Quantcast
Jump to content


Have business, will retire (or maybe not)


RETIREMENT QUESTION  

16 members have voted

You do not have permission to vote in this poll, or see the poll results. Please sign in or register to vote in this poll.

Recommended Posts

Great Tire Deal
  • 3 months later...

Retirement planning is important, but what many shop owners fail to do is plan for the sale of their business. If selling the biz is a big part of the retirement plan, as is mine, then you need to make sure the biz is making maximum net profit without YOU. This means growing and structuring the business so it functions with minimal input from you.

Currently, I'm the shuttle driver and coach for the guy I just put in as GM. Soon to be just shuttle driver. Replaceable with zero impact on the business = a sellable business.

  • Like 1
Link to comment
Share on other sites

Many years ago I created the goal that when I am 62 years of age I can lock the front door and auction off the whole thing. Now keep in mind if I can afford to do that anything above and beyond is gravy.

 

I do agree with Anderson above, take yourself out of the equation and you will have a saleable business. To count on what you think your business is worth or will be worth when you want to retire is....um.....risky.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Available Subscriptions

  • Have you checked out Joe's Latest Blog?

         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
  • Similar Topics

    • By nptrb

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By carmcapriotto
      In this episode, Hunt tackles the pressing issues facing the housing market in 2024, discussing the impact of interest rates and the real affordability of homes.
      • Interest Rates Surge: Exploring how doubled interest rates are drastically affecting monthly payments.
      • Affordability Crisis: Delving into how rising home prices are outpacing income growth, making home ownership a distant dream for many.
      • Economic Insights: Analyzing the mismatch between the growth in home prices and stagnant wage increases.
      • Future Risks: Assessing potential market corrections and their consequences on homeowners and the economy.
      Thanks to our partners, NAPA TRACS and Promotive
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
       
      It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
       
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Get a copy of my Book: Download Here
      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio
    • By Changing The Industry
      The Biggest Reason Why Small Auto Repair Shops Fail
    • By carmcapriotto
      Join Hunt in this important discussion about financial planning for auto repair shop owners. This episode explores why breaking even isn't enough and how to set financial targets that ensure long-term business health and growth.
      • Understanding Break-even: Why merely covering costs can jeopardize business sustainability, and how to calculate real financial targets.
      • Strategic Planning Tips: Learn conservative financial planning techniques to safeguard your business against unexpected downturns.
      • Team Communication: The importance of setting clear financial goals and maintaining transparency to motivate your team.
      • Actionable Financial Advice: Step-by-step guidance on setting sales and profit targets based on your gross profit percentage.
      Thanks to our partners, NAPA TRACS and Promotive
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Get a copy of my Book: Download Here
      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio
    • By nptrb

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.



  • Our Sponsors



×
×
  • Create New...