A dealer had a sticky problem …
… passing his dealership to the next generation seemed impossible …
The dealer wanted to retire …
He had several sons and daughters …
Problem was that only one son was really interested in the car business … and that son couldn’t come up with the capital to buy out the business and pay off the siblings.
It looked like a deadlock … and one son’s dream (father’s dream too) of continuing in the family business … shattered.
When the client called me, he was quite upset … but resigned to the idea of selling his store to keep peace in the family.
As we talked, I learned the whole story and went to work on a possible solution that could meet everybody’s needs a little better.
After a few months we were able to do a deal that gave everybody pretty much what they wanted.
Here’s how it worked …
We found a buyer for the dealer’s store who was willing to pay top dollar for a variety of reasons.
We then identified another smaller store, same factory and generally the same area and were able to purchase that store for the son with his share of the proceeds from the Dad’s store.
In fact, and you can probably appreciate this, it worked out better for the son because his father’s dealership would never truly be his … but the new dealership he purchased clearly was all his own.
I feel that it is important to invest the time to listen to what my clients want to do … not just what they “have” to do…
Using creative approaches, we can often get you more of what you want out of the deal than you may have thought possible in the first place.
If you’d like to discuss your sensitive situation … even if it’s not your most pressing priority … give me a call at 1-800-800-4728 … so I can help you.
My Best to You,
Pat McNulty
P.S. Dealers that plan for the transfer of their business years in advance get a better return on their hard work … sometimes 2-3 times what they would get without the right planning.
P.P.S. Research shows that over 40% of dealerships are transferred unexpectedly … for reasons of health problems, family problems or divorce. Because it is unexpected, often considerable wealth is left on the table. Take advantage of my offer to you.