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Seasonality, inflation, politics, people, and technology are a few headwinds impacting fuel dealers, wholesalers, and service contractors in the energy space. We are often asked, “How can we create predictable revenues in an industry influenced by so many outside “threats?”
In this episode, Doug Woosnam, a Consultant with Cetane Associates, Clayton Latiolais, a succession planner with The Rawls Group, Marty Kirshner, Partner with Gray, Gray & Gray, and our very own succession planner Champ Rawls discusses strategies to take control of the ebbs and flows of your business, which include:
Strategic PlanningThe strategic planning process is a collaborative initiative allowing you, supporting family members, and key management to discuss and confirm the vision and mission of the organization, as well as the resources needed to achieve business goals.
The outcome of the strategic planning process is a detailed action plan that addresses short- and long-term goals, operating methodology, talent recruitment, effective business structuring, and effective communication. The strategic plan will then serve as the compass for future business and succession.
Champ Rawls shares that sitting down with your team and engaging in strategic planning will help you identify your strengths and opportunities. Once you know where you stand, you can then evaluate what potential outside business lines you could add within your existing footprint, whether that be HVAC, home energy audit, concrete, pest control, or landscaping. Assuming they fit within your business model, other services can help insulate against change. You can also discuss your weaknesses, develop strategies, and identify resources to address performance issues.”
BudgetingCreate an operational budget so you can measure what they are doing. Doug Woosnam shares that it is surprising to see how few businesses have a proper budget, something they can measure current performance against past performance and compare where they are versus what they need to be doing. Commonly, Doug sees dealers lacking in preparation. They are in their third week of the month, down 20% on degree days, but they are at a loss for how to address the deficit.
Doug continues to share that if a Dealer has a budget, they often miss key performance metrics. A standard metric missed is how many drivers are needed to support the business, and dealers often express they are unsure even how to determine that metric which is:
What your delivery efficiency is how many gallons per hour per gallon per stopHow many services calls in a dayHow many installationsIn this business, manpower is the most significant expense next to the product cost. But unfortunately, there is not enough appreciation and understanding of what goes into developing a budget that will maximize opportunities.
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Even though Dealers are making money, the future is unclear; for some, the unknown creates anxiety. As a result, we see business owners considering, more than ever, if it is an excellent time to cash out. Succession planning allows you to choose your best outcome – identifying your strategic objectives to fulfill your vision and provide for your family, not just business goals.
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.
ResourcesHaig 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 ConsiderSuccession 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. CaretakersDelegating Day to Day & Remain in ControlWhat Family Businesses Must Do to Compete Now & Into the FutureHow to Compete with National Brands & ConsolidatorsKeep or Sell: Determining Your Best StrategyAvoid Common Business Pitfalls -
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Successfully integrating family into business leadership while balancing family dynamics is full of complexities. As Joe Chastang shares, many private and family business owners screw it up. Thanksgiving and Christmas come around every year, and the business provides for 100+ employees.
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. -
A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses succeeding and thriving for generations. One of the key ingredients to successful family businesses is a winning culture.
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
Gain Outside Experience: Minute 2:55Invest In Yourself: Minute 5:37Listen, Observe and Learn: Minute 6:43Work Hard: Minute 8:27Resources:
Email Kendall Rawls at [email protected] 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. -
Roland Spongberg became interested in succession planning after a car dealer friend shared difficulties he was experiencing with his siblings. With no desire to cash out, and a father of six kids, with some working in the business and some not, Roland began thinking about the future and opportunities he wanted to create for his family and business.
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. -
It can be easy to get lost in a family business. Not knowing who you are and what you want to from what the family, key leaders, and anyone who has an opinion or stake in your or the business’s future. Constant conflict or shutting down to what you want are common when trying your best to navigate a win-win-win. Sadly, what we forget is we often lose in that scenario. Balancing self, family, and business requires proactive work, otherwise, resentment builds.
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.
Know self-amongst family and business noiseYour strengthsWho you are versus who people think you areThose who wonder all not always lostConnect to what you value and what others valueContinue to engage in hard topics. If you push them under the rug, they will turn into a gnarly resentment monster.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. -
A family business is such a wonderful opportunity. However, many 2nd, and 3rd generation business owners screw it up. And as Tracy shared, she and her husband did not want to be the generation to screw it up. With the third generation entering the business, Tracy and her husband felt like the sandwich generation. Tracy’s father still plays a role in the business; Tracy and her husband fill key leadership roles as President and GM, and Tracy’s son was ready to come on board. As a family, Tracy wanted to sit around the Thanksgiving table with those she loved and continue to build a successful business.
