Equip - Fall 2014 - (Page 1)

SPOTLIGHT ON: FINANCIAL MANAGEMENT FALL 2014 ABA MEMBER SERVICES AND BENEFITS 3 6 The Great Handoff Successful succession planning takes time, reasonableness, and preparation. MAGAZINE 8 14 THE INFORMATION AND RESOURCES ABA MEMBERS NEED TO SUCCEED True Tales of ABA: Inspirational stories and achievements from around ABA. Insurance: Choose an established provider with industry expertise. 10 It's the Law: Take age discrimination complaints seriously. 11 Leadership: Good communication creates profitable relationships. 12 Expert Opinion: Scott Darling, acting FMCSA director, shares the agency's 2015 plans to improve safety. The Roundup: State and regional groups share updates. AN OFFICIAL PUBLICATION OF THE AMERICAN BUS ASSOCIATION FINANCIAL Management Penny Wise, Dollar Smart Strong financial management is built on caution, trust, and experience By Greg Brown A fter five decades in the business, ABA member Allen Kinney has seen it all-like the time 10 years ago when he booked a river tour and the river cruise line went bankrupt before he could get his passengers to its dock. When it comes to the financial management of a motorcoach company, selling tickets and getting buses filled and on the road often isn't the hard part; it's the attractions along the way that might evaporate overnight. "Anything can happen," says Kinney, president and CEO of Great Day! Tours & Charter Bus Service in Broadview Heights, Ohio, a company he and his wife, Ann, founded 50 years ago. "The theater could close. The production could close, and then you're out of luck." As for the riverboat, Kinney caught a break. The company paid him back. "The chances of getting a refund were very slim," he recalls. "We got lucky and received a refund." A cash-flow hiccup can hurt. The Great Recession has stressed small business owners in all areas of the economy. Lending to smaller companies has fallen as CONTINUED ON PAGE 4 PREVOST. UPSCALE TRAVEL FOR TODAY'S PASSENGERS. Prevost coaches surround passengers with beautiful interiors and impressive amenities. High-end fabrics and flooring provide a luxurious look. Wi-Fi, headsets and electrical outlets assure convenience for tech-savvy travelers. And our High Decker design offers a better view through Prevost's frameless windows. You can count on Prevost for exceptional performance and lower operating costs. And your passengers can look forward to the most comfortable ride they've ever experienced. www.prevostcar.com PRE-13-006_ABA-BannerAd-012214.indd 1 1/22/14 10:46 AM http://www.prevostcar.com http://www.prevostcar.com

Table of Contents for the Digital Edition of Equip - Fall 2014


Equip - Fall 2014