The retail side of the farm equipment business will need to undergo a significant transition on how it has traditionally viewed the skillset required to manage a dealership. The rapid consolidation of dealerships has already forced a paradigm shift from a “manager” model to a “leader” model with the biggest dealer groups. But that transformation will also need to take place with the smaller dealer groups — those in the 1-5 store category — if they hope to profitably compete in this increasingly demanding business.

For farm equipment dealer-principals, succession planning is more than merely passing a torch — it’s a complex logistical relay. For those resolving to keep their business in the family, the process and the pitfalls can be even more complicated. After spending years cultivating a successful business, dealers want only the most capable hands to carry it on.