Quantcast
Jump to content


Charging What We are Worth [THA 212]


Recommended Posts

 

Maylan Newton from ESI – Educational Seminars Institute is a business coach, trainer and industry speaker. Maylan is no stranger to the podcast having paid it forward many times. He is a much sought our speaker at industry events in the US. Find Maylan’s previous episodes HERE.

“He is ‘just a car guy’ with lots of knowledge and is brave enough to talk about it”. Maylan’s purpose is to educate leaders to be a better owner or service writer.

Carlo Sabucco, 2nd generation owner of Sil’s Complete Auto Care Centre. My father started the company September 1976, I joined in 1994 and succession of ownership in 2009. Company is now a 7000 square foot facility with 8 bays and 6 wonderful team members. I would never be here today without the team, the help of some amazing coaches, my peer group for the last 16 years, and lastly my wife Melanie. The last 2 years has been a steep learning curve of C Suite coaching, personal development, learning to be a better leader and focusing on where the industry will be in 5-10 years and preparing for it. Listen to Carlo’s other Episodes HERE.

Glenn Larson, Foothill Autoservice, Lake Forest, CA

 

Key Talking Points

  •  Defining “what is worth”The value equivalent to that of someone or something under consideration
  • The level at which someone or something deserves to be valued or rated
  • We are here to push you to rethink your labor ratesBuild your customer base to people that want to pay your price to have you maintain their vehicles
  • Weed out customers who don’t want to pay the rates
  • 80/20 Rule - 80% of your profits come from 20% of your customers
  • Successful yearReputation
  • Word of mouth advertising
  • Focus on your peopleCustomers
  • Employees
  • Emotion is a big driver in worth and what we charge
  • 3 angles of worthWorth of the businessThe right tools
  • The right technicians
  • Do you believe in your employees
  • Worth of the mathematicsFormulas
  • Calculations
  • Are you the owner-worthy?
  • Does your facility warrant what you charge?Can you walk thru your place and say “I actually should be charging more?”
  • Do I need to clean house here and change things around to make it look a little better?
  • Do I need better tools?
  • If you don’t look like you belong, no one will pay your ratesUse good parts
  • Have certified technicians
  • We get paid for our knowledge, not what we do
  • The business is meant to work for us, we’re not there meant to work for it
  • Every shop in every area is differentRaise labor rates 2% every quarter
  • How to’s and why’s of figuring out what to chargeKnow that you have to charge more
  • Know the value of your business
  • The cost of doing business
  • Running the business on “jingle factor” is not P&LFocus on net profit
  • What net do you need?
  • Why do you need net?
  • Paralysis by Analysis
  •  Final thoughtsGlennIf you have more self respect for yourself and realize what you’ve put into the industry and what your value is to this industry, this will help you charge what you’re worth
  • Your customers want you and your team to take care of their car and they will pay what you charge
  • CarloYou gotta make money because no one will be at your retirement party because you didn’t know how to run a business. If you don't make money, they’re not gonna be there to write you the check to take care of you in retirement.
  • If your business goes under, it’s your fault
  • MaylanWe have to understand our business
  • Profit is not a bad word
  • If something happens to you right now, how is this business gonna support your family with day to day expenses
  • Your employees depend on you to make a profit so you can stay in business
  • The value to your customer

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

Link to comment
Share on other sites



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
      Reacting To "Silverstein: Business as Usual Must Die"
    • By carmcapriotto
      This week, Jamie Hasty from Southeastern Employer Services Corporation (SESCO) joins Hunt to discuss HR and employment law topics for auto repair shop owners. Jamie provides expert advice on managing overtime, understanding exemptions, and maintaining compliance with labor laws. This conversation is essential for any auto repair business looking to safeguard against legal pitfalls and ensure proper payroll management. It includes:
      Important discussions on managing overtime and understanding exemptions. Practical advice on maintaining compliance with labor laws. Tips for auto repair shop owners to avoid legal issues and manage payroll effectively. https://sescomgt.com/  
      Thanks to our partners, NAPA TRACS and Promotive
       
