Making the family-owned dealership work

Description

Abstract: Family comes first, as the saying goes. But when an auto dealership is a family-owned business, the scope does not end there. Family-run businesses face a host of concerns (as well as benefits) that non–family-owned businesses don’t encounter. This article highlights the upside and downside of family dealerships and discusses some key issues, such as compensation for family members and the importance of succession planning.