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Family Affair: Passing it to the Next Generation

Tim Young, General Manager, Young's Equipment
March 13, 2013 | Posted in Dealer Succession
The main objective of succession planning is to pass on control of an enterprise in a way that ensures effective business leadership and ongoing success. But when you bring the emotions of family held business into the equation, dealer-principals often find it difficult to remain objective.
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Acquisition Growth Can be Done Without Seeking Additional Capital

Mike Hedge, President/CEO, Birkey’s Farm Store
By Michael Ellis posted on March 13, 2013 | Posted in Dealer Succession
There are innumerable ways to grow your dealership. And Mike Hedge's message that it can be done without resorting to outside influences or taking on extra debt was a welcome message. Seeking outside capital via a public offering or working with private equity groups are options, but they aren't for everyone says the Birkey's president and CEO.
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Transitioning the Lead at a Multi-Owner Dealership

Mark Foster, Regional Manager, Ag Division, Birkey’s Farm Stores
March 13, 2013 | Posted in Dealer Succession
Until January 2013, Birkey's Farm Stores has had only three president/CEOs in its near-60-year history. When Ron Birkey retired at the end of last year, the dealership's board of directors elected Mike Hedge (see article on p. 18) as just its fourth president/CEO.
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Taking Your Dealership Public

David Meyer, CEO & Chairman, Titan Machinery Co.
March 13, 2013 | Posted in Dealer Succession
Titan Machinery Co. isn't the first dealership group to become a publicly owned company. Other dealer groups in the farm and construction equipment and trucking markets include Cervus, Rocky Mountain Equipment, H&E, Toromont, Finning and Rush Enterprises. But when it comes to being aggressive in its expansion, few can compare with Titan Machinery. Today, the dealership group operates a network of 105 dealerships, including 2 outlet stores, as well as 13 European dealerships in Romania, Bulgaria and Serbia.
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Home-Grown Grooming of Talent

Keith Kreps, Executive Vice President, RDO Equipment Co.
March 13, 2013 | Posted in Dealer Succession
Keith Kreps, executive vice president, RDO Equipment Co. (2010 Dealership of the Year), Fargo, N.D., gave the most candid presentation of the day, detailing RDO's mistakes as it grew at an accelerated pace during its public years (1997-2003). Despite the pain and turmoil of that era (stemming from leaders ill-equipped on the industry and guided by stock pricing motives), those times taught a valuable lesson that the firm can R-O-I today. That is, manageable growth could only come through an internal employee development program that ensured people were prepared for the 'RDO way.'?
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Employee Ownership (ESOPs)

Clint Schnoor, Chief Operating Officer and Director, Agri-Service Inc.
March 13, 2013 | Posted in Dealer Succession
Agri-Service's Clint Schnoor walked attendees through the nuts-and-bolts of the Employee Stock Ownership Plan (ESOP) structure. Schnoor, who is president of an ESOP association, explained that ESOPs are qualified retirement plans designed to own the stock of the sponsoring company. Agri-Service, a 9-store AGCO group, was founded in 1990 and moved to an ESOP in 2010. In effect, all 170 employees are now "owners."?
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Mahindra USA Featured as a Case Study at Dartmouth College

February 15, 2013 | Posted in Dealer Succession
Mahindra USA, the number one selling tractor brand in the world based on volume, is now showcased at Tuck Executive Education as a case study on successfully implementing reverse innovation. Mahindra USA (MUSA) entered the U.S. tractor market in 1994 and proceeded to establish itself as a successful niche player using innovative marketing and sales strategies.
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