Pre-Succession for Automotive Dealership Owners: A Conversation with Nancy Phillips

The Secret Thoughts of CEO's Podcast

Nancy Phillips is founder and principal of Nancy Phillips Associates, Inc. With over 30 years’ experience appraising and marketing auto dealerships, Nancy is uniquely qualified to confidentially advise dealership principals on identifying their present and future goals and the best options for achieving them.

Nancy’s career includes a wealth of integrated automotive industry experience, including roles as General Manager for a large New York dealership and owner/operator of a New Hampshire dealership.

Nancy obtained business valuation credentials from the University of New Hampshire, studied Sociology at the University of New Hampshire, and earned a Marketing Certificate from the University of British Columbia in Canada.

What You’ll Learn

● When is the right time to exit?

● How to plan for succession in business.

● How the automotive industry has changed over the past decades.

● How the EV market affects smaller franchises.

Timestamps

· [04:15] A bit about Nancy.

· [09:05] Changes in the industry.

· [13:05] Maintenance in a dealership.

· [15:08] EV infrastructure.

· [16:51] Planning for the future.

· [23:54] Working around family conflict.

· [27:05] Succession timing.

· [33:00] Nancy’s advice.

Memorable Quotes

· “If you’re in the car business, you should start your plan when you buy your dealership” – Nancy Phillips [26:50]

· “Don’t look at your dealership as this pot of gold at the end.” – Nancy Phillips [29:12]

Social Media

Nancy Phillips.

Websites

www.nancyphillips.com.