RW conference in Sept, anyone going?
Similar Forum Topics
December spells the end of 2018, and hopefully you're wrapping up what was a fantastic year for your auto repair shop and business. Now… it’s time to start thinking about how to make 2019 an EVEN BETTER year. (Heck, let’s go ahead and plan on making it your best year ever! Right?) By attending for this special Live Online Webinar, you're going to get the proven 4-step process that will practically GUARANTEE 2019 to be a blow-out success for you. With these four steps, you’ll be able to… 👉 ==> DOUBLE your take-home pay (Yes, that’s not a misprint. I’ll show you how.)
👉 ==> Magnetically attract more (and even better!) customers to your shop
👉 ==> Easily sell your services at higher prices than your competitors
👉 ==> Find, hire, and keep that elusive tech you’ve been searching for
👉 ==> Put the fun back into running your shop! If you're interested... there is absolutely ZERO cost to attend this training. All you'll need is 45 minutes of your day set aside in order to watch this webinar live. For the dates, times, and registration details, CLICK HERE
- 0 replies
- 35 views
Hi, everyone I just opened an auto repair shop about 4 months ago, but I'm still working my full time job as a tech therefore I open the shop from 4 pm until 9pm M-F and 8-5 on Saturday. I'm starting to build customers but most are from referrals and neighbors I don't get much traffic cars. I'm starting to think that the hours I'm open don't really work for the auto repair business seems like after 6 everything dies. Has anyone worked this kind of hours or what do you guys think about this odd hours.
- 20 replies
- 1,718 views
If you are going to the Ratchet and Wrench Conference next week, I will be there to kick things off as the Key Note Speaker on the first day. I will also be making a presentation; Charging for Diagnostics on Friday, Sept 21. If any member is attending the conference, please let me know and hopefully we can meet. Here is the link to the conference: https://www.ratchetandwrench.com/articles/5651-ratchetwrench-announces-details-of-2018-management-conference Thank you, Joe Marconi
- 0 replies
- 107 views
Article: The Ghost Mechanic - those mechanics that seem to leave evidence of their bad work that you find... or was it a mechanic after all?The Ghost Mechanic Creepier things have happened, but rarely do things go without an explanation. This time around it’s the mystery mechanic who seems to have been working on this guy’s car, or maybe not. Maybe it’s that ghostly mechanic who haunts people’s cars on quiet neighborhood streets in the middle of the night. You know, that guy who leaves nothing but telltale greasy finger prints or unattached wire harnesses, or even loose bolts where loose bolts shouldn’t be. This job was no exception to the antics of the invisible mechanic’s handy work. It’s a mystery worth solving. A Chevy HHR was towed in for a no start condition. It wasn’t exactly a no start; it was more like a poor starting/running condition. When it would run, the poor thing sounded like it was on its last trip to the garage and its first trip to the salvage yard. Trying to beat it to its last ride on the tow truck, I hooked up the scanner to see what inner mysteries were present. Code P1682 (Ignition 1 switch circuit 2), but I wasn’t done yet. Time to do a complete health check on all the modules. Sure enough, the ‘U’ codes were off the charts. Seems we have a lot of low voltage codes causing a problem. A quick check of the wiring diagram showed the power led to a voltage input lead for the PCM, TCM, and several other circuits that would definitely lead to a rough, hard to start, non-cooperating HHR. This may turn out to be a simple problem after all. Could be wiring, a component, or perhaps a fuse box problem. A quick glance at the fuse box didn’t reveal much, but I should probably take a closer look at that fuse box. Maybe go as far as physically checking the actual fuse circuit. Hmm, something is amiss here. The fuse is good, but the fuse is in the wrong slot. The slot that it’s in should be an empty slot. Seems somebody was fooling around under the hood and didn’t put the fuse back correctly. Might as well try moving the fuse back to the proper location. Well, imagine that, this old HHR starts right up! OK, it’s not running the best . . . yet. Do a little throttle relearn and it runs as good as new. After rechecking the related circuits for any damage, or out of place items I gave the HHR the once around the block test. Runs great, sounds great, no warning lights, no unusual noises, seems fine to me. I guess I’ll write up an invoice on this job and call the customer. As I closed the hood, the telltale greasy hand prints from the last guy who was under the hood were everywhere. I think I spent as much time cleaning this guy’s hood as I spent diagnosing the problem. I gave him a call and explained to him, as best I could, what I had found. Although, I did have that one nagging question regarding who had worked on the car previously. I really wanted an answer to that question. "NOBODY" … are you serious? That’s when I explained the entire repair all over again. Between the greasy finger marks on the hood and fenders, and the fuse in the wrong place, I’m afraid I’m not going to buy the story that the mysterious ghost mechanic has struck again. His only explanation came down to the whole thing must have been a poltergeist or something. Or ‘someone’ not ‘something’ is a better way to put it. I’m not buying the ghost mechanic theory. At this point, he seemed to be more intent on finding out the final bill, and not so much on solving the mystery of how the fuse mysteriously moved into a different slot. But, before I gave him the total, I recommended he perform an exorcism on his car, since ‘NOBODY’ has been touching it. His response, "How much more will that cost me?” Seriously? Now, I’ve been asked to do all sorts of things to a car, like put a helicopter landing pad on the roof, remove a varmint from behind the dash, or turn a Prius into a tow truck, but I don’t think I’ve ever been explicitly asked to do an exorcism on the family truckster. Actually, I’m starting to put this whole thing together. The mystery mechanic is none other than this guy himself. His answers to certain questions, and how he told his story were a dead giveaway as to who the ghost mechanic was. I swear some people just can’t be honest and admit when they’re beyond their learning curve. We both might have had a good laugh over the whole thing, but instead this guy wants me to drop the price in half, since it was such an ‘easy’ repair and all, and ignore the whereabouts of this seemingly ghostly apparition with the mindless ability to screw up the family car. But, since this guy wouldn’t own up to it, even with the evidence of his very own greasy paw prints, he’s in for a lesson of honesty, awareness of his own abilities, and how to pay for a professional diagnosis. It’s just another case of the mechanic solving the mystery of the proverbial ghost mechanic. Debunking wives’A tales about the modern automobile, supernatural occurrences under the hood, and apparitions that seem to move fuses around is just another duty of the modern mechanic. Oh, and don’t think you’re the first person who’s tried the ghost mechanic as your method of passing the blame… you’re not. Every good mechanic has performed their fair share of exorcisms in the past and have seen the results of the mystery mechanic and his endeavors. We know who you really are.
View full article
- 2 replies
- 301 views
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
- 0 replies
- 240 views