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Our industry has many shop owners well into their 60s and 70s, some even older.  For many, they have taken a secondary role and have handed the business off to a younger family member. For others, they know that there are more years behind them then in front of them and planning their exit plan or succession plan.

A question for all the senior shop owners out there.  What are your plans for future?  Sell the business? Keep it in the family? Continue to work as long as your can?  Or something else?

 

 

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We are starting to work on a plan to start gradually transferring ownership to my operations manager. It will be a gradual buy in since I have no need to fully retire from the business, I don't work that much now and fully enjoy the process of owning and managing the shop overall. When the ownership transfer gets close to 50%, 10+ yrs or I croak before then, there are banks that will gladly finance the rest of the buyout at reasonable terms. I have a banker in my BNI group that would gladly make that loan. We are well on the way to having all of our processes and procedures written down, one of our goals for this year, and have already finished our employee handbook and our safety manual. Next is getting the buyout down on paper and a valuation formula determined.

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  • Have you checked out Joe's Latest Blog?

    • By Joe Marconi in Joe's Blog
         4
      Typically, when productivity suffers, the shop owner or manager directs their attention to the technicians. Are they doing all they can do to maintain high billable hours? Are they as efficient as they can be?  Is there time being wasted throughout the technician’s day? 
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      Maintaining adequate production levels is the responsibility of management to create the processes that will lead to high production while holding everyone accountable. 
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