Director of Development,
The Rawls Group
In today's business climate, family-owned businesses are being put to the test as they compete with larger, publicly-owned groups and national brands. With the rise of consolidation in the car business, family-owned dealerships are facing immense pressure to keep up with their larger counterparts and remain competitive. One of the ways family-owned dealerships can gain a competitive edge is to "professionalize the family business."
When it comes to running a successful
family-owned dealership or auto group, formalities can often be overlooked. And not having formalities can lead to various issues, such as nepotism, inconsistent policies, and toxic family/business interactions – all of which can negatively impact performance and drive away valuable talent. Without top talent, family business owners will struggle to stay competitive, and the value of the business will quickly decline. So if you want to remain competitive and
grow your business, you have to create an attractive culture that will
retain your employees and customers while also performing well.
During the "Growth Strategies for the Family-Owned Business" workshop at NADA 2023, Champ Rawls shared the "Run it and think like a Public but keep it family" approach. Keeping the "family" in family business is important. It gives you a competitive edge over private and public entities, and you can leverage your existing name recognition in the community. As such, double down on promoting your dealership(s) as a local family-owned business while incorporating the formalities of the Publics and successful mega dealers.
Professionalize your business by strategizing, codifying, and communicating your core principles. Develop a mission, vision, and goals for the future. And hold yourself and your team accountable to these non-negotiables. With this approach, you can be confident that your family business will not only survive but thrive.
Developing job descriptions for all positions,
identifying and living by core values, and creating standardized processes and
procedures are all excellent ways to begin professionalizing your family
business. By doing so, you’ll be able to run your business more efficiently and
effectively while standing out in your community as a business that takes
its employees and customers seriously.
The benefits of professionalizing your family
business are numerous. Professionalizing your family business can:
Professionalizing your family business is a
great way to ensure that it will continue to thrive for years to come. It may
not be the easiest task, but the results are well worth it. Take the time to
develop proper job descriptions, identify core values, and create standardized
processes and procedures – and watch as your family business starts to blossom.
Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial-owned business. Her unique perspective comes from her educational background and, more importantly, from her experience as a second-generation family member employee of The Rawls Group - Business Succession Planners.