George Russell, Farm Equipment contributor and founding member of the Machinery Advisors Consortium, will host a panel discussion with dealers on how they are applying the Dealership Flywheel concept. In addition to explaining Jim Collin’s Good to Great principles as it applies to a farm equipment dealership, Russell stresses the importance of balance and sustainability throughout the business cycle by focusing on creating repeat customers and achieving a high Return on Assets. Because “you manage what you measure,” he presents best practice metrics for each department plus the processes to achieve them.
Russell says that because of the cascade of a machine to different buyers and because of cashflow implications of holding used machines in inventory, the best dealership will push sales reps to pre-sell used machines. Russell details the process of finding that first used buyer — often a farmer who likes the lower price of a low-hour machine — and identifying a machine and farmer ready to upgrade their machine.
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