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[Podcast] RR 423: Shop Talk 10 – Sold My Business – What’s Next?


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Ron Haugen – Sold his business Westside Auto Pros, Des Moines, IA. Ron is consulting and teaching.

Dick Jobe – Former shop owner, Downtown Import Service. He was known as Dr. Volvo. He now owns Machine Head and he is making metal art.

Doug Stoll – Retired. Past owner of Susquehanna Auto Clinic and The Auto Clinic. Now a part-time coach for Elite Worldwide. A co-founder of Vision.

Jerry Holcom – President of Mid West Auto Care Alliance (MWACA) and owner of S & S Service in Kansas City, MO. A co-founder of Vision.

 

Key Talking Points
  • Succession plan- need to plan aheadIt’s worth what it’s worth- business is worth cash flow not assets
  • Common mistake- last 5-6 years of owner’s career they do not want to spend money/send employees for training. Declining business because they are not aggressively growing it and subsequently will not worth as much when want to sell
  • You’re either going to die or retire- be in control of your retirement, plan when and set yourself up for life after business. Don’t let a life event plan it for you. 
  • Future in industry Cost of business increasing
  • More specialization due to technology
  • Consolidation
  • Business coachEstablish and fund budget for annual equipment purchases
  • JerryHolcomNot retired but his friends on the podcast are!
  • Loves going to work at shop still
  • Doug StollHad a goal to retire at 50. He made that goal. Sold business in 2003
  • Avid golfer
  • Business coaching part-time
  • Dick Jobe“Dr Volvo”
  • Before sold business went back to school and got a degree in machine tool technology and advanced welding
  • www.machineheadkc.com– mentor interns and help them grow
  • Started making artistic work
  • Ron HaugenSold business in September 2018
  • Business coaching part-time and living the dream in Mexico

Resources:

  • Thanks to Jerry Holcom, Doug Stoll, Dick Jobe and Ron Haugen 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.
  • Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.

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Click to go to the Podcast on Remarkable Results Radio

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  • Have you checked out Joe's Latest Blog?

         2 comments
      I recently spoke with a friend of mine who owns a large general repair shop in the Midwest. His father founded the business in 1975. He was telling me that although he’s busy, he’s also very frustrated. When I probed him more about his frustrations, he said that it’s hard to find qualified technicians. My friend employs four technicians and is looking to hire two more. I then asked him, “How long does a technician last working for you.” He looked puzzled and replied, “I never really thought about that, but I can tell that except for one tech, most technicians don’t last working for me longer than a few years.”
      Judging from personal experience as a shop owner and from what I know about the auto repair industry, I can tell you that other than a few exceptions, the turnover rate for technicians in our industry is too high. This makes me think, do we have a technician shortage or a retention problem? Have we done the best we can over the decades to provide great pay plans, benefits packages, great work environments, and the right culture to ensure that the techs we have stay with us?
      Finding and hiring qualified automotive technicians is not a new phenomenon. This problem has been around for as long as I can remember. While we do need to attract people to our industry and provide the necessary training and mentorship, we also need to focus on retention. Having a revolving door and needing to hire techs every few years or so costs your company money. Big money! And that revolving door may be a sign of an even bigger issue: poor leadership, and poor employee management skills.
      Here’s one more thing to consider, for the most part, technicians don’t leave one job to start a new career, they leave one shop as a technician to become a technician at another shop. The reasons why they leave can be debated, but there is one fact that we cannot deny, people don’t quit the company they work for, they usually leave because of the boss or manager they work for.
      Put yourselves in the shoes of your employees. Do you have a workplace that communicates, “We appreciate you and want you to stay!”
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