By Nevil Jay
I'm currently looking into a business acquisition. It's a wheel repair shop based in South California. I have questions in terms of profitability and also, the expenses involved within the business.
I have profit and loss statements of the business. They currently operate 24/7 and have 30-35 employees. I am looking for someone who has experience in this sector that may be able to give me some unbiased advice. I also wanted to somehow come up with a valuation of the business. It operates out of a leased building, but consistently profits the owner a large amount of money. Who should I look for to verify these numbers? Will any CPA be able to understand?
Thanks in advance,
We use Mitchell and I find myself constantly changing the prices that it spits out even though I set up the pricing matrix... Anyone willing to share how they split it up and what figures they use? I want to give a fair price but I also don't want to short myself,
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:
We're in the market for a new scanner and figured I'd ask fellow shop owners their ideas and experiences. I did search the board archives and didn't see much within the past year or so.
We are a general repair shop servicing most anything, according to customer attitude. Any suggestions would be very much appreciated.
Thanks in advance 🙂
Similar Tagged Content
By Oova At Autovitals
The Digital Shop® takes shape in Schools
Lindsay, our trainer extraordinaire went back to school. Not as a student but being a professor for two days at the Career and Technology Center Fort Osage. Based on the initiative of SmartFlow users in and around Kansas City, MO, Bill Lieb, and Bryan Compton – teachers of the Automotive Classes at CTC – AutoVitals provided equipment and training for the next generation automotive technicians.
It has been an honor to support this initiative. The technician shortage and hesitance for new technology by older generation techs make it a necessity to have young technicians equipped with the knowledge about the tools available and how to use them. SmartFlow can not only guide these students to the digital frontier, but also learn about productivity and efficiency that is typically missing in everyday curriculum.
As you can see in the pictures below, the students and Lindsay had a lot of fun with the lab portion of the training. Each group performed digital inspections on their vehicles, and expanded on the importance of documentation and pictures. Four classes in two days showed high school students the opportunity in this industry, both present and future. Professor Lindsay had a blast!
Are you a School interested in taking your Automotive Program to the next level, or know of one? Please use our contact-us form to reach out!
By Joe Marconi
For Mitchell1 and Shop Key users, there will be a workshop in Atlantic City New Jersey. I have been to this workshop and it is a worthwhile event. Below is a link for more info and to sign up.