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ISO a well-run shop to purchase

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spanner Newbie

spanner

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Hi all, 

First time poster and glad to be here.

I'm a 40 something entrepreneur not currently in the auto repair business but I've been exploring shop ownership for several years.

Unfortunately, I've come up short using traditional business brokers to find a shop worth purchasing. To date, all that I've looked at have been overpriced and/or have some serious issues.

As shop owners and managers, do you have any tips for finding a solid, well-run general auto repair shop (EBITDA/SDE of $250k-$2MM) to acquire?

I would be grateful for any insights.

Thanks,

Mike

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autoguy Rising Star

autoguy

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On 5/25/2020 at 2:16 PM, spanner said:

All, Thanks for the tips and offers.

I'm focused finding a shop in Central Texas for the foreseeable future.

The journey continues!

 

 

Any luck? Buy a piece of property in a good area and put up a steel building! Hire some good techs and build it from scratch. Build where and how you want for the long term and own the property.

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JustTheBest Rising Star

JustTheBest

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In today's economy, my choice would be finding the shop owner looking to retire or get out of the business. I understand your review of EBITDA, but if you can, go for the list. The money is ALWAYS in the list. 

Hope that helps!

Matthew
"The Car Count Fixer"

P.S.: How a shop owner generated an extra $22,470 in the middle of a lockdown!

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      Raising Labor Rates and Prices May Not Achieve Profitability
      By Joe Marconi in Joe's Blog
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      Most shop owners would agree that the independent auto repair industry has been too cheap for too long regarding its pricing and labor rates. However, can we keep raising our labor rates and prices until we achieve the profit we desire and need? Is it that simple?
      The first step in achieving your required gross and net profit is understanding your numbers and establishing the correct labor and part margins. The next step is to find your business's inefficiencies that impact high production levels.
      Here are a few things to consider. First, do you have the workflow processes in place that is conducive to high production? What about your shop layout? Do you have all the right tools and equipment? Do you have a continuous training program in place? Are technicians waiting to use a particular scanner or waiting to access information from the shop's workstation computer?
      And lastly, are all the estimates written correctly? Is the labor correct for each job? Are you allowing extra time for rust, older vehicles, labor jobs with no parts included, and the fact that many published labor times are wrong? Let's not forget that perhaps the most significant labor loss is not charging enough labor time for testing, electrical work, and other complicated repairs.  
      Once you have determined the correct labor rate and pricing, review your entire operation. Then, tighten up on all those labor leaks and inefficiencies. Improving production and paying close attention to the labor on each job will add much-needed dollars to your bottom line.

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