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  1. Article: The Big Picture

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  2. Article: Helming Your Ship

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  3. Article: Two Faced

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    • Beginning the first of August, we purchased hand held radios (link attached) and for the small investment, introduced them to our team.  We have some guys using the earpiece and others using handheld mics.  We have worked with each other on radio etiquette and honestly, I can't imagine not having them.  It has brought our 10,000 square ft shop down into a single room...the communication has never been better...and yes we do have fun with them.  Thousands of steps saved and we keep finding new ways they are saving time. Retevis RT21 Two Way Radio Rechargeable 2 Way Radios UHF FRS VOX Emergency Security Long Range Walkie Talkies with Secret Service Earpiece (10 Pack)  from Amazon.
    • @Transmission Repair I added your preface to your original post. 😀
    • I typed my above post in WordPad and copied and pasted it to the forum.  After Alex's response, I went back and looked to see what he wrote and I noticed the entire opening paragraph was not included. 😞  Sorry for my mistake.   I noticed I can't go back an edit it like I did before, either.  I'm guessing there's some sort of timer mechanism in play.  Here's the preface to above mentioned post: ============================================== Great topic for us baby boomers.  I've already exited but I thought I would share what I learned from the process.  I'm not purporting to follow my experience, but do take away whatever lessons that may apply to your unique situation.  I need to preface this by saying I sold our transmission repair specialty shop.  We did only clutches, transmissions (auto & stick), differentials, transfer cases, and drivelines.  85% of our work was automatic transmissions.  
    • Great topic for us baby boomers.  I've already exited but I thought I would share what I learned from the process.  I'm not purporting to follow my experience, but do take away whatever lessons that may apply to your unique situation.  I need to preface this by saying I sold our transmission repair specialty shop.  We did only clutches, transmissions (auto & stick), differentials, transfer cases, and drivelines.  85% of our work was automatic transmissions.   Our building looks much bigger than it really is.  It has a very small shop space of only 3K sq. ft. w/ 4 lifts sitting on a fully paved .9 acre lot with an abundance of parking.  However, very few people believe the traffic count numbers let alone the sales numbers.  I consider our situation an anomaly and not the transmission industry average.  The traffic count was 203K/day (see picture) and we had a consistent $1.2M/yr. for the last 3 years of operation.  No wonder the buyer send a CPA in, to audit our books, bank records, state & federal tax returns both corporate & personal, all for the last 3 years. First and foremost, the last 3 years of record-keeping will make or break your retirement.  You must show a positive cash flow and avoid hiding personal expenses in the shop expenses.  The same holds true for unreported income (skimming cash).   Don't do it.  Report everything legit and pay all necessary taxes as proof of sales of EVERYTHING.  Did I say everything enough? For most automotive businesses, the customer list has a high value also.   For a transmission-only specialty shop like ours, it had little value.  What transmission shop owner wants a list of people who recently had their transmission rebuilt when that's all you do? Our transmission shop's location had built up a reputation as "that transmission shop on the freeway" and to a much lesser degree, the name of our business, "Certified Transmissions".  The few times we received checks for payment, it wasn't out-of-the-ordinary for people to ask "Who do I make the check out to?" or "What's the name of this place?"  Anybody could hang any name on the building like, "So-N-So Transmissions" and it would be no different.  I can't count the number of times I've told people the name of our shop and it doesn't ring a bell.  When I tell them we're down the street from "The Jet On A Pole" (see picture) they ALWAYS go, "Oh yeah, that transmission shop on the freeway."  Everybody knows what we do at our location, but few know our name. In most (if not all) instances, it benefits the seller to carry the note in two ways.  First, you can ask for more when you're carrying the note.  Second, it reduces taxes so you don't have to show a big chunk of income all in one tax year.  We are still carrying the $303K note which will end in May 2020.  We didn't sell anything but the assets.  No customer goodwill, no customer list, no name, no nothing, just assets.  We were only able to get 3X the new replacement value of the assets because we carried the note.  If you own the building, that's a separate matter. IMO, monthly rent should be at least 1% of the current value of the building.  We started charging $11K/mo. but by the time the lease is up in 5 more years, it will be $13K/mo. NNN in real estate talk which means "triple net" or that the tenant pays for the building's insurance, property tax, and maintenance.  Our building is our retirement, not the sale of the business.  It will be paid off in 4 more years.  (  whew! [̲̅$̲̅(̲̅ ͡° ͜ʖ ͡°̲̅)̲̅$̲̅]  ) For those of you who didn't plan your retirement like my wife and I, let me explain.  My wife and I married 13 years ago and at which time, neither one of us had much in retirement to bring into the marriage.  We started the business in Oct. 2008 and when the 5-year lease came up for renewal in 2013, we bought the building through a mortgage company, though it was an owner financed mortgage.  I, being 58 at the time decided to do an accelerated mortgage which meant a 10-year mortgage = $High Payment$.  We are currently not making a dime on the rent, but are driving down the principal.  Between now and Nov. 2023 we are still working (more on that later) and plan to fully retire at that date.  So, my advice is to beg, borrow, or steal to buy your building because that's the only real retirement (except in rare cases) you'll have with a single-location shop. If you have any questions or need further clarification either respond to this post or my contact info is below: J. Larry Bloodworth, CMAT 12529 Minuteman Dr. Draper, Utah 84020-9541 [email protected]  (214) 347-7788 [O]  (214) 473-5563 [C]  
    • We have an automated CRM system built into our platform that also allows you to export your customer data to MailChimp and run your own CRM campaign through that.    In 2020 we have initiatives planned that will give our business users more flexibility and more custom CRM functions.    For now:   It keeps your customers up to date with everything related to their scheduled service. It keeps your customers in the loop while it in your hands for service. Including sending them the estimate for their service so they can review it.  It allows your customers to authorize it through our customer app or through our web portal.  It notifies your customers of any changes as well as when the service is completed.    You can communicate with your customer through the platform. Sending them messages that are delivered right to the app and/or email.    It automatically follows up with customers 3 days later to ask them to rate the service and provide you with feedback.    This is included in our shop management system and is the standard in what we offer in our most basic of plans. 
    • @3PuttFever How do you plan on introducing this new pay plan to your techs?  Meeting with all at the same time or individually?  Do you have concerns about your Sr tech leaving? Or even a Jr tech leaving?  What amount of billable hours does the higher rate kick in?   Reason I'm asking is because I have similar situation that's been going on for a while now.  Complacency, you need me, I can do what I want attitude.  I would like to keep this tech on my staff, but need a strategy to address him.  
    • He had been working with his accountant for 6 years. That’s over $134k in over-payments. The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference! I am offering free tax planning assessments to all group members. Where we will look at:  Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review  Message me direct or book your slot on my website. View full article
    • You need to get Garage Keepers insuance ASAP - I don't know if anyone on this forum can help with that; expect to say that you need to protect yourself. Make this today's main and only goal. That's my opinion. 


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