MIAMI -- Retirement is not on Norman Braman's to-do list. Neither is a formal succession plan.
The 83-year-old owner of 21 luxury, ultraluxury and mainstream brand showrooms under 14 rooftops has two daughters, neither of whom is involved in his dealership business.
He hopes his grandson, Alex Shack, 30, who this year was named general manager of Braman BMW in Miami, one day will take over his business.
For now, Braman's wife Irma will be in charge of his dealerships if he dies before her or leaves the business. He is confident that she will make good decisions. "I look forward to my grandson succeeding me. Yes, that would be a pleasure," Braman says.
"I have nothing in writing. If something happens to me, my wife will be making those decisions along with getting some good counsel. My son-in-law in the Philadelphia area has been very successful in this business. He can provide good counsel to my wife. Irma is very, very smart."
In the meantime, Braman says, he will run his dealership business as long as he is "physically and mentally" capable.
"I need these businesses to occupy my time," he says. "I'll never retire. Never."