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[Podcast] Financial Help For Your Team [THA 177]


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https://youtu.be/pMFPfdOzT0Y

Danielle Bohlman is an owner with husband Brett of Highway 7 Service Center in Newell, IA. Find Danielle’s other episodes HERE.

Dave Martin is the Owner and President of Martin’s Auto Repair in Phoenix, AZ. His automotive career began pulling weeds on the shop property then as he got older Dave moved into a station helper and gas attendant. Dave then became the shop manager before taking over the family business from his father in 2006.

Dave married his wife Bo in 1992 and they have an adult daughter, Qamree. Dave bowls, plays over the line baseball, and is a passionate football fan, proudly supporting his lifelong favorite team, The Dallas Cowboys.

Dave was born with Spina Bifida and wants to help others affected and increase public awareness. Elected as Chairman of the Board for the Spina Bifida Association of Arizona in 2012 and has been involved of in its growth through events and fundraisers. Dave also volunteers as a speaker to community organizations and young adults showing how he doesn’t let Spina Bifida keep him from his goals. Find Dave’s other episodes HERE.

Frank Scandura, Franks European, Las Vegas, NV started working on cars as a teenager in upstate New York and moved to Las Vegas in 1988. After years of writing service for Mercedes, he opened Frank’s European service in 2001 and grew to a 12,000-square foot, 10 bay shop in the northwest part of Las Vegas, not far from the famous Strip! He has 15 team members and is partnered with his wife Deborah. From his first immersion, in the business, pumping gas at 15 years old in Orange County New York, to writing service at a Mercedes dealer in Las Vegas Frank Scandura shares his business acumen and offers insights and trends on leadership as a business coach. Frank’s previous episodes HERE.

Drew Horton is a Technician from HWY 7 Service Center in Newell, IA

Key Talking Points:

  • 78% of Americans live paycheck to paycheck - 50% worry about it.  
  • It is a spending problem not an income problem. When people get nice raises over time they never pull out of their spending habits because they always spend more than they makeMany cannot see beyond their next paycheck
  • The amount of pressure at work is high whey you can’t pay your bills and is much less when you have a handle on your spending
  • Many don’t know where their money goesWhen they list what they spend their money on it is an eye-opener
  • Part of the problem is financial institutions offer credit cards, a line of credit, loans. 
  • You can get a car loan for 84 months. That is the only way an affordable monthly payment can be made
  • Shop owners need to share financial responsibility with their people. It is not normal to live paycheck to paycheck
  • Dave was giving an advance on their paycheck and that didn’t help them. He eventually stopped it when he sent his people to Dave Ramsey’s Financial Peace seminar. Find it on the Books Page Here
  • Drew’s marriage is improved as they went through the class last February.They are happier now that they have a money management discipline
  • Frank: A couple with $10K in debt and no savings are twice as likely to get divorced and a couple with $10K in savings and no debt
  • A Ramsey quote: Live like no one else to later you can live and give like no one else
  • As a couple, you need to have one goal as it relates to money
  • Sure use credit cards but you must pay them off every monthCredit card interest and fees is highest you find anywhere
  • In the financial world, there is the FICO scamYou have to have a good credit score scam
  • People borrow to increase their credit score. The dichotomy
  • What are we overspending on?The little things. It all adds up and you do not realize it
  • If you are looking for credit card incentives you tend to spend more
  • People spend money to feel comfortableKeeping up with the Jone’s
  • Thirsty? Spend $4 at Starbucks
  • Going to dinner makes you feel comfortable
  • BOOK FRANK MENTIONED???The Millionare Next Door Find it on the Books Page Here
  • How to start!You don’t have to be great to start you have to start to be great
  • Find the discipline
  • You can climb out, but you’ll need help and gain a commitment to the end
  • Do things tougher as a team to get through your financial strugglesWork together to see debt disappear
  • Similar goals as a couple
  • When Drew and his wife pay off a debt they do it together
  • Dave Ramsey says: If you are broke you can’t help anyone else
  • It is easy to fall of track. It is a mindset, but you can fall off. It requires a strong discipline. It is worth it to continue the lessons to keep you tuned in.
  • DaveRamsey.com can get you started
  • A budget is a big part of financial peace. A budget tells your money where it is allowed to go before it is gone
  • Stop being sick and tired being sick and tired
  • Invest in your people. Pay for a Dave Ramsey class. 

Resources:

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  • Have you checked out Joe's Latest Blog?

         0 comments
      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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