How Ready Are You For Your Business' Succession with Eric Goodnoe
When we think of retirement, we usually focus on what kind of life we want to have or where we want to take our business before that happens, yet we rarely think of who'll be in charge after we are gone. Having a succession plan and working backwards from it is an excellent way of figuring out our and our business direction, streamlining our path and setting a definite date for our goals.
In today's episode, I'm joined by Eric Goodnoe, President of M&D Auto & Body Repair in Hasslet, Michigan. After his father retired, M&D Founder and former President Eric realized dealing with the succession plan was an excellent opportunity to set a clear direction for himself and the company and redefine personal and professional milestones.
We talk about Eric's experiences during the succession, the transition from being the second in command to President, who he trusted to take his place and why, and how it changed his views on the automotive industry and business management. We also discuss Eric's retirement plan; he shares advice on business succession for shop owners, why he decided it was a good time to expand his business, and more.
In This Episode, You Will Learn:
- A bit about Eric's succession and business expansion plan (3:49)
- How it was for Eric to transition from 2nd in command to lead the business (11:12)
- The benefits of implementing open-doors policies (15:21)
- Eric's 15 years retirement plan (17:50)
- What does succession look like in your business? (22:38)
Connect with Eric:
- M&D Auto & Body Repair website