with manufacturers and partners , and things of that nature . We ended up finding someone to fulfill that role and that ’ s how the transition has been going so far .”
Businesses may need to look both inwards and outwards to build out their leadership team . This can be tricky , but it ’ s a vital part of any succession plan . According to Parker , “ the most important thing is identifying who the next generation of players will be .”
So , how do you approach identifying talent within your company ? “ There are profiling tools out there ,” Parker says , “ and you use these profiling tools to find out if these candidates are a good fit for the position – that ' s a good place to start . You can also look for people in other industries that have good management development such as a car dealership or RV or powersports dealership . Those people are bringing in transferable skills . The next thing is , does your candidate have similar values to what you have ? That ’ s extremely important .”
Parker emphasizes the need for leaders who will embody the values that the business already has . “ People are hired for what they know , and they ’ re fired for who they are ,” he concludes .
Aside from identifying talent , another valuable tool available to businesses is the industry itself – or rather , the relationships forged within it . “ As I mentioned , we did some 20 Group participation and we consulted with Parker and Spader ,” Thykeson says . “ We had a professional business evaluation done on two separate occasions to get an idea of what our business was worth . And we had a business broker that we consulted with too .”
20 Groups in particular are a great resource for businesses to explore new ideas and keep abreast of the industry . They ’ re also a way for emerging leadership to shine . “ In one of my 20 Groups ,” Parker recalls , “ we saw that the next generation was coming to these meetings , but we never heard a word from them . One of my dealers asked me , what can we do to help train up that next generation ? So , we came up with a second 20
Taking care of their team remains a top priority for the Mark ' s Marine .
The dealership ' s legacy now spans generations .
Group where half were the next generation . It was really interesting to watch what happened – the next generation started taking responsibility , asking questions and sharing ideas . We saw them mature and take ownership of their businesses .”
“ I would say being part of a 20 Group is very , very important ,” Parker continues . “ There ' s always going to be multiple answers to questions that you have . When you ’ re in a 20 Group and you present those questions , the group will be able to tell you all your alternatives . You get a clearer direction to the answers to whatever your questions are when you ’ re in a 20 Group .”
Along with 20 Groups , consulting companies and third parties are a great way to get fresh perspective on succession planning , and train potential candidates into strong leaders . “ There are family business consultants out there that specialize in training that next generation with the skillsets they might not yet have ,” says Parker .
Calling on other voices to help guide a succession plan is one of the key takeaways that both Thykeson and Parker stress . Sharing information and taking advice is crucial to help preserve your business ’ s legacy . The advice that Thykeson offers is , “ know what your business is . That is absolutely key . Know what ’ s most important to protect and know the nuts and bolts of the functions of your business .”
www . boatingindustry . com march 2023
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