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Buying and Selling your Auto Shop Business

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  1. New Repair Shop, Partnerships, Bank Loans

    Buying a repair shop? Creating a new company? Partnership problems? Adding more locations? Have a business deal you would like to discuss? Business Plans, Bank Loans, Real Estate.

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  2. Exit Strategy, Retirement, Selling Your Repair Shop

    Ready for retirement? Do you have a plan? Selling your auto repair business? What is your exit strategy? Building a plan for retirement.

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    • https://www.youtube.com/watch?v=p8wpfQsyk18 Mike Gorton, Evans Automotive, Pensacola, FL Darin Ode, Ode Auto Repair and Tire, Warren, MI- Darin's goal is to build a successful repair facility built on compassion for customers and employees by treating them like family. He plans on passing his company to its 3rd generation, his stepson Armando. Darin started working in the family business when he was 14 years old. Chris Cotton, Auto Fix SOS, Business Coach- Chris Cotton has been in the customer service industry for over 40 years and has been in the auto repair industry for over 25 years. He is a former shop owner that has dedicated his life to helping YOU to get your business where you want it to be and helping you FOCUS on the things that matter to you. Find Chris’ previous episodes HERE.   Key Talking Points Tires-33% of the tires coming through your shops need to be replacedKeep the customer in your shop and doing business with you Marketing- advertising on all platforms Communication- ask the customer about their vehicle needs Shop competition and keep their websites queued on the computer for comparative to gain trusts of new customers Margins Tire matrix- mounting/balancing, road hazard Price everything upfront  Starting tire programFocus on your customers first then build on that Process- identifying tires that need to be replaced, DVI, lean on technology to scan tires (tread depth/rotation/alignment) Tool- Tire Profiles about 3K to purchase and will print out a detailed rundown of each tire scanned Road hazard package- 15% off tire purchase is the cost of warranty A small percentage of comebacks- only around 3% of road hazard income is used to support the program Make tire wholesalers compete with each other to find a supplierProduct knowledge to educate customers about the tires, banners/marketing tools, rebates Seamless communication with customer with their tire experience and an update if the tire fits their needs A special thanks to Mike Gorton, Darin Ode and Chris Cotton for their contribution to the aftermarket. Books Page HERE Listen to all Remarkable Results Radio, For The Record and Town Hall Academy episodes. Facebook   Twitter  LinkedIn   Instagram  Youtube   Email   Mobile Listening APP’s HERE Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE. Buy Carm a Cup of Coffee  This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com This episode is brought to you by Shop Marketing Pros. Your guides are Kim and Brian Walker with a rich history as shop owners and industry veterans. When someone searches for a shop, who are they finding? Your competitors? It should be you! The good people over at Shop Marketing Pros know how to drive website traffic and make Google work for you! www.shopmarketingpros.com Click to go to the Podcast on Remarkable Results Radio
    • Barry Barrett, a Certified EOS Implementer As an EOS Implementor in his company, Business With Purpose brings dedicated support to Leadership and Sales teams in all types of organizations, helping them structure the six key components of their business to make it operate with the best processes for their specific industry, using the EOS Model. Barry’s energy is contagious no matter if he is in a session with a client, giving a keynote address, or rolling up his sleeves in a workshop. Barry is a business coach with his positive mental attitude, incredible work ethic, and determination for excellence, his results-oriented approach is matchless. Barry is driven, caring, and passionate; traits that he uses to help his clients grow their businesses in a positive way. Find Barry’s other episodes HERE. Key Talking Points People- 80% of business issues stem from85% of the world lives in the quadrant “good at their job, but don’t like it.” Find people that share your core values- everyone values things differently, if they don’t share the same core values it doesn’t make them a ‘bad person.’  Kicking vs pulling back- would you rather have an employee you need to pull back vs someone you have to ‘kick?’ Discovering your core values- pick 3 people you admire most in your organization (if you had 100 of them you could take over the world), if not in the organization then 3 people in your life you admire. If you cannot choose 3, then really consider who you surround yourself with and who you hire in your business.    