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  • Similar Forum Topics

    • Workshop for service writer training?

      Anyone know or recommend a company that offers a 3-5 day workshop to train a service writer/manager to learn how to SELL and manage tech workflow? Not looking for a consulting firm wanting thousands of dollars. We have an awesome personable approachable person who was one of our techs and wants to move up front but needs help. Thanks so much for your input

      By babyhydro, in Workflow Management

      • 14 replies
      • 1,399 views
    • High Performance Workshop In Chicago! (Customizable To YOU)

      Let me ask you a few questions about your year to this point… Has 2018 been the killer breakout year that you hoped for? Are you still tired of not having enough quality car count in your shop every day? Are you wondering why you’re working so hard, yet not making the money you should be making? Is the endless ‘feast or famine’ of this business driving you nuts? Are you frustrated with running around your shop all day putting out fires – instead of getting any ‘real’ work done? Are you ready to get a proven plan handed to you on a silver platter that will help you attract an endless supply of customers, crank up your profits, and get your shop running in tip-top shape – while working fewer hours than you’ve ever worked before? If so, you’ll want to do everything humanly possible to clear your schedule and join us at the upcoming High Performance Workshop (August 18th & 19th)
      - UPDATE: EVENT HAS PASSED. CLICK HERE TO WATCH AN EXCLUSIVE SALES TRAINING You’ll be exposed to the TRUTH about what it takes to be successful in today’s environment from an actual million dollar shop owner. This workshop is a 2-Day LIVE intensive training where we take you by the hand and walk you through every step of what it takes to run a KICK-BUTT, smooth running, and HIGHLY PROFITABLE repair shop! Click here to learn more and register today! Ron

      By Ron Ipach, in Shop Management Coaching, Business Training, Consulting

        
      • 0 replies
      • 195 views
    • Mitchell Software Pricing

      Just wondering if I was the only fool who signed up for Mitchell 1 at $149 per month, only to realize that this was an "introductory" offer for 6 months and the price then jumps to $219 monthly. My sales person didn't make this clear at the time I signed the contract. Just wondering if anyone has had a similar experience.

      By spenceauto, in Management Software, Web Sites & Internet

      • 3 replies
      • 865 views
    • Article: How Much Is Your Shop Worth?

      By Bob Cooper If you speak with most shop owners they’ll tell you that they think their shop is worth x amount of money. Ask them how they came up with that number, and they’ll tell you it’s based on what they heard another shop sold for, or it’s predicated on their annual sales. But if you really want to know what your shop is worth, first of all, forget everything you’ve heard about “goodwill” and the fact that you have thousands of names in your database. That’s icing on the cake, but it’s not something a buyer can take to the bank. And although there is some value associated with some franchise names, there are two things that are most important to a buyer: the “tangible assets” and the “income history.”

      Tangible assets are things like real estate, cash in the bank, secured receivables, inventory and equipment. To put it another way, these are the assets that buyers could turn into cash if they had to. When you’re establishing the value of your inventory and equipment, bear in mind that the actual appraised value may very well be far less than what you originally paid. So tangible assets are always number one. 

      In regard to “income history”, we all know that past performance is no guarantee of future performance, yet the substantiated income history of a company is what buyers can use to forecast earnings. And don’t forget: The amount of money the “company” made does not include any income you’ve drawn out of the company as a salary. The company’s income is the amount remaining after all expenses, including your salary, have been considered.

      So imagine you’re looking to buy a shop, and let’s say the tangible assets are worth $400,000. In addition, let’s say the shop has a history of generating $100,000 in annual income after all expenses, and let’s say the owner has been drawing a salary of $80,000. So if you were to buy that shop, how much would you be willing to invest? Well, only you can answer that question, but I hope you take these 6 points into consideration:

      1. If you were to liquidate after you purchased, how much could you sell the assets for? I call this the “street value” of assets.
      2. How long has the company been in business, how long have the key employees been with the business, and what’s the probability that these key employees will stay on once you buy?
      3. What is the probability of the company continuing to earn the same $100,000 in annual profits, and for how long?
      4. In regard to the $80,000 salary the owner was taking, would you be willing to do what he or she does for the company for the same amount? Or will you be able to hire someone to do that job for the same or less?
      5. If you were to invest the same amount of money in any other business or investment vehicle, would you receive a better return?
      6. What are the terms of the purchase price? You may be better off to pay a higher price in return for a lower down payment, good financing rates and a non-compete.