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Get in touch with Jamie Hasty: https://sescomgt.com/
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Get a copy of my Book: Download Here
      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Thank you to our friends at RepairPal for providing you this episode. As shop owners we were part of RepairPal’s Certified network and you can learn more at RepairPal.com/shops.
      Show Notes
      First: who is your audience? What are they looking for? Listen! Make notes of their questions Read - They Ask You Answer Where to find content: In your shop! Haha Personalize content based on what’s going on in the shop Your niche, club, or group Questions asked in local community groups Your community! Show off your roots - the things going on in the community (Chamber, BNI, local government, tourism, clubs, education, etc) Hiring + Promoting Customer reviews The obvious: Name, address, phone, scheduling link, and website Blog content  Promoting other social media platforms you are on What you’re all about…who you are…. Company culture stuff Trainings you attend or host and completions/certifications What’s going on? Promotions, events, contests, birthdays, celebrations, sponsoring anything? Spotlights: new products, equipment, team members The not-so-obvious: Videos - give yourself and entire month of marketing from one video! Creating a ‘content machine’ for yourself. Blogs Canva tips and templates Practical Tips: Use your brand Use Canva for quick/easy/effective Make a plan/schedule Website traffic Tips on Tuesdays/Tech-Talk Shop culture  Promote services, sales/offers, appointment booking link Fun on Friday  
      How To Get In Touch
       
      Group - Auto Repair Marketing Mastermind
      Website - shopmarketingpros.com 
      Facebook - facebook.com/shopmarketingpros 
      Get the Book - shopmarketingpros.com/book
      Instagram - @shopmarketingpros 
      Questions/Ideas - [email protected]
      Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      Did you know that NAPA TRACS has onsite training plus six days a week support?
      It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.
      Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.com
      It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
      Paar Melis and Associates – Accountants Specializing in Automotive Repair
      Visit us Online: www.paarmelis.com
      Email Hunt: [email protected]
      Get a copy of my Book: Download Here
      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio
    • Water Proof And Self Adhesive
    • By carmcapriotto
      Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class Join a discussion with multi-shop operators Dwayne Myers and Rick Levitan, as well as CPA Hunt Demarest, on the intricacies of purchasing a business. They cover the necessity of due diligence, understanding financials, and the emotional aspects of negotiation. The panel shares personal experiences, highlighting the importance of realistic financial projections, environmental assessments, and the role of goodwill in valuations. They advise on building strong banking relationships, scrutinizing financial statements, and respecting sellers' emotional ties, emphasizing patience and strategy for successful acquisitions in the automotive industry. Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Dwayne Myers, Dynamic Automotive, 6 locations, Maryland. Dwayne’s previous episodes HERE. Rick Levitan, Managing Director, Auto Stream Car Care, MD. Show Notes
      Real Estate Strategies with Rick Levitan [AW 170]: https://remarkableresults.biz/remarkable-results-radio-podcast/aw170/ The challenges of obtaining accurate financials (00:02:03) Discussion on the challenges of obtaining accurate financials when buying a business. The importance of common sense in business acquisitions (00:06:30) The panel discusses the importance of using common sense and avoiding emotional attachment when considering a business acquisition. Legal and financial considerations in business acquisitions (00:08:24) The panel discusses legal and financial considerations, including the importance of asset purchase, non-compete agreements, and the quality of real estate. Financing Considerations (00:18:13) Discussion on the critical role of financing in business acquisitions and the advantages of using banks or owner financing. Bank Relationships (00:19:09) Importance of building a relationship with a bank and leveraging the bank's confidence in the buyer's ability to expand. Financial Statement Analysis (00:20:27) Importance of thoroughly analyzing financial statements, including understanding expenses and discretionary non-recurring expenses. Negotiating the Deal (00:22:24) Strategies for negotiating the price and terms of the acquisition, including considering the concerns of the seller and assessing the facility's assets. On-Site Q&A (00:23:31) The checklist and tactics for conducting a site visit to assess a potential acquisition, including evaluating equipment, employees, and the owner's future plans. Pro Forma and Business Plan (00:25:23) The necessity of creating a pro forma and business plan for the bank, including the importance of conservative projections and understanding the return on investment. Challenges of Multi-Shop Expansion (00:30:34) Discussion on the challenges and missteps often encountered by individuals expanding into multi-shop operations, emphasizing the need for patience and learning from experiences. Gas Station Red Flags (00:32:41) The importance of environmental assessments. Emotional Aspects of Buying (00:34:08) The emotional nature of buying a business. Goodwill and Equipment Allocation (00:38:49) Discussion on goodwill, equipment, and the allocation of the purchase price in a business acquisition, including tax implications. Understanding Multiples in Business Valuation (00:39:32) Explaining the concept of multiples in business valuation and the factors that influence the multiplier, such as location, equipment, and reputation. Negotiating Purchase Price (00:42:23) Negotiating the purchase price based on business valuation and real estate factors. Final Thoughts on Business Acquisition (00:44:03) The importance of staying positive and finding creative solutions during negotiations, leaving deals on good terms, and expressing appreciation for the insights shared. 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: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -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 (Twitter): 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 -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections                                  
      Click to go to the Podcast on Remarkable Results Radio


  • Our Sponsors



×
×
  • Create New...