Need advice from any and all dealers
Fairly newbie here, came across this site last spring when trying to decide on a good garden tractor. Now have a new issue that needs advice from those on this site who are currently dealers.
I came across a kubota that I bought and resold last summer. Long story short it deals with a probate estate, a local dealer up for sale. I was trying to arrange a sale of this dealership with a client of mine. The dealership has been around awhile. The owner died, and had no real estate and succession planning done, (a word to you dealer/owners who haven't done so either).
In any event, the family is wanting out, the thing is a mess, and a good sale negotiation was entered. My guy then had some other problems and could not go through with the deal.
Now with nobody else around, and a good deal on the hooks, I have been approached about buying this dealership.
I know business having been on my own since I left law school, but have never been in the tractor biz. Is this a good biz to get into? The numbers on this dealer look good, simplicity, kubota and cubs. What are the pitfalls? Would I be totally out of my league trying to run the place. All of the experienced staff is still there. I grew up on a farm so I know the ins and outs of equipment.
I guess I am looking for advice as to whether to try this or not. What's the good and what's the bad about running this type of biz.
Any advice and help will be greatly appreciated.
Re: Need advice from any and all dealers
First, I am not a dealership owner. I am a lifelong mechanic who owns and runs his own repair business.
As long as the dealership has shown a profit over the last couple of years it sounds like you might have a good deal on your hands.
One thing I would do is talk to ALL of the current employee's. Ask them how they feel about the dealership being sold and if they plan to stay. Will you be changing any of their benifit's, wages and so on? The last thing you want to happen is buy the business and have everyone quit a month later leaving you with a fully stocked business with no one to run it and work in it. The management, salesmen and mechanics are the life blood of the business. Without them your not going to be a happy camper.
As long as the books look good, the employee's look to be competent and willing to stay you might have a bargin on your hands.