We now have a nice tool available to all premium and platinum members under the tools menu, where you can view labor rates entered by our members on an easy to use map, similar to our member map. This is designed to give you an idea of where you are vs the market in your area. As you zoom in, the circle averages open up to more specific areas.
If you aren't currently a subscribed premium or platinum member, you can upgrade here.
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I currently employ a mechanic and friend who has been with me for about 20 years. He was formerly a transmission rebuilder, but we have switched to mostly reman units and have no need for a rebuilder. His pay has remained the same despite his value declining. I am currently paying him roughly $100,000 a year. The problem i'm having is that his skill set is not near that pay level anymore. He does light diagnostic and basic managerial work, but I am not confident enough for him to run the shop for more than an hour. With the current state of the industry our numbers have gone down a bit over the last two years. While still being profitable, I can't help but think about the extra income that would be available by terminating this employee, I just dont know how to do it. Any advice on how to do this? I like him as a person and have known him a very long time, but I feel his is paid about twice as much as he is worth. Any help wouldbe greatly appreciated.
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By Mark Johnson
According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably.
This is how it should look:
By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings)
By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings)
By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings)
The Times also reports that less than 13% of Americans have a pension or a solid retirement plan.
How does your situation looks? Are you on track to retire comfortably?
If not, no need to panic.
We can guide you in getting there.
If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires.
Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly.
This amount alone could easily be used to fund your retirement plan.
When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings.
To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.
By Mark Johnson
He had been working with his accountant for 6 years. That’s over $134k in over-payments.
The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference!
I am offering free tax planning assessments to all group members.
Where we will look at:
Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review Message me direct or book your slot on my website.
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By Joe Marconi
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?