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Retirement Plans and Profit Sharing Inights [THA 211]


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Sabrina Gatewood and her husband have owned a shop since 1994. She is the bookkeeper for the shop. She does all the taxes, pays bills, etc. as well as creates paychecks. She has been a financial advisor since 2011. She helped her husband and other business owners like him to plan for retirement. She also helps with group health plans and voluntary benefits. Sabrina can also open 401K plans and simple IRAs. Listen to Sabrina’s previous episodes HERE.

Greg Skolnik is the owner of Motor Works, Inc. in Rockville, MD.  He is certified as a Master Automobile Technician and holds the prestigious L-1 advanced engine performance and emission analysis certification. Greg also received his (AMAM) degree from the Automotive Management Institute. Greg has a four-day workweek and has been doing pre-scheduling for years. He is also a part-time coach for Elite World Wide. Listen to Greg’s previous episodes HERE.

Key Talking Points:

  • You gotta pay attention to your peopleMost small business owners are freaking out over how much things cost
  • Pay to Play
  • Social security was never designed to be a retirement plan
  • 401K is just one area to take care of your employees
  • You don’t go to church to be converted, you go to church as a reminder!
  • 88% of workers view a 401k as an important benefit in looking for a job
  • You definitely need to take care of your employees, they are our bread and butterA good way to reward good employees is with benefits
  • Most of the people that have been doing this for a long time are starting to wonder “how am I gonna get out of this (career or shop owner)
  • How hard is it to sit down with a certified financial planner and do this?There are many options out there
  • Find someone you can trust and guide you
  • A standard IRA
  • Put together plans to take care of your employees, it’s the right thing to do
  • Offer employees a meeting with a financial advisor along with that 401k, this will show them where their money is going each paycheck
  • Accountant or Financial Planner first?Both
  • Safe harbor program
  • Upside and DownsideDownsideCashflow is king
  • Start-up admin costs
  • Admin time to keep the program going
  • UpsidePut away maximum amounts
  • Roth IRA - tax free
  • Benefits your employees
  • Tax savings for shop owners
  • Your investing, not paying a bill
  • Saving money is not sexy, Investing is
  • Your moving money from one pocket to the other
  • Finding a great financial planner Usually a referral
  • Final WordsSabrinaEveryone’s shop is different
  • No cookie cutter approach
  • Your never gonna go wrong helping someone else get what they need
  • GregIt’s a spoke in a wheel
  • It’s just one of the spokes
  • Holidays are another spokes
  • All the spokes - we put together as a package to make us more attractive to the top talent than the shop down the street

Resources:

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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

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  • Have you checked out Joe's Latest Blog?

         3 comments
      Got your attention? Good. The truth is, there is no such thing as the perfect technician pay plan. There are countless ways to create any pay plan. I’ve heard all the claims and opinions, and to be honest, it’s getting a little frustrating. Claims that an hourly paid pay plan cannot motivate. That flat rate is the only way to truly get the most production from your technicians. And then there’s the hybrid performance-based pay plan that many claim is the best.
      At a recent industry event, a shop owner from the Midwest boasted about his flat-rate techs and insisted that this pay plan should be adopted by all shops across the country. When I informed him that in states like New York, you cannot pay flat-rate, he was shocked. “Then how do you motivate your techs” he asked me.
      I remember the day in 1986 when I hired the best technician who ever worked for me in my 41 years as an automotive shop owner. We’ll call him Hal. When Hal reviewed my pay plan for him, and the incentive bonus document, he stared at it for a minute, looked up, and said, “Joe, this looks good, but here’s what I want.” He then wrote on top of the document the weekly salary he wanted. It was a BIG number. He went on to say, “Joe, I need to take home a certain amount of money. I have a home, a wife, two kids, and my Harly Davidson. I will work hard and produce for you. I don’t need an incentive bonus to do my work.” And he did, for the next 30 years, until the day he retired.
      Everyone is entitled to their opinion. So, here’s mine. Money is a motivator, but not the only motivator, and not the best motivator either. We have all heard this scenario, “She quit ABC Auto Center, to get a job at XYZ Auto Repair, and she’s making less money now at XYZ!” We all know that people don’t leave companies, they leave the people they work for or work with.
      With all this said, I do believe that an incentive-based pay plan can work. However, I also believe that a technician must be paid a very good base wage that is commensurate with their ability, experience, and certifications. I also believe that in addition to money, there needs to be a great benefits package. But the icing on the cake in any pay plan is the culture, mission, and vision of the company, which takes strong leadership. And let’s not forget that motivation also comes from praise, recognition, respect, and when technicians know that their work matters.
      Rather than looking for that elusive perfect pay plan, sit down with your technician. Find out what motivates them. What their goals are. Why do they get out of bed in the morning? When you tie their goals with your goals, you will have one powerful pay plan.
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