Luxury Coach & Transportation

June /July 2019

Magazine for the professional limousine, charter and tour industry.

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30 LUXURY COACH & TRANSPORTATION JUNE / JULY 2019 WWW.LCTMAG.COM PEOPLE Leasing is Bright TITUS LEASING COMPANY - THE BRIGHT CHOICE Partner with Titus Leasing Company and experience the brightest ideas when it comes to leasing. Call us today to find out how we can help you improve your bottom line. 800-227-3965 I Kim Grzywacz CHAIRWOMAN OF THE WOMEN IN BUSES COUNCIL (WIB) AND CO-OWNER OF CIT SIGNATURE TRANSPORTATION AMES, IOWA Company closures create questions: When a company goes out of business, my rst reaction is shock. Some of these companies had been around for decades, operated large eets, and were engaged in the industry. How could this happen? Is my company at risk? How will this change the market? Will it change how I operate? Will it change our succession plan? As I go through this list of questions, my sales hat begins to appear. How I can take advantage of the opportunities? Can I buy a used eet at a reduced price? But in doing this, does it reduce the value of my existing eet? What if I wanted to sell a used vehicle for a new one? Will I get the same trade-in for it? My eet is part of my portfolio. How will this change the value of my business – thus affecting my succession plan? And why are there so many vehicles available now? Were there too many in the market to begin with? If there were, then did that fact contribute to the company closure? Too many vehicles that need work can lead to prices that undervalue our service. When the industry is battling to keep wheels rolling and drivers busy, we may not be meeting the margins we need to operate a successful company. If I am not running a successful company, how does that change my succession plan? Will family be interested working harder for less? Will investors even come knocking on my door? So, as I take a look around, and have all of these questions, I have come to this immediate conclusion: Be available, assist your new clients, but don't sell your soul to roll. As one of the few providers in our area, we must continuously assess and perfect our services in order to perpetuate the standards. Much like others in our industry, we also struggle to nd and hire professional, committed chauffeurs. Tom & Ann Olson

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