Episode 98: Understanding and Building Trucking Business Value, with Spencer Tenney
Chad welcomes Spencer Tenney, managing partner with the Tenney Group, which helps transportation industry business owners to buy, sell and value their companies.
Chad and Spencer discuss how trucking companies can navigate the often treacherous transition process when the founder of a trucking company retires or sells the business to a successor.
With so many transportation companies being family-owned business, and with many founders nearing retirement age, Spencer talks about how to prepare companies to thrive when they’re turned over to the next generation.
What you’ll learn about in this episode:
- Why so many trucking company owners who are nearing their exits don’t have a plan for their succession.
- How Spencer gets involved in situations where a transportation business is changing ownership
- How expectations and assumptions about the future of a business can create miscommunication and strife
- How generational differences can create a disconnect over questions of work/life balance, purpose and impact derived from owning the family company.
- What factors are key to driving a transportation company’s value.
- The relationship between a company’s value and the owner’s direct involvement.
- Why owners should focus on important areas where they can add the most value.
- Three ways transportation business owners can create independence for themselves and reduce their companies’ dependence on their input.
- How to prepare the next generation of leaders for long-term success
How to connect with Spencer Tenney: