A sound dealership succession plan addresses a long list of issues, including retirement income, transferring wealth to the dealer’s heirs, transferring ownership, dealing with the income and estate tax consequences associated with an ownership transfer, and addressing other issues key to the ongoing success of the business; not the least of which (and often forgotten) is transitioning management.

One day in 1997, Elmer Killian, then owner of Killians Hardware in Hickory, N.C., died unexpectedly in an accident. His daughters, Sharon Killian Radke and her younger sister, Susan Killian Kirby, were left to not only deal with the loss of their father, but also to take control of a diverse retail operation.

As the rural lifestyle market grows and the equipment and the customer base evolves, a dealer asks this question: What is a gentle way to tell an owner that his skill set is not to the level needed to keep a dealership moving ahead?

Jennifer Robison of Robison Retail Results discusses starting the year clean by moving old inventory.

Maximizing investments, creating a dealership culture and financial management were some of the topics discussed during the second day of Bob Clements International’s Management Boot Camp.

Bob Clements International Management Boot Camp is underway in Kansas City this week. Here are some highlights to help you evaluate yourself as a manager and develop processes that lead to profitability.