DIAMOND BAR, Calif. — SEMA's Wheel and Tire Council will host a webinar May 19 on how profit sharing can be used to attract and keep talented employees, build a healthy business foundation and create a customer-friendly environment.
The webinar, featuring Dick Erickson, founder and former owner of Jacksonville, Fla.-based Sun Tire & Automotive Service, is scheduled to start at 3:30 EDT on the 19th and run for about an hour.
Erickson, who sold his company in 2018 to Mavis Tire Supply, will share how his company went from good to great after introducing a profit-sharing program.
Erickson will break down how offering a well-defined and transparent program resulted in reduced payroll, improved customer relations, less employee turnover and reduced shrinkage.
"I think profit-sharing is the catalyst that separates great companies from good companies. The boost in sales and profits gives employees a stakeholder mentality, which will have a positive effect on sales and profit," Erickson said.
"In most businesses, employees are not stakeholders. When all employees became stakeholders at Sun Tire, our business rose to a whole new level."
Automotive service companies, particularly those in the wheel and tire industry, often struggle with customer trust and loyalty, the WTC said. Giving employees a stake in the company is a great way to motivate staff to improve customer service and build trust, and consequently sales and profits as well.
Erickson, who founded Sun Tire in 1981, has turned his experiences as a business owner into a book titled, "How the Rubber Meets the Road," published in 2021.
To register for the live webinar "Building Your Business through Profit Sharing," visit the registration page on the SEMA web site.