DEALER SUCCESSION IS OFTEN VERY DIFFERENT TODAY FROM WHAT IT ONCE WAS Not that long ago, succession in automotive retail meant transferring the ownership of the business to family members. Many dealers in Canada today are second and third generation …
WHY OPEN COMMUNICATION IS KEY TO SUCCESSFUL ESTATE AND SUCCESSION PLANNING IN THE CAR BUSINESS It has been said that a little information, when misunderstood, can create big problems. This is never more true than when dealing with the value …
QUESTIONS DEALERS SHOULD BE ASKING WHEN IT COMES TO PLANNING AND SECURING THEIR OWN FUTURE It has been said many times that the windshield is 100 times larger than the rearview mirror for a reason. The driver is supposed to …
CHUCK SEGUIN SAYS THAT WHILE HAVING A PLAN FOR THE FUTURE IS ONE THING, EXECUTING IT SUCCESSFULLY CAN BE ANOTHER. We often complain that not enough dealers engage in succession planning.There is an implicit assumption that if you plan, it …
Why the trend for acquisition is being driven by market conditions Back in 1997 we first surveyed the Canadian dealership community on the topic of succession. At that time, when we examined overall Canadian demographics, we saw this baby boomer …
Why having a solid foundation is key when it comes to succession planning It’s that time of year again, when I remind all dealers that its time to review their succession plans, wills, and contingency plans. I know that it …
OVERCOMING THE DISCONNECT BETWEEN CONSUMERS AND DEALERS WHEN IT COMES TO SOCIAL MEDIA TOOLS As my regular column followers will attest, I often refer to the disconnect between consumers and auto retailers. In the fall of 2011, I was fortunate …
Dealership consolidation resembles the Pac-Man video game that was so popular when it was first introduced 32 years ago The visuals created by the memories of this early stage video game are an accurate depiction to visualize what is happening …
Will today’s spending pay off tomorrow? Each and every dealer in Canada is constantly being asked to invest in their dealerships. These requests largely come from OEMs but sometimes they come from other sources, like municipalities, while even competitive dealers …
DEALERSHIPS ARE NOT ALL ALIKE AND SHOULD NOT BE MANAGED IN THE SAME WAY Traditionally, management systems used by dealers are organized by departments, reinforcing somewhat of a silo approach. Human resources are also managed by department. Dealer financial statements …
Public ownership of dealerships should be business as usual Over the past few months the topic of Canadian public companies has been the subject of many national and local news articles, conferences and general chatter amongst the finance and professional …
Dealers who don’t plan ahead are gambling with their wealth Dealers by their nature are gamblers. All have risk as their middle name and go to sleep every night with millions of dollars of debt. Our business is not for …
