Learn the “ins and outs” of expansion and seizing opportunities to REINVENT YOUR DEALERSHIP by downloading, “Managing for Success Volume 2!”
Many dealers avoid making major changes for fear of the unknown. After all, there are a lot of “ifs” that come along with such a decision, such as to seek an investor, expand to new locations or product segments or to acquire a dealership. Yet, pursuing these opportunities has turned out to be many successful dealers’ best decision.
Rural Lifestyle Dealer has collaborated with 3 successful dealers to provide you with quality advice on these topics and more. Download this eGuide today and learn a number of critical points of information, designed to help those dealers struggling with the possibility of expanding their businesses. You’ll also learn how to boldly fight competition, design a successful store layout and provide products that your customers really want and need!
We have made it completely FREE to immerse yourself in this content and start your journey toward learning as much as you can about the process of expansion.
Selling Your Business and Changing Careers
Though the idea of selling your business may seem scary to most dealers, Jim Mayfield (president of Rainbow Ag) admits that selling the John Deere portion of his business has allowed him to take advantage of a considerable amount of opportunities. He retained ownership of his dealership, while turning over management duties to a team of trusted employees. This allowed him to take on the new opportunity of serving as vice president of aftermarket for the acquiring dealership. Mayfield reports that being an entrepreneur can be fun, but selling his business has allowed him the ability to try something new.
Mayfield suggests that before making such a drastic change, be sure to ask yourself these valuable questions:
- Can I function in a bigger role?
- Can I tolerate reporting to a boss?
- Do I see the importance of change?
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Diversify to Beat the Competition!
Dave Law, past owner of CNY Farm Supply, attributes most of his success to treating people like people because, “People buy from people.” Dave immediately noticed the trend of many dealerships becoming large multi-store locations, something that just didn’t sit right with him.
So, Dave took the opportunity to sell his dealership to Empire Tractor in 2001, which now has 5 locations. Making this decision allowed Law the freedom to lease his dealership while remaining the owner and still having enough time to take over ownership of a local power sports dealership.
Law shares with Rural Lifestyle Dealer avenues through which he has been able to remain competitive after switching over to a niche market.
Law’s Surefire Ways to Diversify Your Dealership and Stay Ahead of Competition included in this eGuide:
- Sell more accessories to accompany the equipment you sell.
- Develop new and creative events.
- Conduct price matching with other stores in your area.
- Provide services in a larger geographic area.
- Seek advice from successful non-competing dealerships.
First Impressions are Key
The reality is that customers make judgments on your dealership within seconds of walking in the door. The position of the products in your store may not be a direct correlation of how well your business operates, but the customer will immediately make this kind of connection. So, it is important that you, as a dealer, start at the source. What can you do as a dealership to ensure that your customers feel that “wow” factor as soon as the door swings open?
This eGuide explores methods of ensuring your customers are thoroughly impressed by what you have to offer them. Rural Lifestyler Dealer suggests that you begin by walking through your dealership as if you’re walking through it for the first time. If you are impressed as a dealer, your customers will be impressed as well! Be sure to make the most of the space you use to showcase your products.
Reinvent YOUR Dealership!
Steve Brown, owner of Browns Tractor and Turf in Everson, Washington questions his choice of buying an equipment dealership every day. Although, it is clear that his decision to reinvent the dealership for the rural lifestyle market has proven to be very successful, as his business is continually growing.
Since taking over what used to be Everson Farm Equipment, Brown has been able to add on three additional lines, all of which have allowed him the strength to keep up with intense competition.
There are always ways that you can work to improve operations. In this eGuide, we have joined forces with Brown to show you how to run a more efficient and profitable business…
- Efficiently split responsibilities of your dealership.
- Set your dealership apart by offering rentals and storage.
- Promote and brand your business through phone interaction.
Prepare for Your Future!
Strong dealers spend a lot of time analyzing the future of their businesses and what they can do to ensure profit in the long run. This is why it is so important to weigh the outcomes of the decisions you’ve already made and use this information to do what needs to be done NOW. Make sure that you are weighing all of your options, even those that you’ve never considered before.
In this eGuide, explore these key takeaways to prepare for your business’s future…
- Consider whether or not acquiring a new dealership could help you capture more of the market.
- Pay attention to those lines you could offer that other dealers don’t have available.
- Prepare a transition plan that kicks in when employees leave or retire.
- Set stretch goals to meet your revenue goals.
- Consider changing your company name to attract the right customer.
- Set regular sales goals.
Do what you can now to prepare for what’s to come in the future!
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Yours for a better rural equipment industry,
Lynn Woolf, Managing Editor