How NIADA Helps 2nd & 3rd Gen Owners Succeed
Transcript
Sean : nI would love for you to share any tips and pointers. That’s probably one of our niches at Car Motivators in our leadership development area . When we coach dealers, we help the younger generation, the second or third generation, learn to lead and run a business right over just the tactical role that they’re in. So we help them. So when doing that, one of my dealers recently told me one of the one of the reasons for him working with us too was he said, the third generation success rate is really low. I think it’s like 15%. I don’t know where he got that information from. But so he’s like, that’s why I use you. And I guess through your lens, I want to ask you to what, what can these younger dealers do to ensure success, especially the the third, second or third generation dealers in the independent realm. n
nBob :nIt’s very common in family business, that the first generation builds it up. And it disappears by the third generation. So the key there is just what you just said, it’s, it’s, it’s having a coach, because the struggles that the first generation went through to build that business are not experienced by the second. And there’s rarely a training mechanism. I mean, I’ve heard parents talk about Yeah, we started our kids, they had to clean the bathrooms. Does that really prepare you for reading balance sheets and checking trends? It does prepare you for being humble. And knowing that it’s not about you. But they need that help to understand because these businesses are complex. And especially if you’re in the buy here, pay here space. You’re not even really selling cars, you’re selling paper in some but for all of it. divs there’s information you’ve got to watch and measure. You have to understand trends and that’s where training comes in. You know from nada from nada from car motivators. Avail yourself as a coach, and you can’t just rest on your laurels or the work that was done before you a Babe Ruth said yesterday’s home runs don’t win tomorrow’s games. So you have to be playing today’s game and looking forward to what’s coming tomorrow.nn
nBob :nIt’s very common in family business, that the first generation builds it up. And it disappears by the third generation. So the key there is just what you just said, it’s, it’s, it’s having a coach, because the struggles that the first generation went through to build that business are not experienced by the second. And there’s rarely a training mechanism. I mean, I’ve heard parents talk about Yeah, we started our kids, they had to clean the bathrooms. Does that really prepare you for reading balance sheets and checking trends? It does prepare you for being humble. And knowing that it’s not about you. But they need that help to understand because these businesses are complex. And especially if you’re in the buy here, pay here space. You’re not even really selling cars, you’re selling paper in some but for all of it. divs there’s information you’ve got to watch and measure. You have to understand trends and that’s where training comes in. You know from nada from nada from car motivators. Avail yourself as a coach, and you can’t just rest on your laurels or the work that was done before you a Babe Ruth said yesterday’s home runs don’t win tomorrow’s games. So you have to be playing today’s game and looking forward to what’s coming tomorrow.nn