Coaches Lab: Benefits and Succession [THA 370]
Coaches Mastermind: Bill Haas and Kent Bullard discuss performance reviews, benefit packages and succession. Succession planning in family businesses is often met with emotional complexities and practical challenges. However, with open communication, a willingness to learn from the past, and proper financial planning, these obstacles can be overcome.
Kent Bullard, COO, The Institute. Listen to Kent’s other episodes HERE.
Bill Haas, Haas Performance Consulting, Bill’s previous episodes HERE.
Show Notes:
- Watch Full Video Episode
- Answering the Phone (00:00:43) Importance of answering calls, dealer service department comparison, missed opportunities.
- Technology and Communication (00:01:54) Discussion on new technology, voicemail, and missed connections.
- Training and Handling Calls (00:03:28) Importance of training staff to handle calls, voicemail setup, and staff hierarchy for call answering.
- Role-specific Phone Training (00:05:37) Training different staff members to answer calls based on their roles, prioritizing customer service.
- Customer Service and Workflow (00:08:10) Discussion on virtual service advisors, prioritizing customer relationships, and back-end workflow.
- Handling Cost Estimates (00:12:11) Importance of having dedicated staff for cost estimates, focusing on customer service.
- Reservation System (00:14:41) Discussion on the concept of reservations over appointments, and comparison with car dealership reservation systems.
- Dealership Service Experience (00:16:13) Comparison of dealership service experience, emphasizing the importance of providing a better customer experience.
- The importance of client experience (00:18:02) Discussion on the significance of client experience officer and revenue growth despite COVID.
- Performance reviews and improvement discussions (00:18:58) Fear of holding people accountable and reframing performance reviews as improvement discussions.
- Setting goals and targets for employees (00:20:01) Importance of setting goals and targets for employees to ensure clarity and success.
- Quarterly one-on-one meetings (00:21:25) The value of regular one-on-one meetings with employees to build relationships and open communication.
- Employee benefits and incentives (00:24:28) The importance of providing benefits, including PTO, retirement programs, and other incentives to attract and retain talent.
- Succession planning and family involvement (00:31:26) Challenges and conversations around succession planning, especially involving family members in the business.
- Learning from Past Generations (00:35:20) The impact of witnessing previous generational struggles on the decision-making process for succession planning.
- Conflict and Communication (00:35:56) The necessity of conflict and open communication in changing ideas and thoughts for successful business succession.
- Challenges of Taking Over (00:36:45) The challenges faced when taking over a family business with zero financial support.
- Financial Responsibility (00:37:03) The impact of leaving a child with financial responsibility and debt after taking over a family business.
- Importance of Planning (00:37:29) The importance of planning and the consequences of not having a solid financial plan for the future of the business.
Thanks to our Partner, NAPA TRACS
NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.
Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.
As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
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