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Renting From The Competition

brian lorenzo

By brian lorenzo
in Running The Shop

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brian lorenzo Rookie

brian lorenzo

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I have an opportunity to rent a 3rd location in a fairly busy area with a lot of potential. Problem is the current shop that is there owns the building and is moving 3 1/2 miles down the road will be the land lord. 


Is this a good idea? anyone else have this situation?

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sheltrens Rookie

sheltrens

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Why are they allowing it to be competition. Why don't they rent the building to be something other than auto repair. I mergered with the shop a block down the street. My old building will never be an automotive shop again while I am alive. 

For you it sounds like a decent opportunity. 

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Wheelingauto Collaborator

Wheelingauto

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Just keep in mind one day down the line they could shut you down. I have a good friend who is in the same situation, he rented a building from the competition, the lease finally ran out and as it did they declined extending it since they wanted to expand to that location. Luckily he negotiated a buy out per say and since he is near retirement it is his way out. Not the best scenario but it worked out for him. I would suggest if you proceed you go with this knowledge and structure a lease that favors the tenant with possible purchase terms spelled out down the road.

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    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
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      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.

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