Leo Johnson, former owner of Johnson Tractor and current consultant for the Machinery Advisors Consortium (MAC), discusses the growth and succession planning of his dealership. He shares his experience of acquiring underperforming dealerships in good farming areas and the importance of having capable employees. He discusses the risks involved in growth, the need for strong processes and systems, the significance of developing relationships with both employees and customers, and the role of acquisitions in expanding a dealership. Leo provides insights into what makes a dealership attractive for acquisition and the challenges faced by single-store operations. 

While sharing his advice on succession planning and dealership growth, he emphasizes the importance of building bench strength and developing a strong sales department. He also discusses key financial metrics to consider, such as return on sales, debt to equity ratio, and inventory turn. Johnson highlights the need for honesty and transparency in business dealings and the importance of remarketing used equipment effectively, stressing the value of continuous improvement and always preparing the business to be saleable.