Before selling his Gloucester, Virginia Toyota store in 2018, Richard “Buck” Wheat, woke up every morning thinking about things he needed to get done at the dealership. It was a great job and one that let him spend time with his son, Neal, and daughter, Lee, who also worked at the store. Though Buck speaks […]
A number of years ago, after a good run as a dealership owner, I was offered a premium price for my top of the line import store. I hadn’t really thought about selling…but this offer got my wheels turning. As luck would have it, because I hesitated a little, the buyer offered me an even […]
I have resisted writing about this topic for many reasons. It is a touchy one…but I have seen one too many bad situations so I am going to finally break my silence. It was because I recently worked through a situation where a surviving spouse who should’ve never had to worry about money, was suddenly […]
Mistake #1: Taking the Wrong Advice From the Wrong Adviser When you begin to even think about selling your dealership there is an “army” of experts ready to advise you on every aspect of your sale. Everyone from the business broker that button-holed you at the last convention to your accountant who has given you […]
Two Dealers were selling their stores. Both had last minute deal killing conditions pop up. One deal was lost (deal 1) and one deal closed (deal 2). Dealer 1 was contacted by a broker who had a buyer that would pay a good price, make a quick deal, pay all cash and could get approval. […]
Dealers “give up” substantial profits when they transfer a dealership …. simply because they don’t have a process or an experienced facilitator. 40% of all franchise transfers are “hurried” because of factors outside of the control of the owner – health, financial, legal? We can help! McNulty has a proven process to fit any situation […]
Individual dealers, dealer groups and public companies are in expansion mode, ready to make deals and buy dealerships. Sellers face the challenge of justifying the value of their dealership and finding the right Buyer. A client presented with less than $800,000 profit on his statement. After our thorough preparation of a “go-forward/cash flow” recast, his […]