RR 429: Family Succession Part 2 – Parents on their Daughters Succession Plan
Judy Zimmerman Walter is co-owner with her uncles and the CFO of, this 57-year young service business. http://www.zimmermansauto.com/ (Zimmerman’s Automotive), Mechanicsburg, PA is a true blue ‘family enterprise’ with 12 out of a team of 29 team members that are ‘IN THE FAMILY’. Zimmerman’s is a top automotive repair facility along with a quick lube and a used car division. Among her involvement: Women’s Board of the Car Care Council, AASP-PA Alliance of Automotive Service Providers, and the Auto Care Association. Listen to Judy’s other episodes https://remarkableresults.biz/?s=judy+walter (HERE). Jim Paiva is the owner of Elite Auto Repair in RI, which specializes in Euro and Japanese cars. Jim and Carly are also Coached by Cecil. Carly has been around this business since she was born, after graduating from high school and a Community College she decided to go after her passion and that’s automotive and in 10 years she will own the shop and that would be in the direct timeline as Jim retires. Carly is Jim’s right-hand partner in this whole plan. Jeff Matt from Victory Auto Service in Minneapolis and St. Petersburg, FLA, was featured in episode 48. Jeff owns six locations with one being in Florida. He has over 40 team members and has grown through acquisition. Jeff opened Victory in 1997 as a one-bay shop and has slow steady growth over the years. His growth offers up a great view of multi-shop ownership. Episodes Jeff Matt is featured in https://remarkableresults.biz/?s=%22jeff+Matt%22 (HERE.) Key Talking Points: Judy Zimmerman Letting go as a parent- allowing mistakes to happen Observing and helping buying insurance for the company- helping for the next several years Gender issues- turn around and look at yourself, how you present yourself, do you know facts and sure of them, do you present yourself confidently. Sell value in product and yourself Jackie completed Northwood online Jackie implemented “Smash n Bash” event to raise money for the local fire company Have regular hours set for Jackie- accountability Jeff Matt Learn as you go- not succession overnight Hear feedback from other staff and observe her decision-making process Being the boss’s child- need to earn respect and pick your battles Lauren travels with Jeff to peer group meetings Relationship with daughter – communication is key Lauren facilitated employee appreciation day for every location Daughter knows her role in company and company knows as well- building respect with each other Financial stewardship- knows Lauren is managing own personal finances and budgeting, feels confident with her one day taking over the business Jim Paiva 10-year process of succession planning Need continuous guidance no matter how long you’ve been in business Carly attends institute service advisor academy- year-long process, work with numbers and profit margins. Leaning foundation of business first then will take leadership classes later on Carly is the light of business- employees and customers Link too episode 401. The daughter’s podcast episodes. Part 1 of this succession series: https://remarkableresults.biz/e401/ (HERE). https://remarkableresults.biz/e401/ () Resources: Thanks to Judy Walter, Jim Paiva and Jeff Matt for their contribution to the aftermarket’s premier podcast. Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library https://remarkableresults.biz/books/ (HERE). Leaders are readers. Leave me an honest review on https://airtable.com/tblOgQmbnkHekpl0L/viwSbPkieMNhLOmtK/recQNomCKr1D5I9x4 (iTunes). Your ratings and reviews really help and I read each one of them. http://eepurl.com/bhqME9 () Be socially involved and in touch with the show: http://on.fb.me/1OKap9H (Facebook) http://bit.ly/1Qn68fO (Twitter)