Pub. 7 2018-2019 Issue 4

20 San Diego Dealer MULTIGENERATIONAL DEALERSHIPS D ealerships make great multigener- ational family businesses. However, new generations regularly enter the workforce before previous genera- tions have retired; as a result, some dealerships may have as many as four different generations working together. Managing themall presents a challenge for even the savviest business owners. At the same time, it’s important to realize that the workplace has always hadmultiple generations. What’s new is the increased rate of changes that have been caused by technology such as the internet. Continued growth requires being able to adapt more quickly now than in the past, but that adaptation is not an impossible task, and it is also one that is shared by other businesses, too. Now is a good time to consider how to make your multigenerational dealership stronger in the years to come. Big changes are on the horizon with autonomous vehicles and the new power sources of the expanding hybrid and electricmarket. Some observers even claim that privately owned dealerships are on their way out, but they’ve claimed that before, and it didn’t happen. The truth is, nobody knows how things are going to play out, but there is always room for success if you understand your strengths andweaknesses andmake your plans accordingly. That includes any succession plans you have. Be thinking not just about today but about how power will transition within the company down the road. If you are a family dealership, the most import- ant thing to understand is that each generation has its own perspective, skills and experience to contribute. • If you can create aworkplace that embraces those perspectives, you can increase