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[Podcast] Aftermarket Acumen Part 5 – Succession [RR 512]


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Donny Seyfer the executive officer of NASTF (National Automotive Service Task Force) and Partner in Seyfer Automotive in Wheatridge, CO. Listen to Donny’s previous episodes HERE.

Jeremy O’Neal President and lead sales trainer for Advisorfix, began his career as a Service Adviser and moved into Service Management at the dealership level for VW, Audi, and Porsche. He consistently placed in the top 3% of Service Advisors across the nation.

With a passion for helping others, Jeremy started coaching Service Advisers in 2007. Jeremy also owns an independent auto repair shop Freedom Auto Repair in Hesperia, CA. Previous episodes HERE. Link to Advisorfix HERE.

Danny Sanchez is owner and founder, of Auto-shop Solutions and grew up spending countless hours working around his dad’s auto repair shop in California, eventually taking over and running the business himself. Auto-shop Solutions started in 1998 when Danny founded Auto Web Solutions.

The Internet was starting to take off, and Danny took great interest in the powerful marketing benefits it could provide. As a successful shop owner himself, Danny used Auto Web Solutions to consult with other repair shops on their business practices and web presence.

In 2005, when Google launched Ad Words and changed its search engine to favor local businesses, Danny saw a huge opportunity for the automotive industry to draw more clients from the Internet. With just a handful of clients and a few websites, Danny built the foundation of his company – quality, affordable, automotive websites and Internet marketing solutions, designed exclusively for the auto industry. Check Danny’s previous episodes HERE.

Jim Silverman is the Director of National Accounts for ATI Automotive Training Institute. Listen to Jim's previous episodes HERE.

 

Talking Points:

  • Danny SanchezSo many shop owners’ succession plan is to close the doors. It is sad to see
  • There are many shop owners willing to sell that opens up opportunity for growth to a multi-store operation
  • Donny SeyferIf your exit plan is that they are coming to take me away in the ambulance
  • If you don’t plan you’ll lose successors
  • If the business can’t be run by anyone else, then you have to rethink your priority
  • It takes a small workforce to fix big problems.It takes experiential knowledge and the proper tools
  • Own the fleet as a transportation company. Work on your cars
  • Repair vehicles that are in the Touro program
  • ADAS calibration center will need a collision feed, the right location, training and a larger investment in calibration tools/equipment. There is a window of opportunity to get in 
  • Jeremy O’NealFix the car right the first time
  • What are your most profitable jobs? Market to them
  • Jim SilvermanWhen do you want to retire?
  • If you want a premium for your hard work. Look for about 2 to 3 times EBITDA (Earning Before Income Tax Depreciation and Amortization)
  • Have you told your successor that you plan on them taking it over?
  • You need a succession plan for your succession plan
  • Every interview you make should have a successor in mind
  • Standard Operating Procedures must be created and followedAlso, create an SOP to keep the business going. Passwords. Taxes paid. Payroll done etc
  • Hire a successor that is better than you
  • Business model: Rent some bays at an office building parking ramp

Resources:

  • Thanks to Donny Seyfer, Jeremy O'Neal, Jim Silverman and Sara Fraser, and Danny Sanchez for their contribution to the aftermarket’s premier podcast.
  • Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
  • Love what we do, buy a cup of coffee HERE.

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This episode is brought to you by AAPEX, the Automotive Aftermarket Products Expo. AAPEX represents the $740 billion global automotive aftermarket industry and has everything you need to stay ahead of the curve. With 2,500 exhibiting companies, you’ll see the latest products, parts, and technologies for your business. As a result, the event also offers advanced training for shop owners, technicians, warehouse distributors (WDs) and auto parts retailers, as well as networking opportunities to grow your business. AAPEX 2020 will take place Tuesday, Nov. 3 through Thursday, Nov. 5, at the Sands Expo in Las Vegas. Therefore, more than 48,000 targeted buyers are expected to attend, and approximately 162,000 automotive aftermarket professionals. They will be from 135 countries which are projected to be in Las Vegas during AAPEX 2020. For information, visit aapexshow.com

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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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