching and development.  Allow your successor to lean into their strengths while you are there to provide historical context in how and why things have been done a certain way.  With an agreed-upon strategy, a transition provides team members to adjust.

Dr. Merlot’s Perspective:

In order to slowly introduce your successor to the way things operate, you can incrementally transfer control of some responsibilities while you minimally retain strategic control.  Your attorney can show you a variety of creative mechanisms allowing you to test your successor and ideally confirm your confidence.  Your enthusiasm for this process is dictated by personal and business issues, such as your health, your desire to retire, franchiser issues, credit continuity issues, etc. Needless to say, at some point in time, you must either achieve confidence or take a chance and pray for the best.

Kendall Rawls’ Final Thoughts:

Fundamentally, succession planning is all about creating options so you can achieve what you want.  Engaging in the process will create choice, that if one strategy doesn’t seem to be working, you already have another one in the works.  It creates an “A”, “B”, “C” etc Plans.   And, there is always a solution to achieve a Win-Win-Win.  It may just require looking at the situation, a person, a strategy in a different way.

Third-party perspective and leaning on a team of advisors provide you with ideas and creative problem solving so all who are involved feel as though they have won.

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Do not get swept up and away in all the other fluff of the season. Watch and learn 4 strategies you can implement immediately to take control of how much you enjoy and celebrate the weeks to come.  As a teaser, the 4 strategies are:

1. Practice the Pause

Listen in to learn the power of the breath and an exercise you can practice to help call on the pause before flight, fight or fawn happens.

Link to Resource: Lead at Your Best

2. Locus of Control
3. Arrive Grounded
4. Practice the Four Agreements

The Holidays are positioned in the world as a time for cheer, celebration, and magic.  However, many people feel anxiety, fear, and pain due to their past and current circumstances.  You can find the MAGIC; it is actually very close by because it is found in YOU; knowing what you can and can’t control and choose how you want to show up.  

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

These same behaviors exist in the family business. Whether you are family in the business or you work in a family business, there is a hierarchy that sets the tone and goals for the company, and then the worker bees that help achieve them.  However, like in the beehive, things can get messy if one strays or does not work or live up to expectations.

When working in a family business, specific topics can be taboo to discuss, so they are shut behind the big red door – DON’T TOUCH! But, unfortunately, the big red door creates a dysfunctional functional norm for everyone who works in the company.  And, if you are family in the business, avoided hot topics have the power to impact relationships, the ability to get things done, and can exacerbate drama at business meetings and family holidays. 

In this episode, Kendall Rawls share insight and strategies to

• Understand what creates the fear and anxiety working in the family business
• Identify communication strategies to discuss complex topics at work (and at home)
• Learn how to balance both working with the family and in the family business
• Embrace your self-worth and build your confidence, regardless of your role

Without leveraging the tools available, the hive will be blown to its side, creating hysteria and infighting.  However, active problem solving and leveraging tools readily available can keep the hive calm, productive, harmonious, and even allow everyone to grow closer together

This episode is a bit of a departure from our standard conversational panel.  Let us know how you like the format and what other family business or family, succession, and business topics you would like for us to drill down, discuss and explore.

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Consolidation has been a major theme for some time now.  COVID-19 created an added layer of pressure, enhancing buy-sell activity.  Business owners who have invested in succession planning already have options, know what they want, and are already implementing their growth strategies. However, for owners who have been misled to believe succession planning is just about the exit and retirement, you have some catch-up work in front of you.

In our first “Succession Palooza” series focused on Succession, Growth and Acquisitions, Dan Gavin with Bernstein Private Wealth Management, Michael Rosendahl with PCE Investment Bankers, and our very own succession planner, Loyd Rawls discusses how you can seek succession through business growth and acquisitions. 

Topics include:

• Acquisition and Business Succession: Why You Must Have a Growth Mindset
• Growth Through Acquisition: Finances, Timelines, and Expectations
• Growing Your Business and Your Net-Worth
• Business Growth & Bench Strength
• Business Growth, Consolidation, and COVID
• Acquisition Done! Now What? Hitting the Ground Running After the Close
• Power Position: Building Cash or Equity: Creating Flexibility & Maximizing Opportunities
• Buying or Selling: Determining What Strategy is Best For You

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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 recruitment and retention of top talent are essential to building business value, sustaining business performance, implementing strategic plans, and consequently, the achievement of your succession goals.

Champ Rawls, a succession planner with The Rawls Group, and Suzanne Malo, Director of DHG Search discuss various innovative recruiting and retention strategies to land top talent. Topics include:

• Landing the Rockstar Who Is Worth More than the Offer
• Attracting Top Talent with Innovative Incentives
• Developing From Within Versus Recruiting from the Outside
• Keys to Recruiting Post Pandemic
• Secrets for Recruiting the Best Talent

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Champ Rawls a Partner of The Rawls Group and Gina Miller who is a Partner with Bennett Thrasher in their Dispute, Valuation, and Forensics department discuss what creates Business VALUE.

Tune in and learn the magic behind building business value. Value is not just determined by gross revenue and profits, leadership bench strength, relationship with strategic vendors and community perception also impact value.

  Topics discussed:

• How do you increase business value?
• How do you determine business value?
• Do business owners understand their retirement needs?
• Do you think business owners generally know the value of their business?
• When should owners start planning for transition?
• What are the first steps to begin to transition the business?
• What cash flow considerations should business owners evaluate when deciding to sell vs. grow?

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Core values act as the guiding principles or “headlights” for the organization as the leadership evaluates decisions in regards to recruitment, strategic planning, and how daily interactions are handled with employees and customers. Over time, if not tended to, core values can erode. As a fellow entrepreneur and one who has a heart for culture, Loyd Rawls founder of The Rawls Group, shares insight that can be applied to your unique organization.

Key topics of the episode include:

1. Definition of culture
2. Key characteristics of an organizations culture
3. Aligning people to the culture desired
4. Importance of respect in the workplace – and as a leader, how Loyd has managed to enforce it
5. How to ensure core values sustain over time

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And 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.

Many franchisees dream of going from owning one unit to becoming multi-unit business owners and building generational wealth.  However; growth is challenged by a worker shortage.

Topics discussed in this podcast episode include:

1. Primary challenges franchisees are facing related to talent

2. Changes in motivation or expectations of up-and-coming leaders

3.  Why franchisees struggle to recruit people out of college as an attractive career choice

4. How franchisees overcome the “from college to manager entitlement” mentality

5. How a franchisee can move from working in their business to working on their business

6. How franchisees build a sustainable talent model to grow from the inside

7. How franchisees can attract young talent who want to stay & grow with their organization

8. How  franchisees can gain the skills & trust to develop leaders

9. How franchisees can use succession planning as a tool to recruit & retain talent

10. The impact on franchisees if they don’t make the shift to recruit & retain leaders?

11. Where ARE all of the leaders?