Much like building a successful business name, putting together a strong management team takes time and strategy. But what if that managerial dream team was already in place? For companies interested in buying a trucking business, the possibility of gaining an experienced group of leaders can be a major incentive. For business owners who may wish to sell at some point, developing the right infrastructure today can help secure the best possible sales price tomorrow.
Interviewing, hiring, and training a whole new management team takes time and money. Transportation companies that opt to acquire a new business rather than grow organically are looking to lower time and cost – and they’ll often pay a premium to businesses that help them do it. As an established company, you most likely already have a group of managers in place – it may just need some tweaking. It’s always a wise move to periodically assess your team. Can you benefit by adding another dispatch manager? Could you hire a more experienced CFO? By taking the time to train and improve your core cast of leaders, you will not only increase the value of your company for a potential buyer but also stand to improve operations in the meantime.
Familiarity with operations
All businesses have some combination of financial, sales, marketing, operations, and technology management teams. But these teams really shine when each individual is familiar with the logistics of his or her particular industry. For instance, a CFO who has previously worked for a trucking company will be comfortable planning for rising fuel costs and securing capital for transportation operations. An experienced insurance and safety manager may better understand the unique liability insurance requirements of the transportation industry. These skills can also help team members advise a new owner about any unique intricacies faced by the company.
Proven ability to work together
It’s the collective team – not a single individual, such as a CEO – that determines whether a company will be successful, according to a past study by Cornell. Taking the time to invest in team-building efforts and choosing managers with complementary talents can make for a more synergistic atmosphere later down the line. Supervisors who are comfortable working with one another will be more effective in meetings, brainstorming sessions, and carrying out overall operations. Ultimately, a business is only as good as those who manage it.