success, it is essential to promote your dealership(s) as a local family-owned business while also incorporating the formalities of successful mega dealers and public companies. This approach can help maintain the family aspect while still achieving growth and success. STRATEGIES FOR PROFESSIONALIZING YOUR FAMILY‑OWNED AUTO DEALERSHIP Elevate the professionalism of your business by formulating, systematizing and transmitting your fundamental values. Construct a purpose statement, a future outlook and objectives and ensure that you and your team adhere to these indispensable principles. By applying this methodology, you can rest assured that your family enterprise will not only endure but also prosper. THE BENEFITS OF PROFESSIONALIZING YOUR FAMILY‑OWNED AUTO DEALERSHIP To professionalize your family business, it is advisable to develop job descriptions for all positions, identify and adhere to core values, and establish standardized processes and procedures. This approach will result in increased efficiency and effectiveness in running your business and also position your business as one that values its employees and customers, thereby standing out in your community. “Professionalizing” your family business will mitigate emotional distractions allowing your people to focus on the purpose of their positions. By professionalizing your business, you are also building value in your business, which will support your long-term growth and succession strategy. Consider the following as it relates to achieving your family and business vision. 8 STEPS FOR CREATING A GROWTH AND SUCCESSION STRATEGY 1. Determine your vision. Your vision may be to get out of day-to-day so you can focus on strategic growth and mentoring, to spend more time on hobbies and less time at work, or a combination of both. Whatever it is, it will involve some form of growth and change. • What is the WHY behind what you are doing now and what you want to be doing in the future? • Where do you see yourself in the next 5-10 years? 2. Share your vision with your trusted advisors. • Lean on expert advisors and trusted leaders to provide perspective and support based on where you want to go. Business, personal and family success is not a solo endeavor; it requires a team effort. 3. Evaluate who and what will be impacted based on where you are now and where you want to grow and transition into. • What resources do you need? • What infrastructure is required? 4. Develop a strategy with your team of advisors and key leaders to achieve your vision. • How will you develop or acquire the resources needed? • What is your one-year, two-year, three-year strategy? • Who is driving each project and how frequently will you meet to review the strategy? 19
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