The unsuccessful pursuit of a buyer for the sale of my own dealerships led me to the realization that experienced help is an absolute necessity to close a dealership sale.
Buyers and sellers have their own objectives in conducting the sale, so it is easy to see how an unresolvable issue can develop which prevents the transaction from being completed.
Just as my first sale didn’t close, 85% of dealer-to-dealer sales are not finalized. These incomplete transactions come with a considerable cost – I have calculated that I lost $1 million when my deal fell through.
During the search for a buyer for my dealership, my banker, my CPA, my state association’s attorney as well as my peers advised me. In hindsight it is easy to see that there was no clear direction or experience to complete the sale, leading to My Million Dollar Mistake.
Since then, in my work with dealers who have attempted to manage a sale on their own, I’ve validated my premise: conditions arise that stop the sale when there is no experience or clear direction to complete the sale.
When my sale finally closed three years after the first attempt fell through, a dealer friend asked me for direction in selling his store.
“Of course,” I promised.
It was then that, in addition to promising to help my friend, I committed to pursuing a new challenge and line of business: To help other dealers learn from my mistakes and bring greater value to the sale of their dealerships, confidentially.
Born: August 13, 1945, the fifth of 16 children
Other jobs: Worked family farm, auto parts store, steel mill and distillery (My earliest memory is riding on a horse-drawn cultivator with my Dad in a tobacco patch.)
Married College sweetheart in 1965
Began selling Volkswagen cars in 1966
Earned Bachelor of Science in Business from Brescia College, with a minors in Accounting and Economics, in 1970