Quantcast
Jump to content


Recommended Posts

Posted

 

Patrick McHugh always tinkered with ‘stuff’. His dad bought an ’85 BMW. They learned all about that car together. A friend, Eric, had a lift and was a BMW person who helped Patrick and his dad learn everything about the CAR.

At 15 years old he started working in an airport, doing odd jobs, to earn credits to learn to be a pilot. He soloed at 16 years old. The day before college he got his pilot’s license

Patrick attended Purdue University where he studied aeronautical technology. He kept flying and earned his instrument license and became an instructor. He loves to teach.

As fate would have it, he became a pilot upon college graduation from Trans State Airlines a regional carrier for United. He was based in Richmond Virginia. With normal pilot downtime, he continued to tinker with BMW’s.

He discovered that being a pilot was not for him, so he went into avionics and shade tree work at home. There were too many cars in the driveway, so he had to decide to stop or go into business.

Bimmer Rescue was created in 2008 in Richmond Virginia and generates a big portion of its business through referrals. They earn their business through their professional service and attention given to each customer.

Patrick’s goal is to develop a relationship with BMW, Mini, Audi, and Volkswagen owners that allows them to get the maximum amount of value from their vehicle rather than buying a new one. Listen to Patrick’s previous episodes HERE.

Key Talking Points

  • What drove you to do this?Covid has created some tough times at our shop
  • Being transparent
  • Where does the money go when a customer pays
  • Showed his employees where the money goes, some were shocked
  • Concerned that his employees had a ‘gold mine’
  • Is there a prerequisite to do this exerciseYour books have to be legit
  • You gotta have Quickbooks or other accounting software
  • Can’t inflate your numbers or cooking your books
  • You want to use accurate good data or it won’t work
  • Profitability for DummiesOnce I dived into my numbers and understand each one, it’s changed my business and changed my life
  • Most people are not super great with money
  • Profit and Loss StatementEach envelope is a cost on where expenses go on $100 repair billParts Cost
  • Labor
  • Owners Pay
  • Marketing
  • Sales & Support Costs
  • Other Expenses
  • Rent
  • GM and Sales Support
  • Credit Card fees
  • Training & Professional Development
  • Insurance
  • Customer Transportation
  • Sublet
  • Utilities
  • Net Profit means to me…Security
  • Livelihood
  • Growth
  • Disaster
  • Salary Increases
  • New Equipment
  • Safety
  • Do this exercise once a year
  • Respecting the return on sales numbers.

Download slides used in the presentation. Click Here.

 

Resources:

Facebook   Twitter   Linked In   Email

Mobile Listening APP's HERE

Join the Ecosystem - Subscribe to the INSIDER NEWSLETTER HERE.

Buy Carm a Cup of Coffee 

Shop-Ware-Call-To-Action-Graphic-v3.png

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com

Shop-Market-Pros-Sponsor-Graphic-2.png

This episode is brought to you buy Shop Marketing Pros. Your guides are Kim and Brian Walker with a rich history as shop owners and industry veterans. When someone searches for a shop, who are they finding? Your competitors? It should be you! The good people over at Shop Marketing Pros know how to drive website traffic and make Google work for you! www.shopmarketingpros.com

Click to go to the Podcast on Remarkable Results Radio

  • Alex changed the title to Where the Money Goes – The $100 Lesson [THA 210]


Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Available Subscriptions

  • 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.
  • Similar Topics

    • By Changing The Industry
      Why Car Repairs Feel Like a Scam
    • By Changing The Industry
      Car Care MUST Include This One Thing!
    • By Changing The Industry
      Lessons Learned from Opening a New Shop #podcast #autorepairbusiness #automotivebusiness
    • By carmcapriotto
      Thanks to our Partners, NAPA TRACS, Auto-Fix Auto Shop Coaching, and Today's Class This engaging discussion covers the psychological underpinnings of regret, the importance of having a thought partner, and the value of optimism and activity in combating anxiety. Dr. David Weiman dives into the psychological aspects of regret and decision-making, while Murray Voth shares insights from his coaching experience, highlighting how regret can hinder business progress. Perfect for automotive professionals and business owners looking to advance their understanding and navigate their regrets effectively. Murray Voth, RPM Training. Listen to Murray’s previous episodes HERE. [email protected] Dr. David Weiman is the president of Weiman Consulting, a leadership consulting firm in Philadelphia PA. Listen to David’s previous episodes HERE Show Notes Watch Full Video Episode Shop Owners' Regrets (00:03:16) Impact of Regret on Decision-Making (00:04:08) Identifying Regret's Root Causes (00:06:49) Attribution of Success and Failure (00:10:27) Optimism vs. Pessimism (00:13:00) The Pony in the Manure Story (00:15:21) Controlling What You Can (00:16:25) Working on Controllables (00:17:19) Problem Solving Mindset (00:18:04) Importance of Thought Partners (00:19:17) Loneliness at the Top (00:20:15) The Role of Coaches (00:23:16) Community Support (00:25:12) Data-Driven Reflection (00:26:06) Regret and Learning (00:27:51) OODA Loop in Decision Making (00:31:42) Fixing Before Regrets Grow (00:34:06) Regret in Leadership (00:34:46) Observing Mistakes (00:35:43) Creating a Culture (00:36:26) Learning from Regret (00:37:08) Activity as Antidote (00:38:28) Transferring Skills (00:39:28) Importance of Laughter (00:44:14) Gratitude and Future Plans (00:45:11)
      Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on X: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/                       Click to go to the Podcast on Remarkable Results Radio
    • By Changing The Industry
      Understanding Customer Needs When Guiding Car Decisions #podcast #autorepairbusiness


  • Our Sponsors

×
×
  • Create New...