Digital Dealer - December 2019 - 8

D E A L E R OP S & M ANAGEM ENT: Su cce ssio n Pl anni ng Continued from pg. 7

operating methodology,
talent recruitment, effective
business structuring, an
effective communication.
The strategic plan will
then serve as the road map
for future business and succession decisions. Engaging
in this planning process periodically provides the opportunity for reality alignments.
Adjustments should be
made to the action agenda
items when circumstances
change and the resources
available no longer equal
the resources needed to
meet your desired goals.
6. LEADERSHIP
AND MANAGEMENT
CONTINUITY. A great

deal of the business'
value is locked in
the resourcefulness,
commitment, enthusiasm,
and teamwork of your
management team. Your
management team's ability
to optimize your business
resources to achieve
performance goals is crucial
to the current and future
success of the business.
Therefore, the identification,
motivation, and retention
of highly qualified
managers and employees
is essential to building
business value, sustaining
business performance,
implementing strategic
plans, and consequently
the achievement of your
succession goals.
7. MANAGEMENT
SYNERGY AND
TEAMWORK. Teamwork

extends to your business
partners, supporting
family members, aspiring
successors, key managers,
employees, vendors,
8

DECEMEBER 2019

advisors, and of course,
you as the owner. However,
teamwork is not a natural
behavior in business.
Those involved tend to be
competitive, ambitious,
aggressive, and want
personal recognition. But
team dynamics can be
taught, supported, and
ultimately embedded within
your company's culture
if all involved are truly
dedicated to high quality,
high performance, and
high customer satisfaction.

must be identified and
reviewed based on their
talent and past behaviors.
These candidates may be
key managers or family
members. Whoever you
identify and ultimately select
should be a representative
and leader of success.
To prevent unreasonable
"heir to the throne"
assumptions of potential
family member successors,
you must establish
reasonable expectations for
full-time employment and

THERE ARE SIX
KEY ATTRIBUTES FOR
EVALUATING YOUR
POTENTIAL SUCCESSORS:
AVAILABILITY,
COMPETENCE,
CHARACTER,
COMMITMENT, CAPACITY,
AND COMMUNITY."
As the business owner, it
is critical that you set the
standard for teamwork
and encourage everyone
involved in your business to
become team players who
work in alignment towards
the achievement of your
business goals.
8. SUCCESSOR
IDENTIFICATION AND
PREPARATION. There

are six key attributes
for evaluating your
potential successors:
availability, competence,
character, commitment,
capacity, and community.
Some successors are
obvious based upon their
demonstrated performance
and potential. However,
most successor candidates

D I G I TA L D E A L E R . C O M

performance accountability.
This is accomplished by
creating a personalized and
well-developed successor
training curriculum, which
details their path for
gaining experience in all
critical departments of
the business. This career
development path not only
sets expectations and
accountability for growth,
but also helps them earn the
respect of key managers.
9. FAMILY
GOVERNANCE AND
FAMILY DYNAMICS.

Families come in all
forms, shapes, and sizes,
including in-laws, cousins,
children, stepchildren, and
even business partners
who are also best friends.

The relationship you have
with those in your formal
and informal family have
a positive or negative
impact on the achievement
of your business goals
and succession vision.
Bickering among active
and even inactive family
members can frustrate,
distract, and weaken the
focus and commitment of
the management, including
you. In recognition of the
conflicting cultures of family
and business, harmony
and unity are generally the
byproducts of commitment,
hard work, and sacrifice.
Establishing forms and
processes that promote
effective intrafamily
communication is critical to
achieving and maintaining
the family dynamics and
family governance needed to
build a strong business that
can be sustained through
multiple generations.
As we enter into this new
year of change, consider
these ten areas which significantly impact each other.
Issues in one area can greatly alter items addressed in
another area. Ensure you are
ready for the unknowns of
the new year and build your
plan to ensure your ability to
protect your business, family
and ultimately, your legacy.
KENDALL RAWLS knows and
understands the challenges
that impact the success of an
entrepreneurial owned business.
Her unique perspective comes
not only from her educational
background; but, more importantly,
from her experience as a secondgeneration family member
employee of The Rawls Group
- Business Succession Planners.
EMAIL: info@rawlsgroup.com


