Dealership Minds Summit Updates

Dealership Minds Summit Video 2013

Preparing the Next-Generation to Take Over

Tim Young, General Manager, Young's Equipment (2009 Dealership of the Year). Young founded his company by taking over a bankrupt dealership in 1988. Today, it is a 7-store, 200-employee operation that recently passed $210 million in sales. A lifelong learner who recently returned to earn his MBA, Young shares a detailed plan (including education/training, timing and execution) for grooming the third generation, his son, into the business. Privately-held, family-owned enterprises still have a place in this industry, says Young. "It gives you the flexibility to be nimble in the market and go above and beyond when taking care of the greatest asset a business has; it's people."
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Dealership Minds Summit Video 2013

Recruiting, Retaining & Rewarding: RDO's Succession Plan

Keith Kreps, Vice President of Agriculture, RDO Equipment Co. (2010 Dealership of the Year). The nation's second-largest equipment dealer group (62 stores in 9 states), RDO Equipment Co. learned during its publicly held years (1997-2003) that growth opportunities are stunted without a stellar training and development program. Today, RDO Equipment Co. considers training a core strength. Its initiative includes multiple opportunities for all team members, and an impressive curriculum to bring along the next generation of management talent. Kreps, who joined the company in 1998 after working in the automotive industry, is responsible for all the firm's agricultural dealerships.
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Dealership Minds Summit Video 2013

Succession Planning & The ESOP Solution

Clint Schnoor, Chief Operating Officer and Director of Agri-Service Inc. (2012 Best-in-Class Dealership). The 9-store Agri-Service celebrated its 20th anniversary in 2010 with an Employee Stock Ownership Plan (ESOP) that made each of its 170 employees "owners" in the business. Schnoor, who oversaw the planning, structure, transaction and implementation of the firm's ESOP, explains the pros/cons of employee ownership, the cultural and operational changes involved and shares solid advice 2 years into the change.
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