{"id":182964,"date":"2020-05-15T10:38:57","date_gmt":"2020-05-15T14:38:57","guid":{"rendered":"https:\/\/dsma.com\/how-to-start-succession-planning\/"},"modified":"2020-05-15T10:38:57","modified_gmt":"2020-05-15T14:38:57","slug":"how-to-start-succession-planning","status":"publish","type":"post","link":"https:\/\/dsma.macroblu.com\/fr\/how-to-start-succession-planning\/","title":{"rendered":"How To Start Succession Planning"},"content":{"rendered":"<p>From the inception of the retail automotive dealer network, an essential component of owning a franchised dealership became very evident; having a succession plan.\u00a0 In past years, succession plans grew out of the number of dealer\u2019s children that took a keen interest in the dealership.\u00a0 What was evident over a century ago, continues to hold today.\u00a0<em>\u00a0<strong>The only thing worse than\u00a0<u>not<\/u>\u00a0having a succession plan is having a succession plan that is not well thought out or lacking a reasonable chance at success.<\/strong><\/em><\/p>\n<p>In interviewing my dealer friends across North America and asking what their succession plan looks like, I have heard many versions.\u00a0 Everything from \u201c<em>My plans are in place with my family, (or the OEM, or my business advisors),\u201d to \u00a0\u201cI\u2019m just going to sell it all when I am ready to retire.\u201d<\/em><\/p>\n<p>I am not suggesting that a perfect succession plan exists, as I\u2019m not sure it does. \u00a0Most strategies will require re-evaluation or minor detours, similar to our wills and last testaments.\u00a0 Plus, every plan will be different; no two approaches are the same.\u00a0 Case in point: the global pandemic we are all experiencing.\u00a0 No matter what your strategic succession plan may be, you will want to realize the fruits of your hard work and effort over the years.\u00a0 Take a long term view of the business and not a short term snapshot.<\/p>\n<p>I know of single points and dealer groups that are fourth-generation dealership owners. In some cases, the number of owners and dealerships expanded with each generation.\u00a0 In most of these cases, the succession plan was structured years before implementation, and the successors continued to grow the business.<\/p>\n<p>One of the most challenging discussions to have with family and managers with an investment is always about money. In the case of succession, you are talking about the global amount of your asset.\u00a0 Determining how you sell your business to your successor, and in the case of multiple successors, spread over one dealership or a group, who will be in charge?\u00a0 Who\u2019s desk will the buck stop at and what will be the reporting order?\u00a0 These are critical components of your plan.\u00a0 Hence, it is essential to have a business valuation done at the outset of discussing your strategy.\u00a0 Having a credible business valuation on hand for these discussions will help clarify your expectations of the successor and set their sites correctly on the length of time it will take to retire their debt to you.<\/p>\n<p>Now, business valuations can come in a lot of different shapes and sizes \u2013 as can the invoice for them at the end of the process.\u00a0 As I pointed out earlier, a credible business valuation is critical. Where do you get one? \u00a0How long should it take?\u00a0 Many organizations offer business valuations as a service. Still, very few of these establishments have undertaken a varied mix and or a large amount of franchised automotive dealership valuations\u2014organizations such as these could lack the expertise in determining your franchise value and the goodwill associated with it.\u00a0 In my thirty-six years as a dealer, I commissioned five different valuations.\u00a0 The first was in 1995, and the cost was over $40,000.\u00a0 By comparison, the last one completed in 2017 by Dealer Solutions Mergers and Acquisitions (DSMA) was a fraction of the cost and contained considerably more valuable factual and market-driven information.\u00a0 Dealer Solutions Mergers and Acquisitions (DSMA) are approaching 900 dealership valuations and 300 completed buy\/sell transactions in North America, with in-house certified business evaluators and expert automotive accountants on staff.<\/p>\n<p>Succession Planning is easy to put off, but it shouldn\u2019t be if you approach it proactively. It leaves the door open for changes to your wishes as business dictates.\u00a0 Your exit strategy is a crucial element in guiding your short, medium, and long term business decisions.\u00a0 I am passionate about working with my extensive network of dealers so should you require any assistance with your plans, please, don\u2019t hesitate to reach out to me at\u00a0<a href=\"mailto:John.Chisholm@DSMA.com\">John.Chisholm@DSMA.com<\/a>\u00a0or via LinkedIn at\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/john-chisholm-a63542a\/\">https:\/\/www.linkedin.com\/in\/john-chisholm-a63542a\/<\/a><\/p>\n<p><strong>About the author:<\/strong>\u00a0John has accumulated 35 years of retail automotive experience beginning in the service department of his father\u2019s Chrysler dealership in Windsor, Ontario.\u00a0 Over the years, John has owned several highly successful dealerships and attained awards such as #1 Ford Volume Dealer, Top 100 Dealer, and multiple President\u2019s Awards.\u00a0 John\u2019s automotive passion led him to become president of OADA and join CADA as a board member.\u00a0 He is intimately aware of the range of emotions and financial logistics involved in succession, divestiture, and growth opportunities, having undergone the buy\/sell process several times in his career.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From the inception of the retail automotive dealer network, an essential component of owning a franchised dealership became very evident; having a succession plan.\u00a0 In past years, succession plans grew out of the number of dealer\u2019s children that took a keen interest in the dealership.\u00a0 What was evident over a century ago, continues to hold [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":182217,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[763],"tags":[],"coauthors":[779],"class_list":["post-182964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-succession-planning-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Start Succession Planning | DSMA<\/title>\n<meta name=\"description\" content=\"From the inception of the retail automotive dealer network, an essential component of owning a franchised dealership became very evident; 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