Pub. 4 Issue 3

20 1. Growing up in a family business that spans a 100 years is impressive, and by today’s standards avery significant legacy. When did you know that a family business like yours is special? When I was still in school and working summers, I had very little awareness of how special it was. Looking back, of course, I really enjoyed my dad’s employees. They were really fun to be around. I remember a mechanic sending my brother Mike to the parts department to get a vapor lock key. Then they had him looking around the shop for a left-handedmonkey wrench. Over the years, both as a son and then as a father, I just can’t believe how fortunate I have been to be in this family business. 2. When did you know that you wanted to be part of the business? In college, I did not think I had the knack for the business that my older brothers had. Hence, my planwas to go to law school and become a lawyer. That had to be moved back a year with the VietnamWar, getting married and joining the National Guard. I went to work fulltime inDecember of 1968 with the intention of entering law school the following September. I started selling cars and making money. I’ll never forget the month I first made $2,000. Wow! I put $1,200 in my savings account! I figured out I really did like the family business and never got to law school. I guessmy dadwas right when he toldmy brother Rob, “Find a job that makes money and learn to like it.” 3. Who was your personal mentor? Early on, my dad and my older brothers. I was the youngest of the four, so, I was fortunate in that my car industry education was very close to home. I was learning from the best. In 1979, I joined a 20 Group. I befriended a dealer from the Dallas area named Lee Maas. He was my guru. He grew up in Detroit and started from nothing. Before he became a BMW dealer, he had gone through perhaps the best training program in the industry, GM’s Motors Holding. I can only imagine all the phone calls and advice he has given. I like to say, “He taught me all I know. He still hasn’t taught me all he knows.” As far learning the car business, 20Groups are wonderful. You can exchange ideas with others running dealerships. Then there’s the NADA Dealer Academy. Both my daughters have learned the business through that program, and it’s exceptional, and they have been part of our same 20 group since coming into the business. 4. What did you learn? Froma family standpoint, whenmy dad put my brothers and me in charge, he gave us full authority. There were no sacred cows and he encouraged innovation. Also, he worked hard, six days aweek, and expected us to work hard. My daughters are in charge now, and they have full authority. In addition, I have always believed in seeking advice from people who know how to do things better that I do. I have said to my daughters, “You don’t need to be very smart to succeed in this business. You just have to knowwho is, and do what they tell you. Another key component is the importance of treating everyone with total respect. Every employee, regardless of his or her duties, is equally important. I have also found that the best man for the job is most often a woman. 5. If you can share three top take- aways from your years in your family business, what would they be? Well, first, learn to embrace the next generation. The younger generation keeps your organization current – not just with technology, but also with updated perspectives. It’s very easy to not fix something that isn’t broken. Just because it isn’t broken, doesn’t mean it can’t be improved upon. And in a family business, I was once the “younger” generation. I had ideas and new ways of doing things, and my dad listened and was open to what I had to say. Next, and this segues right in from that last take-away: beware of sacred cows. The danger with longtime employees, especially thosewhohaveoccupied the same Q&A with Tim Smith on Working in a Multi-Generational Dealership: