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Industry Steps Forward to Help Expand Training Program

June 27, 2013 | Posted in Dealer Succession
Source: By Kelly Malone, News Talk 560 CKOM
The labour shortage in Saskatchewan means that there is more work than qualified workers. The Canada West Equipment Dealers Association (CWEDA) recognized that many of their dealerships did not have enough machinery technicians. They decided to contribute $57,000 to cover half the costs of expanding SIAST's Agricultural Machinery Technician certificate program (AMT).
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To the Point: What Signs Do You Look For?

By Dave Kanicki posted on April 8, 2013 | Posted in Dealer Succession
Source: dkanicki@lesspub.com
In the last few issues of Farm Equipment, including this one, we've covered dealer succession planning in some depth. One of the concerns expressed by many of those getting ready to step aside is that the new generation that's stepping up into positions of ownership have never been through the really tough times. If you think about it, no one under 46 years old was a working professional during Ag's Great Depression of the 1980s when most dealers couldn't sell their souls to the devil, let alone a tractor to a farmer.
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Wickham-Tractor
Dealer Profile: Wickham Tractor

Staying 'Relevant' as the Industry Changes

Wickham Tractor initiated its succession plan earlier than intended to ensure the dealership remains sustainable well into the future.
By Dave Kanicki posted on April 8, 2013 | Posted in Dealer Succession
It would be difficult to find a farm equipment dealer in North America who hasn't in some way been affected by the consolidation of the retail side of the business in the last decade. Whether or not they've yet been told directly - or not so directly - that they must make the decision to be either a buyer or seller, to expand or exit the business, it's on their mind. As the days pass, it's becoming a front of mind issue. Dealers know it's something they need to come to grips with. Either take control of it and set a course, or have circumstances or someone else dictate the future.
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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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