100% of business owners leave their business, either by design or due to unfortunate circumstances. The dialogue between the owner and potential successor needs to happen as soon as possible. But how do you start that conversation as an employee? In this episode, we role-play that discussion with Bob Ward, financial advisor and consultant from Wardden LLC. We also hear from James Maurer, a former service advisor and now an owner in transition, and Craig Tice, a 20-year technician looking to become a business owner. Let this episode be your blueprint to get the ball rolling.
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James Maurer, GM and owner in transition Midas of Kalkaska, MI
Craig Tice, Technician
Key Talking Points
- What is the difference between being an employee vs. being an Owner? Every owner started by taking a leap with little to no money.
- “Only as we develop others, that we will permanently succeed”
- Craig worked at a honda dealership, started his own business. Realized fixing cars is the easiest part of the business. It was open for 7.5 years in total. Went bankrupt, went back to working for someone else. Still has the ‘ownership’ passion/drive. It starts with passion.
- Hire for passion, not pedigree.
- Everyone owner is going to leave their business
- ‘Marriage’ between owner and successor
- James started working at the business in 2015, started the conversation in 2016. Took progressive steps to earn equity
- 85% of all business are liquidated after the departure of the owner
- Team dynamics- everyone is unified, “we are all one,” everyone has buy-in for decisions
- Start the conversation- brainstorm, don’t focus on the timeline, it isn’t an event it is a process.
- “Everything can be solved if you have the talent”
- Ultimate leadership- develop people so you can leave and they can succeed.
Check out today’s partners:
More Time. More Profit. Shop-Ware Shop Management getshopware.com
See how Broadly can help YOU grow your auto shop. getbroadly.com/chat