Your hard work and long hours have led you to own a successful auto dealership in Florida. While you love your business, you may realize it’s time to hand over the keys to someone else.
You want to ensure the succession proceedings happen smoothly for your employees and your dealership’s future. Finding the successor of the business you’ve built from the ground up can be a long, convoluted process, but there are steps you can take to ease the transition.
How can the succession process go smoother?
No matter how much you enjoy your current position, there could come a time in your life where you need to move on. You may have already considered this and chosen a trusted successor, whether it’s a family member or a hardworking employee. According to Auto Dealer Today, auto dealers work in an industry largely dictated by reputation, so who you choose could make the difference in how successful your business is.
After you’ve chosen a successor, you need to fully prepare and integrate them into the role. Here are three critical considerations to keep in mind before and during the succession process:
- Consider multiple successors: A circumstance could arise where your named successor can no longer assume your vacated role. In that instance, having other options in place minimizes the risk of going a long period of time without an established leader.
- Think about what your business needs: A family member may think they have an automatic in to being named successor, but you should think about if that’s truly what the business needs. It could be difficult to turn down a loved one, but it might be in the best interests of your dealership.
- Keep your clients in mind: Customer service and maintaining a quality reputation are critical to success in the auto dealership industry. The owner of the dealership may not spend as much time interacting with potential clients as the salesmen, but it’s important they understand how essential customer service is to the business.
When the time arises to move on from your beloved auto dealership, there are essential steps to follow before completing the process in its entirety. The dealership’s continued success hinges on a smooth transition. Drafting a business succession plan could better assist the transition process and ensure it’s done accurately.