      So, how do you establish the value of your business? Not by the icing (goodwill and number of names in your database), but by looking at it through the eyes of both a banker and a buyer. Since 1990, Bob Cooper has been the president of Elite, a company that strives to help shop owners reach their goals and live happier lives, while elevating the industry at the same time. The company offers coaching and training from the industry’s top shop owners, service advisor training, peer groups, along with online and in-class sales, marketing and shop management courses. You can learn more about Elite by visiting www.EliteWorldwide.com, or calling 800-204-3548.
      View full article

      By Elite Worldwide Inc., in AutoShopOwner Articles

      • 0 replies
      • 240 views
    • Mitchell 1st Mile

      Anyone have any experience with the new Mitchell 1st Mile program? Looks intriguing.

      By FNGJWS, in General Automotive Discussion

      • 3 replies
      • 592 views
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  • Similar Tagged Content

    • By Joe Marconi
      Each year at this time I advise shop owners to set aside time to look back at the current year and start planning for the year ahead.  The more due diligence you perform, the more successful you will be.  Below is a short list of things you need to do.  Remember, the time you spend now, will pay off next year.
      Review all your numbers, year to date - Did you hit your goals?  Arrange a meeting with your accountant and review your projected sales and determine any tax implications Speak to your accountant about investing in any end-of-year equipment purchases or any other large purchases in order to save on taxes. Please do not listen to your tool truck guy or equipment reps. Sometimes having cash reserve is much more important that reducing taxes Have a meeting with your key employees; determine what you will need in the coming year and begin to create a budget Set your new goals for 2018 and beyond, both personal and business Create a Wish List, those things your would like to accomplish, both in business and personal - This will help keep you focused  Consider needed future training for all employees Review all insurances: Life insurance, liability, etc. Perform a facility inspection: Identify any needed work, upgrades, OSHA concerns, etc Create an emergency crisis plan in case something happens to you or a key employee; and make sure your loved ones and family have a copy of the plan 
    • By Joe Marconi
      This is not new topic for me, but I need to revisit it again. And I will keep revisiting this topic for the sake of our industry. 
      For independent repair shops to "thrive" today, you must take a proactive approach with regard to business.  If you only want to "survive" you can stop reading now.
      Waiting for the phone to ring, or for cars to breakdown, or for a customer to drive into your shop asking for a repair or service is business suicide. The days of broken cars lining up in front of your bays are over.  Sure, cars still breakdown, but you cannot thrive with a wait-and-see strategy.
      Make sure you perform multipoint inspections on all cars in for any type of service. Yes, any type of service or repair.  Look up vehicle history on all vehicles. Let the customer know of needed services, missed services and services due. And lastly, book the next appointment.   Yes, I know....Joe's been preaching this over and over and it does not work in your shop. Fine, then let me focus on those shops that do book the next appointment.  Because those are the shops that are adopting a proactive approach...and I will see those shops in the future.
       
       
       
    • By Joe Marconi
      One thing I often repeat over and over again is this; "Back in the 1980's, there were three things that made repair shops successful; General Motors, Ford and Chrysler."  Those cars broke down a lot, and there was an endless supply of cars that required a lot of profitable work.
      Well, those days are gone.  Cars today are build better, last longer (thankfully), and have ever-increasing service intervals. Consumers are also conditioned to think that their cars don't need maintenance.  It wasn't that long ago when your customers were coming to you 4 to 5 times a year for service. Now, you are lucky to see those customer twice a year for their routine LOF service. 
      The point here?  You must take a proactive approach and promote preventive maintenance.  You must inform your customers of their next service and any other future service recommendation or repair. You must do all you can to get your customer to return to you. Which means providing the absolute best customer service with quality repairs.
      Even the term "repair shop" needs to redefined.
      Be proactive and you'll be successful!
       
    • By Joe Marconi
      If there is one thing I have learned in my 36 years in business, it’s that people make the biggest difference in terms of success. No matter what equipment you have, or tools or information system. It’s the quality of your employees that will determine your success.
      Think about this. If you were the coach of a football team and your goal was to win the Super Bowl, what would be your first goal?  To assemble the best players possible, a team of superstar athletes. The fanciest stadium on the planet does not win games. It takes great players and a great coach.  And a great coach understands that he needs to surround himself with superstars.
      Your repair shop is no different. If you want to attain great success, it will be achieved not only by your work, but by the work of others around you.  Your success is truly determined by the having the right people and then by bringing out the best in them.  
    • By Joe Marconi
      Source: Some Repair Shops slow, others busy for others. What gives?


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