Digital Dealer - February 2020 - 10

DEALER OPS & LEADERSHIP

Succession Planning

By
Kendall Rawls
Director of Development,
The Rawls Group

Succession planning is not about you leaving
the business. It is about building a foundation
of success today that will set the course for
future generations.

Debunking the Succession
"Misconceptions"

>

Succession planning is often

feared as complex, and with good
reason. It is a multifaceted process
involving a variety of interdependent
areas that impact the other. Because
of these complexities, general misconceptions around succession planning get created. However, it is important to understand
that these are just that, opinions based on
faulty understanding.
Overcoming the fear of the complex and
understanding succession planning, enables
you to have greater control of the future
of your business. In its most simple form,
succession planning is defined as identifying and securing the future successor
of your dealership. So naturally, with this,

10

[ d i g i t a l d e a l e r. c o m ]

many dealers assume its only about their
potential exit or retirement. However, if
you know of and address the interdependent issues of succession planning, you'll
see it's not as complex as once feared.
Consider the thought process when
you are talking with your advisors about
ensuring your will and estate are in order.
When you go down this road, the last
thought is about when you should unfortunately die. In actuality, you are focused
on IF something untimely should happen
and wanting to make sure you and yours
are taken care of. You are ensuring your
family, business partner(s), etc., are all
properly informed of your intentions and
adequately protected financially for the

future without you. Succession planning is
really no different.
When you engage in the process with
advisors on your actual will and estate
plan, it is something you know you are not
going to accomplish in a silo or overnight.
You are aware that there are steps and
processes and a myriad of variables you
must take into consideration, and that
it takes time to get things exactly where
you want them to be. And, you also realize
that even when things are finalized, things
may come along to cause changes to your
original intentions or wishes. Succession
planning is really no different.
Breaking down the succession planning
complexities and the myth it is only about

February 2020



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Digital Dealer - February 2020

Table of Contents for the Digital Edition of Digital Dealer - February 2020

Digital Dealer - February 2020
Online Extras
Up to Speed|Tech, Dealer News, & People on the Move
Social Media Insight| Direct From Facebook
Culture Three Key First Quarter Resolutions for 2020
Succession Planning Debunking the Succession “misconceptions”
Digital Retail Embracing Online Selling Offers Advantages Far Beyond the Obvious
Process & Performance Optimizing Your Process for Success: Elevating the Customer Experience Starts Within
Fixed Operations Repair Process 2020: A Very Hot Sema Topic Indeed!
Exclusive Interview With Rhett Ricart of Ricart Automotive Group
Digital Dealer: Featured Sessions
Data & Analytics Website Tools Must Support Google Analytics Tracking
Social Media 10 Dealership Social Media Best Practices for Beginners
Branding 2020: A Brand You Year (And Decade)!
Fixed Operations Follow the Money Trail… Straight to the Service Dept.
Cpo the Great Cpo Disconnect
Sales Training Sales Persistence – When & Why It Matters
Social Seen| Snapshots of the Auto Retail Scene
Digital Dealer - February 2020 - Digital Dealer - February 2020
Digital Dealer - February 2020 - Cover2
Digital Dealer - February 2020 - 1
Digital Dealer - February 2020 - 2
Digital Dealer - February 2020 - 3
Digital Dealer - February 2020 - Online Extras
Digital Dealer - February 2020 - Up to Speed|Tech, Dealer News, & People on the Move
Digital Dealer - February 2020 - Social Media Insight| Direct From Facebook
Digital Dealer - February 2020 - 7
Digital Dealer - February 2020 - Culture Three Key First Quarter Resolutions for 2020
Digital Dealer - February 2020 - 9
Digital Dealer - February 2020 - Succession Planning Debunking the Succession “misconceptions”
Digital Dealer - February 2020 - 11
Digital Dealer - February 2020 - Digital Retail Embracing Online Selling Offers Advantages Far Beyond the Obvious
Digital Dealer - February 2020 - 13
Digital Dealer - February 2020 - 14
Digital Dealer - February 2020 - Process & Performance Optimizing Your Process for Success: Elevating the Customer Experience Starts Within
Digital Dealer - February 2020 - Fixed Operations Repair Process 2020: A Very Hot Sema Topic Indeed!
Digital Dealer - February 2020 - 17
Digital Dealer - February 2020 - Exclusive Interview With Rhett Ricart of Ricart Automotive Group
Digital Dealer - February 2020 - 19
Digital Dealer - February 2020 - 20
Digital Dealer - February 2020 - 21
Digital Dealer - February 2020 - 22
Digital Dealer - February 2020 - 23
Digital Dealer - February 2020 - Digital Dealer: Featured Sessions
Digital Dealer - February 2020 - 25
Digital Dealer - February 2020 - Data & Analytics Website Tools Must Support Google Analytics Tracking
Digital Dealer - February 2020 - 27
Digital Dealer - February 2020 - Social Media 10 Dealership Social Media Best Practices for Beginners
Digital Dealer - February 2020 - 29
Digital Dealer - February 2020 - Branding 2020: A Brand You Year (And Decade)!
Digital Dealer - February 2020 - 31
Digital Dealer - February 2020 - Fixed Operations Follow the Money Trail… Straight to the Service Dept.
Digital Dealer - February 2020 - 33
Digital Dealer - February 2020 - Cpo the Great Cpo Disconnect
Digital Dealer - February 2020 - 35
Digital Dealer - February 2020 - Sales Training Sales Persistence – When & Why It Matters
Digital Dealer - February 2020 - 37
Digital Dealer - February 2020 - Social Seen| Snapshots of the Auto Retail Scene
Digital Dealer - February 2020 - 39
Digital Dealer - February 2020 - 40
Digital Dealer - February 2020 - Cover3
Digital Dealer - February 2020 - Cover4
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