RPRS- right people, right seatRight people- fit the culture and share core values Right seat- get it (born to do the job), want it (want to come to work every day), and have the capacity to do it (tools, time and training)Wrong person, right seat/right person wrong seat Being the right person to implement EOS- love people (if you don’t love people then you can't lead, abundance minded, more afraid of status quo than change ExpectationsUnmet expectations lead to frustration Most owners aren’t clear about their expectations  How is overrated, who is underrated Completing and working a job is easy, finding the right people is hard Having the right people at your business means you can teach them the “what.” “Who Not How” by Dan Sullivan If you have enough money you don't have a problem If you don't have enough time you won't have enough money You can’t make more money by spending more time doing the “what” People that have freedom of time generate more money Thanks to Barry Barrett for his contribution to the aftermarket’s premier podcast. Link to the ‘BOOKS‘ page, highlighting all books discussed in the podcast library HERE. Leaders are readers. Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser, and many more. Mobile Listening APP's HERE Find every podcast episode HERE. Every episode is segmented by Series HERE. Key Word Search HERE. Be socially involved and in touch with the show: Facebook   Twitter  LinkedIn   Instagram  Youtube   Email   Join the Ecosystem - Subscribe to the INSIDER NEWSLETTER HERE. Buy me a coffee NAPA AutoCare’s PROimage program makes it easy for you to make the most of the NAPA brand. A PROimage upgrade lets you maintain your shop’s identity as a reliable, locally-owned business while letting your customers and potential customers know you’re partnering with NAPA, the most recognized and trusted name in the automotive aftermarket. AutoCare Centers that have completed a PROimage exterior upgrade enjoy an average 23 percent sales increase during the first year. You can also choose to go PROimage on the interior and transform your customer waiting area from merely utilitarian to warm and welcoming. You can even get a free look by visting www.NAPAAutoCare.com and clicking on the NAPA PROimage link under the NAPA PROimage tab. Of course, the AutoCare site is also the place to go to find out about all the advantages being part of the NAPA family has to offer. Click to go to the Podcast on Remarkable Results Radio
    • I had the same thing happen to me.  I had my web/IT company figured it out. It took a few days.  GMB is important, get it straighten out. Sorry to hear this. But it does happen. GOOD LUCK! 
    • I don't think shops should consider other shops in their market area when setting prices. In addition, while overheard costs may differ from shop to shop, that should not be the only thing that is considered when setting labor and part margins.  Yes, a shop with a low overhead is different from a shop that has just invested in new equipment and added 3 bays.  However, a job is worth what a job is worth.  And that may mean that the shop with the lower overhead has an advantage and will make more money as compared to a shop with a higher overhead.  But just because a shop has low overhead, does not mean that its will be low forever, and should charge accordingly to invest in the future. If we are to raise the industry collectively, we all need to charge what we are worth.  I hope this makes sense. Great conversation! 
    • I was recently kicked off of Google My Business.... twice.    They delisted me ("... your Business Profile on Google has been suspended because it was flagged for suspicious activity.") and then invited me to reapply ("If you’re sure your profile is compliant, submit it for reinstatement and our team will review your request as quickly as possible.").    No reason was given.  Both times, this happened the day after I responded to a batch of reviews.  Other than review responses, I don't make changes to GMB.  When you are kicked off, you cannot be found with Local Searches!   All reviews are gone.   It's a total wipe-out.   It's stressful. I'm still not 100% positive, but it appeared to happen as a result of me changing my website from HTTP to HTTPS in January.   I had an online marketing company pushing out GMB updates, for hours and basic data.  I forgot about this and updated GMB directly after setting up HTTPS.  The marketing company then reset it to the old website value.  I didn't make this connection until the 2nd suspension.    We updated the online marketing company to have the right HTTPS and 5 weeks later, I've not been kicked off again.    It sure would have helped if they gave some explanation.  They just say:  "Your Business Profile on Google is live"     When it is restored, all data (reviews, etc) is returned as if nothing happened. For reinstatement, they suggest you provide supporting documentation proving that you are real, e.g Sales Tax ID.   For the first reapply, I sent the Tax ID.  For the next one, just an explanation of me talking about reviews.  You can't talk to anyone.  They refuse to provide information to you, so it's best to avoid being kicked off.  
