http://www.claringtonhyundai.ca/Home/Home.aspx?lng=2

Introduction

• Name: Randy Knight

• Venture: Clarington Hyundai

• Randy started his venture in December 2005.

General Venture Information

• Sales and service of old and new Hyundai automobiles.

• Hyundai is Korean • Meet the need for imported vehicles

in the town of Clarington • The initial idea of Randy’s Venture

started in July 2004

Venture Planning

• Opportunity to have Hyundai dealership since there were none in Clarington.

• Business model was needed to show Hyundai Auto Canada.

• Planning included investments, location, staffing, management structure, building design and a marketing plan.

• Skills: able to build a long term plan and meet the goals, organization, market place experience, hiring/social skills, financial forecasting, etc

Venture Planning Cont.

• Help came from existing management team in Belleville (Randy also owns a GM dealership) to find equipment, furniture and more.

• Hyundai Auto Canada assigned a design company for the building design and an engineering firm that was used to provide the final building plans

• Provided strict operational guidelines

Financing for Venture

• Two companies were set up: one for real estate that rents the facility to the operating company and the other one was the actual Clarington Hyundai.

• Operating company required $800,000 of cash investments

• This allowed them to get $2,500,000 in floor plan assistance and an operating credit line of $500,000 from the bank

Financing for Venture

• Randy had the $500,000 himself

• He got the remaining $300,000 from a friend’s investment company.

• The funding of the dealership building was covered by a bank mortgage for $1,800,000.

Community ContributionCommunity Contribution

EmploymentEmployment Fill the needs of customers in Fill the needs of customers in

sales and service sales and service Participates in local chamber of Participates in local chamber of

commerce, rotary and hospital commerce, rotary and hospital boards boards

Invested millions of dollars in Invested millions of dollars in construction, charities and construction, charities and sponsoring sports teams. sponsoring sports teams.

Co-op OpportunitiesCo-op Opportunities

Advantages and Disadvantages of Advantages and Disadvantages of being an Entrepreneurbeing an Entrepreneur

Advantages: Being your own boss, Advantages: Being your own boss, financial rewards, guiding others to financial rewards, guiding others to expand their career paths. Not expand their career paths. Not having a job you don’t like because having a job you don’t like because you created it.you created it.

Disadvantage: Financial risk. Lots of Disadvantage: Financial risk. Lots of pressure when investing lots of pressure when investing lots of money and wondering if business is money and wondering if business is profitable. Can make lots of money profitable. Can make lots of money or lose a lot. or lose a lot.

Entrepreneurial Entrepreneurial SatisfactionSatisfaction

Most satisfying aspects: reaching his planning Most satisfying aspects: reaching his planning objectives, factory recognition, hiring the right objectives, factory recognition, hiring the right people and watching them succeed in their people and watching them succeed in their jobs. jobs.

Least satisfying aspect: financial pressure. Ex. Least satisfying aspect: financial pressure. Ex. losing money at the beginning and wondering losing money at the beginning and wondering when it will stop. Randy also dislikes when his when it will stop. Randy also dislikes when his workers at some point let him down or don’t workers at some point let him down or don’t care about their jobs.care about their jobs.

Goals• At the beginning of Venture: increased

income, investment stability, and being able to help other managers become more successful in their careers.

• Investment opportunity with his business.

• Now: Randy’s goals are exactly alike as the ones he started out with for now.

Personal Background

• Family has no entrepreneurial experience.

• Family has no experience in automobile Industry.

• Completed High School and one year of College. Spent 25 years in automotive industry learning the ‘car industry street smarts’ which got him where he is now.

• Works 60 hours on average per week.

Personal Background Cont.

• Likes to go snowmobiling and take Sunday easy with any plans.

• Personal Strengths: passion for business, believing in others to succeed, and having automotive experience .

• Person Weakness: fitting 35 hours of work into every 24 hour day, frustration when other workers don’t work hard or don’t care.

Advice for New Entrepreneurs

□Follow your dreams.□Always make a solid business plan,

ask others for positive and negative feedback then modify the plan if necessary.

□Make friends that will believe in you and help reach your goals.

□Plan to be who you are today for tomorrow

Advice for New Entrepreneurs Cont.

□If a student was to take over Randy Venture, Randy recommends the student goes to Georgian Automotive College (3 years)

□Planning, forecasting, advertising, marketing, interviewing, accounting, hiring and regulatory guidelines set by both federal and provincial governments.

□This is necessary to know before becoming a car dealer.

Conclusion• Learned a lot about Randy’s life and being an

Entrepreneur• Did not know how long it actually takes to get

a business fully developed.• Didn’t realize that opening a venture requires

tons of money.• Entrepreneur is a huge job and there are a lot

of risks to be worried about. • Randy is an fantastic entrepreneur is will be

very successful in business.• He works really hard, he’s very passionate

about business and cares for people.

Thank YouThank You

I hope you enjoyed the presentation!I hope you enjoyed the presentation!