Future Succession Plans
In a flourishing, well-established business like Vanderloop Equipment (VE), there is always a question of who is next in line to take over.
Third-generation co-owners of the dealership, Robb and Carey Vanderloop, are both nearing 60-years-old and looking to secure the future of their company. The cousins are preparing to take the business into the fourth-generation with Robb’s son, Mark Vanderloop, who is currently a product specialist for VE and a part owner, at the helm.
It’s going to take more than just Mark though to make a successful transition.
“We need to set up a board and get management,” says Robb Vanderloop. “That's our goal right now — to find the right people and to get the right managers in. That's part of the reason to go to a store-driven function, so we can get each one running and operating somewhat standalone, yet, as part of the group.”
Robb says Mark is a good fit for the company with a natural talent for computer software and financing.
“Family businesses can be challenging … because there are a lot of different opinions,” says Robb.
There have been 7 family members in the business, including 4 uncles to Robb, Carey and Robb’s brother, Scott, who unfortunately passed away from cancer 10 years ago.
“The other uncles either retired or passed away, so having a good buy-sell is very important,” says Robb. “There's the expectation of being able to have the company continue on without cashflow … making sure that there's a good mechanism for that so the company can survive paying out.”
Related Content:
Dealership Minds 2024: Vanderloop Equipment: For the sixth installment of Farm Equipment’s Dealership Minds series, 8 staff members traveled throughout central Wisconsin to experience first hand how a successful dealership — Vanderloop Equipment (VE) — operates in the midst of planting and hay cutting season in May.
Cashflow Rules the Day, an in-depth interview with Robb Vanderloop.
Guiding Sales, Finding New Markets, an in-depth interview with Carey Vanderloop.
