Over the years, I have known a lot of second and third generation dealers in the boat business. But I recently realized that three aftermarket distributors I have known for years are third and fourth generation in the industry. All were started with an entrepreneurial spirit. And all three are doing well despite the economic mess we have been going through. How are they doing this? After talking with all three, I concluded they have survived and done well by working harder and smarter. Here are some brief stories about these three. Continue reading Third & Fourth Generation Marine Distributors Going Strong
All posts by Ben H. Sherwood
Liens with no debt?? Crazy!
Last week I got an e-mail from a good, long-time, Midwest dealer whom I have known for years. He was very disturbed and rightly so. He wrote, “Mr. Sherwood, I, like most all other marine dealers across the nation, have struggled to get through some very difficult times in our industry. Due to excessive rates from some of the commercial floor plan companies, we have paid all of them off and have been able to set up a line of credit with our local bank. This has worked fine up to now, but our line has been unsecured and to get an extension or increase to get us through the winter, the bank wants some collateral. I certainly understand this and do not have a problem with it. The problem is when our bank does a UCC search on our business there are seven different companies that have filed liens on all inventory or equipment or both. We do not owe any of them! But the liens have not been released.” Continue reading Liens with no debt?? Crazy!
Perception is Reality!
What image comes to mind when prospective customers think about your dealership? What feelings does it evoke in them?
When I was head of sales for Johnson and Evinrude, one of our good dealerships was very successful in creating the perception in customer’s minds that it was the trustworthy place to buy a boat and motor and also to have it serviced. It was a well-deserved perception, as they did indeed sell quality products at fair prices and provide excellent service.
Gene and Hank (not their actual names) were partners in a Midwest dealership in a very competitive market. When asked, “Why should I buy a boat from you,” Gene, who handled most of the sales, would respond with, “Because you get me when you buy a boat here.” When asked, “What does that mean,” Gene was always ready with his answer. Continue reading Perception is Reality!