http://www.DIGITALDEALER.COM

Digital Dealer - December 2019

Table of Contents for the Digital Edition of Digital Dealer - December 2019

Digital Dealer - December 2019
Online Extras
Four Keys to Build a Better YOU
9 Areas That Build Value in Your Dealership
From Speculating to Selling: Overcoming Sales Challenges with Technology
For Sustainable Profit – Build a Purchasing Department
Meet the Marketing Mastermind Speaking at Digital Dealer Orlando
Get a Jump on Making It a Great New Year
Job Management Makes or Breaks Your Bank
Interview with Derek DeBoer of TC Chevy
Elevate Your Year-End Sales Event with Immersive Instagram & Facebook Stories
It’s Time to Move Beyond the Chaotic Dealer Website Experience
The Power of Used Car Marketing
9 Benefits of Doing a Year-End Social Media Audit
Auto Brands and Dealers Need to Move Toward a ‘Tierless’ Marketing
A Case for an Efficient 2020 Dealership Advertising Budget
4 Critical Components of Effective Sales Training
Five Tips to Improve the Sales to Service Handoff
Seasons of Opportunities
Digital Dealer - December 2019 - Digital Dealer - December 2019
Digital Dealer - December 2019 - Cover2
Digital Dealer - December 2019 - 1
Digital Dealer - December 2019 - Online Extras
Digital Dealer - December 2019 - 3
Digital Dealer - December 2019 - Four Keys to Build a Better YOU
Digital Dealer - December 2019 - 5
Digital Dealer - December 2019 - 9 Areas That Build Value in Your Dealership
Digital Dealer - December 2019 - 7
Digital Dealer - December 2019 - 8
Digital Dealer - December 2019 - 9
Digital Dealer - December 2019 - From Speculating to Selling: Overcoming Sales Challenges with Technology
Digital Dealer - December 2019 - 11
Digital Dealer - December 2019 - For Sustainable Profit – Build a Purchasing Department
Digital Dealer - December 2019 - 13
Digital Dealer - December 2019 - Meet the Marketing Mastermind Speaking at Digital Dealer Orlando
Digital Dealer - December 2019 - 15
Digital Dealer - December 2019 - Get a Jump on Making It a Great New Year
Digital Dealer - December 2019 - 17
Digital Dealer - December 2019 - Job Management Makes or Breaks Your Bank
Digital Dealer - December 2019 - 19
Digital Dealer - December 2019 - Interview with Derek DeBoer of TC Chevy
Digital Dealer - December 2019 - 21
Digital Dealer - December 2019 - 22
Digital Dealer - December 2019 - 23
Digital Dealer - December 2019 - 24
Digital Dealer - December 2019 - 25
Digital Dealer - December 2019 - 26
Digital Dealer - December 2019 - 27
Digital Dealer - December 2019 - Elevate Your Year-End Sales Event with Immersive Instagram & Facebook Stories
Digital Dealer - December 2019 - 29
Digital Dealer - December 2019 - It’s Time to Move Beyond the Chaotic Dealer Website Experience
Digital Dealer - December 2019 - 31
Digital Dealer - December 2019 - 32
Digital Dealer - December 2019 - 33
Digital Dealer - December 2019 - The Power of Used Car Marketing
Digital Dealer - December 2019 - 35
Digital Dealer - December 2019 - 9 Benefits of Doing a Year-End Social Media Audit
Digital Dealer - December 2019 - 37
Digital Dealer - December 2019 - Auto Brands and Dealers Need to Move Toward a ‘Tierless’ Marketing
Digital Dealer - December 2019 - 39
Digital Dealer - December 2019 - 40
Digital Dealer - December 2019 - 41
Digital Dealer - December 2019 - A Case for an Efficient 2020 Dealership Advertising Budget
Digital Dealer - December 2019 - 4 Critical Components of Effective Sales Training
Digital Dealer - December 2019 - 44
Digital Dealer - December 2019 - Five Tips to Improve the Sales to Service Handoff
Digital Dealer - December 2019 - 46
Digital Dealer - December 2019 - Seasons of Opportunities
Digital Dealer - December 2019 - 48
Digital Dealer - December 2019 - Cover3
Digital Dealer - December 2019 - Cover4
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