I have been lurking on this board for a while. I have read a lot of posts and have been shopping for a shop to buy. I have heard and seen so many misrepresentations from existing shops that it's difficult for me to trust any seller's claims.
I would like to have about a six bay shop. So, my question is buy a shop or build a shop? I am very interested to hear any comments from the experienced.
Thanks in advance
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By James Boswell
I am trying to get some real-world perspective on using the Mitchell 1 system. Specifically, I am trying to account for bad debt, but setting it up as a payment type doesn't seem to be a good idea because it shows in my Revenue reporting as a taxable sale. Is there any way to adjust this or is their a best practice for tracking bad debt?
On another note, I would love to be able to chat with someone who has used this system for years and is willing to share some of their best practices in general. Let me know if you might be open to starting a dialogue.
By [email protected]
I have a 2 bay facility that I rent and one employee plus myself. I was quoted about $2346 per year for both general liability and garage keepers from Liberty Mutual(using CoverWallet as the broker).
- General liability was $1,032 per year if paid in full for $1,000,000 limit and $2,000,000 aggregate
- Garage keepers was $1320 per year if paid in full for $75,000 coverage
Does this sound right? I am in the process of getting other quotes but wanted to see if I am in the right ballpark. This is my first time getting insurance for the business and it seems like some places don't want to insure you unless you have history.
Own or rent:
My name is Karla, I had previously owned a 3-bay mechanical repair shop in Burlington, VT for 6 years and built it to maintain an outstanding reputation and provide a comfortable income. I had the opportunity to sell my half of the business and finalized that deal this past fall. I have worked in all areas of the auto repair industry over the past 15 years, graduated from a two-year ASE certified auto tech program and went on to earn my Bachelor’s in business and a masters degree in executive leadership.
I have some capital I will be contributing to the planning and opening of a new shop and am very open to meeting potential partners/investors in all areas of the country. I greatly look forward to building something new in a location new to me.
Anyway, I’d like to welcome all /any interest and to answer any questions about joining forces in shop planning and management. Please do not hesitate to contact me, thanks for considering!