    • Not sure if I have this right, but I read this as.... to remain competitive, I must consider other shops in the area with lower prices.  We can be at the top with pricing, but not way over the top (of the median area pricing).  The median price needs to go up; otherwise, we suffer. Did you know that large apartment complexes update their pricing as often as daily?   They will survey prices in a 10 mile radius and compare their rates against their comparable class (A, B, C, D).   Smaller operators will not have the resources to do such dynamic updates, so their pricing may change less frequently.   Maybe there is a business case for a pricing aggregator service that provides Market research data. I know of a local well respected shop, with low labor rates, because his overhead is low.   He could charge more, but doesn't.  Complacency with earnings?   I know of others that focus on being the lowest cost as a strategy, but can't afford tooling.   Education?   When you are first starting out, your schedule is a giant hole and not worth populating because any and every time will be open.   You don't want to turn any business away.   You are scared that no one else will fill this void.   Then when business starts getting better, you don't want to "rock the boat" with pricing changes for fear of taking a step back.   I think there's a bigger newbie challenge:  How to bill for ALL hours used.   What is the difference between Win Some, Lose Some outliers and we just estimated wrong?  How to tell the difference between technical efficiency and unknown job complexity.  Does the bill suddenly jump to compensate?   Can you explain it to your customer and not look bad?  Or do you just eat it?    These are natural survival instincts.  (I had all of these phobias and I can't say they're gone, but some are repressed!  🙂 )  The best shops have much of this already figured out.   This forum is one such place to learn from other successful leaders. Personally, I see the repair business as a Trust Business.  If you are really Trusted, then, here are the keys.  Fix it.    I sometimes cringe internally when I'm asked about my labor rate, but 99% of the time, they just say, Oh.  My cringing is pointless.  It's not the cost that matters... it is the value received.
    • I am not going to pile on, but I came from outside the industry and I have always believed that if 10-15% of your clients don't walk because "your price is too high" then you aren't priced high enough.  We provide excellent service, and we don't have ANY technicians on staff who have less than 5 years experience in the automotive world.  I HATE giving a quote prior to looking at a vehicle, and it's because every car is different.  Are you recently relocated from NJ with your 5 year old chevy equinox?  It's a rotbox, and I have the spend 3x the labor time to get your rusty crap apart?  That should somehow be MY problem?  Nope.  I have a minimum annual increase, we have the highest labor rate in the area and I am fine with it.  We provide service, above and beyond what that rate reflects, and my front office desk person and myself are full invested in the successes.   Above and beyond the reflection of the area, have you calculated your costs to reflect your profit levels required?  I analyze about 2x a year what we need to be doing to provide for the services we offer, the employee satisfaction and for the best experience possible  I want to make money.  I want to reward my team for their efforts.  I want to save some money for those short months...  But I can't do all that if I am simply looking at my competition and determining what I will charge.
    • I really don't see the need for a AI to handle my conversations.   Customers service is about building a relationship with the client.  I'm telling you no customer wants to talk to a machine.   They want human interaction.  Persoanally want to feel the customers voice and understand their needs.  But you be you.....BTW DVI are also a waste.....customers want a verbal explanation.  Yes we do share pictures.  We have been texting with Riptide for 6 years.  But texting has its own limitations.  Customers still your to explain verbally the cost and reason for the repair....all these other systems are for to masking weak selling technique.  In fairness they may work for a tire store or something like that.... but not a full service auto repair facility.  


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