Issue link: http://read.dmtmag.com/i/591462
2 0 1 5 V 3 | BULLDOG | 9 "Simply put, without a succession plan your business has no future," says Tom Marx, CEO of Marx Group Advisors, which provides con- sulting services to clients in the automotive, heavy-duty and commercial-vehicle aftermarkets. Having a succession plan allows your busi- ness to continue regardless of what happens to you. "It is really dangerous and risky not to have a succession plan in place," Marx adds. "It is like burying your head in the sand." Succession planning is a process through which a company identifi es and develops people who can take over key leadership roles within the organization as positions become available or when the current owner steps down. Unfortunately, too many fl eet owners put off succession planning because, like most busi- ness owners, "they are in denial and just don't see their own humanity," Marx says. "They think they are going to live forever or they will always have great health or they refuse to admit they are getting older." Lack of knowledge about the process and benefi ts of succession planning and failure to understand the risks of not having a plan are other reasons fl eet owners neglect this task. While some fl eet owners do look at succes- sion planning, many of them wait until they are approaching retirement age to begin the process. This is a mistake, says Hugh Roberts, partner in the Rawls Group, which assists businesses with succession plans. T he trucking industry is rife with stories of seemingly successful fl eets that disappeared or were gobbled up by a competitor upon the unexpected illness or death of the fl eet owner. Even if you've worked hard all your life to build your business, it could be shuttered if you fail to plan for the orderly transition of leadership. continued on page 11 Photo by Carmen K. Sisson