Seeking Succession The Rawls Group: Business Succession Planners

Seasonality, inflation, politics, people, and technology are a few headwinds impacting fuel dealers, wholesalers, and service contractors in the energy space.  We are often asked, “How can we create predictable revenues in an industry influenced by so many outside “threats?”
In this episode, Doug Woosnam, a Consultant with Cetane Associates, Clayton  Latiolais, a succession planner with The Rawls Group, Marty Kirshner, Partner with Gray, Gray & Gray, and our very own succession planner Champ Rawls discusses strategies to take control of the ebbs and flows of your business, which include:
Strategic Planning
The strategic planning process is a collaborative initiative allowing you, supporting family members, and key management to discuss and confirm the vision and mission of the organization, as well as the resources needed to achieve business goals.
The outcome of the strategic planning process is a detailed action plan that addresses short- and long-term goals, operating methodology, talent recruitment, effective business structuring, and effective communication.  The strategic plan will then serve as the compass for future business and succession.
Champ Rawls shares that sitting down with your team and engaging in strategic planning will help you identify your strengths and opportunities. Once you know where you stand, you can then evaluate what potential outside business lines you could add within your existing footprint, whether that be HVAC, home energy audit, concrete, pest control, or landscaping.  Assuming they fit within your business model, other services can help insulate against change.  You can also discuss your weaknesses, develop strategies, and identify resources to address performance issues.”
Budgeting
Create an operational budget so you can measure what they are doing.  Doug Woosnam shares that it is surprising to see how few businesses have a proper budget, something they can measure current performance against past performance and compare where they are versus what they need to be doing.  Commonly, Doug sees dealers lacking in preparation.  They are in their third week of the month, down 20% on degree days, but they are at a loss for how to address the deficit.
Doug continues to share that if a Dealer has a budget, they often miss key performance metrics.  A standard metric missed is how many drivers are needed to support the business, and dealers often express they are unsure even how to determine that metric which is:

What your delivery efficiency is how many gallons per hour per gallon per stop
How many services calls in a day
How many installations

In this business, manpower is the most significant expense next to the product cost. But unfortunately, there is not enough appreciation and understanding of what goes into developing a budget that will maximize opportunities.
Break Even Analysis

Even though Dealers are making money, the future is unclear; for some, the unknown creates anxiety. As a result, we see business owners considering, more than ever, if it is an excellent time to cash out. Succession planning allows you to choose your best outcome – identifying your strategic objectives to fulfill your vision and provide for your family, not just business goals.
For example, suppose you are working to make the business the best it can be by department, person, or structure. In that case, you can’t go wrong if the outcome is passing the business on to your family or key manager or putting it on the market to sell and get the best possible price.
In this episode, Pete Theil with Haig Partners and The Rawls Group’s succession planner Champ Rawls discuss strategies to create more control over fulfilling the future you envision.
Resources

Haig Report: Stay up to speed on the latest trends in auto retail, dealership values, and buy-sells.
Automotive News Expert Q & A: Alan Haig answers questions in this Automotive News Buy-Sell Expert Q&A about how smaller automotive retail groups and independents can future-proof their dealerships.
Buying or Selling Your Dealership: 5 Things You Must Consider
Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, lifestyle, and ultimately achieving your vision.
Contact Us: We can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.

For more insight:
Visit the “Future Proof Your Business” discussion page or select one of the additional episodes of the series below:

Next Gen: Empire Builders Vs. Caretakers
Delegating Day to Day & Remain in Control
What Family Businesses Must Do to Compete Now & Into the Future
How to Compete with National Brands & Consolidators
Keep or Sell: Determining Your Best Strategy
Avoid Common Business Pitfalls

Successfully integrating family into business leadership while balancing family dynamics is full of complexities. As Joe Chastang shares, many private and family business owners screw it up. Thanksgiving and Christmas come around every year, and the business provides for 100+ employees.
Mis-matched expectations, communication differences, and management styles can create challenging moments impacting business operations, team dynamics, and family gatherings. As a result of leaning on succession experts, Joe and his leadership team learned how to make the company better and grow the business, successfully integrate the second generation into key leadership positions, and balance family and business relationships.
Resources

Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.
Contact Us: We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.

For more insight from Joe Chastang of Chastang Ford, check out the next episode in the 10-part series:  Avoid Emotional Landminesor more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.

A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses succeeding and thriving for generations. One of the key ingredients to successful family businesses is a winning culture.
Respect and trust go hand. A person or leader must be respected in order to also trust their decisions. As a family member employee entering the business with hopes to be a key leader or owner one day, earning the respect of employees, key leaders and strategic partners such as banks and manufacturer/franchisors are essential. Anyone can be given a job or title, but respect is earned.
Kendall Rawls, a family member in her own families business  shares 4 strategies to earn respect in the family business

Gain Outside Experience: Minute 2:55
Invest In Yourself: Minute 5:37
Listen, Observe and Learn: Minute 6:43
Work Hard: Minute 8:27

Resources:
Email Kendall Rawls at kendall@rawlsgroup.com if you would like a gift copy of either “The Four Agreements” or “Braving the Wilderness” by Brene’ Brown.For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.

Roland Spongberg became interested in succession planning after a car dealer friend shared difficulties he was experiencing with his siblings. With no desire to cash out, and a father of six kids, with some working in the business and some not, Roland began thinking about the future and opportunities he wanted to create for his family and business.
As our world constantly changes around us, so do family and business. Thirty-five years ago, Roland started WKS Restaurant Company with one El Pollo Loco. As of today, it has grown to 375 restaurants in 19 states operating Denny’s, El Pollo Loco, Krispy Kreme, and Wendy’s.
Listen in to hear Roland Spongberg share how his planning environment is evolving as the family and business transform over time. Succession planning is an ongoing process that refines strategies towards the vision imagined.
Resources

Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.
Contact Us: We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.

For more insight from Roland Spongberg, Founder and President of WKS Restaurant Group, check out the episode It is Possible to be Equitableor more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.

It can be easy to get lost in a family business. Not knowing who you are and what you want to from what the family, key leaders, and anyone who has an opinion or stake in your or the business’s future. Constant conflict or shutting down to what you want are common when trying your best to navigate a win-win-win. Sadly, what we forget is we often lose in that scenario. Balancing self, family, and business requires proactive work, otherwise, resentment builds.
Family members who work in a family business have to work harder to find personal independence because they are so close to “the tree” of family and key leader stereotypes, and the baggage that can come from assumed enablement of the family business environment.
This discussion focuses on 4 strategies to fulfill your personal goals and create an environment for you to be the best you can be for yourself and those around you.

Know self-amongst family and business noise

Your strengths
Who you are versus who people think you are


Those who wonder all not always lost
Connect to what you value and what others value
Continue to engage in hard topics. If you push them under the rug, they will turn into a gnarly resentment monster.
Practice the Four Agreements, book by Don Miguel Ruiz

For more resources on building a strong business and succession planning, visit www.seekingsuccession.com. And leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.