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 GenerationsYou Can Get What You WantFor 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.
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Century Automotive Group is thriving across three generations. Love and commitment to nurturing family relationships have been vital ingredients for their success. From Tracy’s integration into the business as the second generation, and now the third generation actively working in the business; they live by there is no business gain worth a family loss.
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 WantRoadmap to Family and Business SuccessFor 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.
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Kendall Rawls is filling in for Dr. Merlot to answer questions he has received from family business owners across the country.
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:
SupportiveStrong orientation to resultsSeeks different perspectivesSolves problems effectivelyThey 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 sa -
When it comes to the season of family, otherwise known as “The Holidays” it is common to experience fear and anxiety. We all want it to be like the best holiday movies, but the reality isn’t a hallmark movie. There is a secret to creating a happy holiday, or season of family. The secret is understanding, embracing, and practicing that the only thing you can control is YOU.
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:
Practice the PauseListen 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
Locus of ControlArrive GroundedPractice the Four AgreementsThe 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.
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A hornets’ nest or even a beehive from afar appears to buzz with activity. It’s interesting to watch nature in action, which ironically is very similar to families and working in a family business. Each individual plays roles and a set of standard operating procedures that allow the hive to run smoothly and efficiently. When done in unison and as expected, the hive buzzes with focus and activity, not bothering anyone outside the pack.
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 businessIdentify communication strategies to discuss complex topics at work (and at home)Learn how to balance both working with the family and in the family businessEmbrace your self-worth and build your confidence, regardless of your roleWithout 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.
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We are in the business of celebrating succession! What better way to celebrate succession planning than to talk about growth in the business. You, as a business owner, are in a power position. With action, you can create control over your future.
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 MindsetGrowth Through Acquisition: Finances, Timelines, and ExpectationsGrowing Your Business and Your Net-WorthBusiness Growth & Bench StrengthBusiness Growth, Consolidation, and COVIDAcquisition Done! Now What? Hitting the Ground Running After the ClosePower Position: Building Cash or Equity: Creating Flexibility & Maximizing OpportunitiesBuying or Selling: Determining What Strategy is Best For YouFor 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.
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The COVID-19 Pandemic has forced us all to think outside of our comfort zone. We all were forced to operate differently from our norm, which results in changing perspectives. Employees’ and customers’ mindsets have changed which means it is essential for leaders and owners to also think differently.
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 OfferAttracting Top Talent with Innovative IncentivesDeveloping From Within Versus Recruiting from the OutsideKeys to Recruiting Post PandemicSecrets for Recruiting the Best TalentFor 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.
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Depending upon one’s perspective, value can take on many different meanings. Banks, IRS, Wall Street, valuation specialists, business owners, vendors, strategic relationships (franchisor/manufacturer) all view value differently. And depending upon one’s reasoning for determining value, one’s approach/view could change such as – buying, selling, transferring stock, etc
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.
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Culture is the foundation of what a company is built – it is precious and irreplaceable. It is one thing that you have to be intentional about maintaining through change, which means working harder on it than anything else. IF, of course, you are looking to build not just a company, but a legacy.
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:
Definition of cultureKey characteristics of an organizations cultureAligning people to the culture desiredImportance of respect in the workplace – and as a leader, how Loyd has managed to enforce itHow to ensure core values sustain over timeFor 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.
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Jeff Bannon a Partner of The Rawls Group and Aicha Bascaro, President of American Franchise Academy discuss leadership – keys for developing people, attracting top talent, and creating opportunities within your franchise organization for growth.
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:
Primary challenges franchisees are facing related to talent
Changes in motivation or expectations of up-and-coming leaders
Why franchisees struggle to recruit people out of college as an attractive career choice
How franchisees overcome the “from college to manager entitlement” mentality
How a franchisee can move from working in their business to working on their business
How franchisees build a sustainable talent model to grow from the inside
How franchisees can attract young talent who want to stay & grow with their organization
How franchisees can gain the skills & trust to develop leaders
How franchisees can use succession planning as a tool to recruit & retain talent
The impact on franchisees if they don’t make the shift to recruit & retain leaders?
Where ARE all of the leaders?
