An Open Letter About the Road Ahead
It's my birthday. I'm 60 today. Why that matters will become more clear with each paragraph. It's also the winter solstice, marking the start of winter. In recent years, I've come to see that this day on the calendar can better signify renewal than January 1st, at least for those who choose to observe it as such. Having my birthday fall on this astronomically pivotal day is convenient. Regardless of the forces involved, I'm inspired today to write. I'm compelled to share my perspective on the many things I learned and the opportunities ahead for me ... and all of us.
[Now is a good time to warn of the long, inspired post. For those who must immediately jump back to the to-do list (wrapping gifts, stirring the stew, etc.), I urge you to jump to the last few paragraphs. Then, return with egg nog to read the rest one evening soon.]
There is no call-to-action button at the end of this message. No 'subscribe now' or 'buy' button. I have nothing to sell here. Just a story with a beginning, a middle, and a yet-to-be-written end.
Since '88, I've made my living in the business sector in one way or another. Most of my career has been in the auto finance sector. I didn't go looking for it. It sort of found me. I'm fortunate. It's been good to me. As I reflect on those decades, I'm thinking about my industry. I'm also thinking beyond it, even beyond the business world.
Most who will read this know my wife, Michelle. She has been instrumental in adding volume to my voice and casting it to a wider group of listeners. I'm grateful for that, not because it makes me famous or popular somehow. Instead, I am thankful that the megaphone allows me the chance to do more good. It was her primary motivation, after all.
Now, at 60, I am looking to spend the balance of my years making a difference. I see the opportunity and I will seize it. Since my megaphone is broadcasting mostly to the Buy Here Pay Here (BHPH) segment, I'll continue my work there. And, in asmuch as the BHPH business serves as a microcosm in this grand human relations experiment that is life, I'm energized. I am eager to show that we often make the whole thing much more difficult than it has to be.
As I write today, many of the folks across the BHPH industry are carouseling through my mind - colleagues, company executives, dealers, association leaders, and more. My words are meant for each and every one. Having worked many years in the trenches, I can offer a perspective from inside and out. Make no mistake - I want to help. Here's the thing, friends: Collectively, we are not maintaining a sharp focus on "the forest." Day after day, I see folks choosing competition over collaboration. Placing profit before people. It's short-sighted. It smacks of overthinking. And, like other industries, ours can be a Petri dish. Yes, we have to be profitable to survive and serve. Entrepreneurs who take a risk and provide value deserve to make a good living. Our businesses are not charities. Here's one guy with graying hair who sees an incredible opportunity to conduct an important lab experiment in mixing matters of the head and heart! We are already seeing great results in our work.
Recently, I've begun to ask some: How about we spend a little less time thinking about making a buck and a little more time thinking about making a difference? And, as I ask the question, I am contemplating a subtle, yet powerful, shift.
In 2024, I'll continue to ask the tough questions of business owners: Do you care about the success of your customers? Where is your meter when balancing your success against that of your customer base? Do you want your business to be regarded as an asset to the community? Super simple questions, but ones not asked enough. Sometimes, like the flight attendant at the exit rows, I'll be looking for an audible response. More often, I'll be asking folks to answer internally - for themselves. The answer matters because it shapes how we conduct ourselves in business - with colleagues, lenders, partners, customers, team, etc.
For Michelle and me, 2023 was an interesting year to say the least. As a word map, it would have to include:
TRUST
TRACTION
RELATIONSHIPS
TRANSPARENCY
FAMILY
GOODWILL
CONVICTION
SPONSORS
GROWTH
COLLABORATION
CARING
BOOTSTRAPPING
VALUE
AMBASSADORS
INCLUSION
SCALE
COMMUNITY
Despite our efforts, we continue to encounter a level of distrust regarding our mission and intentions. While it's unfortunate, it's also understandable. Some may underestimate my level of patience. The reserves run deep. I have long believed that trust has to be earned. And I know very well that earning it can take time.
I'm 60, not 90. I'll wait ...
I'm resolved. I will do my part to make that difference in an industry where the relationship between dealers and consumers has far too much friction and distrust. I won't make much difference alone. But, in 2024, I'll buy a bigger megaphone. I'll also distribute megaphones to the great folks inside (and on the periphery of) our industry who share in the vision. In the year to come, others will add their voices to ours in rallying to what Simon Sinek calls the just cause.
Our word map for 2024 will read a lot like the social media hashtags:
Just days before Christmas, Michelle and I wish all of you a peaceful holiday season and a prosperous and fulfilling 2024.
Jim Rhoads
