One of the most important issues any shop owner must address is one that many don’t want to think about: how the business will operate when they retire or are no longer able to run it.
Much needs to go into the development of a plan for the longterm future of your operation. Do you want to pass it to a family member or colleague, sell it to an independent operator outside the business, or to a consolidator? If you want to pass it along in-house, have you identified a successor and put together a training plan for that person? Have you evaluated the financial and legal aspects of the transition?
When running an auto care shop day to day, taking the time to consider these things might seem like a low priority. But being prepared for the future will ultimately help your business operate today. Knowing where you want to go will ensure you run the shop in a way that ensures you get there.
In this issue, associate editor Bryce Evans writes about the leadership transitions at two high-performing auto care centers. The story, “Picking Up the Torch,” outlines how a new generation of repairers is stepping in to lead these businesses into the future.
Later in this issue, is an article by staff writer Travis Bean about how to develop a succession plan. That article should serve as a great starting point for any shop operator looking to get started on an exit strategy.
Elsewhere, you’ll find content that can help you to improve other aspects of your business today. Check out this article for advice on developing a personal education and training program for yourself. Read this article for tips on how to make alignments a profitable part of your business. For some inspiration and insight into digital marketing improvements, you’ll want to read the Case Study.
Enjoy the read and stay tuned for a Ratchet+Wrench first next month, when we dive into the results of a nationwide shop performance survey.