Quantcast
Jump to content

Recommended Posts

Think you're too young to start planning for retirement? Think again! 

How many times have we heard about a shop owner that had an unfortunate accident, serious illness or even worse, death?

Make it one of your goals to starting planning for your exit, and for life after auto repair, no matter how young you are. Create your exit strategy. Speak with an attorney, a financial advisor, a business coach.  Make sure that not only you, but your family, will be taken care of should something catastrophic happens. 

Life sometimes throughs us a curve ball. Be prepared! 

 

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
  • Similar Topics

    • By danilredko
      Hello everyone, 

      I have an idea of a software that can be used to charge a customer a monthly fee. 

      For example, you could have different tiers: 

      Maintenance Lite - 15$ a month: low monthly payment for all of the conventional oil changes required by the average driver each year.

      Maintenance Basic - 20$ a month: Maintenance Basic includes everything you'll find in Lite, but adds... Unlimited Synthetic Oil Changes (as needed), On Rim (Seasonal) Tire Rotations (as needed), Complimentary Re-Torquing after changeover.

      Maintenance Plus - 40$ a month:  includes all services from Ultimate Maintenance Basic, plus the following...
      - Off Rim Seasonal Tire Rotations (as needed)
      - Seasonal Tire Storage
      - Flat-Tire Repair (excluding roadside assistance)
      - Up to four General Service Calls (diagnoses, bulb replacements, filters, etc...)
      - Battery Boost/Replacement (excluding roadside assistance)
      - Priority Scheduling Service (For seasonal tire changeover)

      What do you think about it? 

      Thank you! 
    • By Joe Marconi
      Exit Strategy-Step 3: Establish Your Goals
       It's no secret that having clearly defined, written goals, sets you apart from other business people.  You will achieve greater success, have less stress and build greater wealth for you, and for your family.  
      Start today; create your 5 year, 10 year, 20 year plan.  Be specific about what you want to accomplish. And commit to these goals each and every day.  Don't worry about life's obstacles and challenges that may throw you a curve ball. Having goals is far better than not having goals, and those goals can be adjusted along the way.
      With regard to your retirement, give a lot of thought to your future, and what that looks like. And create a goal for that too. It may seem far in the future for many of you reading this, but trust me, time goes by fast and preparing now for the sale of your business or succession will pay off. 
      Remember, build your business as if you are selling it tomorrow, and you be more successful while you own it, have more options in the future, and your business will be worth more when the right time arrives. 
      Stay tuned for Step 4!  
    • By carmcapriotto
      Tina Erickson on Brand Equity and Tour of Her Shop Ken's Auto Service, Aurora, CO OH Tina's previous episodes HERE Connect with the show:
      Subscribe on YouTube
      Visit us on the Web
      Follow on Facebook
      Become an Insider
      Buy me a coffee
      Important Books
      Check out today's partners:

      Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. By always innovating, Dorman has led the way in growing the aftermarket. Here you will see a few examples of a Dorman OE Fix. An OE FIX is a Dorman repair solution you can’t get from the original equipment manufacturer. It means they found a situation where they believe the OEM wasn’t giving repair professionals what they wanted, so we fixed it. Everything Dorman does is centered around providing customer value, both in the quality of products, and the creativity of solutions. Our engineers and designers go out of their way to save repair technicians time and save vehicle owners money. Want to really go under the hood? Take the Dorman Virtual Tour at www.DormanProducts.com/Tour
      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Kevin Syed, Owner of Integrity 1st Automotive, grew up with an entrepreneurial father and was always encouraged to lead. Having successfully earned a Bachelor’s degree in Business Management from University at Buffalo, Kevin went on to become a franchisee with Getty Petroleum / British Petroleum service centers for the better part of a decade in New York City. After gaining the knowledge, experience, and funding required to produce his own operation, Kevin went on to operate his own independent shops in New York. Kevin sought to find a new place to call home with his wife and twin girls; he longed for the community values and environment of the South and so his family made the decision to move to Texas. Integrity 1st Automotive was then born in Texas and Kevin has scaled his business to multiple locations across the Dallas Fort-Worth Metroplex. When he's not working, Kevin enjoys local car rallies (e.g. Lamborghini Club Dallas), traveling, and hunting.
      Ramy Nazim, Director of Integrity 1st Automotive, graduated from the University of Toronto in 2014 with a HBSc. in Biology & Psychology. While he continues to have an affinity for academia and the life sciences; he found his technical prowess to be of vast usage in the working world. Post-graduation, he went on to work with a local software startup specializing in real estate marketing tools. The startup experience allowed Ramy to engage with virtually every facet and department of the business. Insofar as the automotive repair industry, Ramy works to leverage technological solutions to help increase operational efficiency, develop automations, create event-driven communication flows and more! When he's not working, Ramy enjoys traveling with his wife, cooking with the help of Youtube tutorials, and reading about science and history.
      Key Talking Points
      Put it in writing- a discussion on the importance of standard operating procedures, processes, training paradigms in order to scale the business to multi-locations. Put the system into place.  Is it auditable? Having things written is one thing - but how are you tracking compliance? Every process should have a check and balance behind it- quality assurance on whether it is being done. Area Manager (or yourself as an owner) with a preset checklist or leverage technology (software management system). Prioritizing- If you are ambitious on growth, then you've likely got a laundry list of goals and tasks; some are working ON the business and some are working IN the business. Develop a methodology of prioritization- tie your task to a specific KIP, goal or ROI. Eliminates redundancy. Be open to change.   Incentivized Extraordinary Performance- empower and develop your employees. Incentives that promote entrepreneurial thinking work the best. Profit-sharing- share part of profits with managers/lead technicians and share P & L. Being transparent.  Keep your eyes on Customer Churn- We are in the people's business, one of the most important KPI's to focus on whether one shop or multi shops is to know how many customers are churning from your business annually. (SAS- software as a service). Track weekly/monthly/quarterly/annually- how much of car count is return vs net new customers. Touchpoints for every life cycle of a customer’s vehicle. Remarket and reengage with customers. Churn is inevitable but control it as much as possible.  Automation- there are only so many hours in the day; with compartmentalized thinking and technology, you can get more out of each day by offloading redundant tasks to technology without one size fits all solutions.  The Customer Experience- we know that it's all about the little things when it comes to curating a memorable experience. That being said, how do you make sure the little things are being followed when you're not there? Your model should work for ANYONE- If you build scalable models, then you can confidently scale to prospective franchisees and feel confident that your customers will Connect with the show:
      Aftermarket Radio Network
      Subscribe on YouTube
      Visit us on the Web
      Follow on Facebook
      Become an Insider
      Buy me a coffee
      Important Books
      Check out today's partners:
      Since 1989 TRACS has been the industry’s leading shop management system. And in the last 30 years it’s gotten better and better. Today TRACS Enterprise offers even more of the features AutoCare Center owners want—things like a powerful interactive scheduling calendar, faster and streamlined work flow, plus streamlined parts ordering and purchasing options. And there’s more—Punch-out to Mitchell ProDemand, mobile VIN capture, and multi-shop capabilities. That means you can count on TRACS Enterprise to help drive your success today and well into the future. Learn more about TRACS Enterprise and the hundreds of other benefits the NAPA family has to offer. Talk with your servicing NAPA store or visit www.NAPAAutoCare.com.

      Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Scott Wheeler, President of Automotive Consultants Group, Inc. (ACGI) is a shop management expert in the transportation industry, with over forty years’ experience in the automotive, trucking, heavy-equipment, marine, motor sports, and defense aerospace industries. He holds numerous ASE credentials, including two Master’s Certifications, and has experience working in every position from Tech, Fixed Operations Director, and Mechanical Engineer. Scott has authored five books for the automotive industry and continues to write, consult, and speak professionally at major industry events throughout the U.S. and Canada. He has been a regular featured consultant/contributor to Ratchet+Wrench Magazine, Auto Inc., and Canadian Tire magazine with articles relating to topics such as technician compensation programs, understanding production capacity, and how to maintain passion for your automotive repair business, among others. ACGI continues to consult and mentor clients throughout North America.
      Listen to Scott's previous episodes HERE
      Key Talking Points
      “How to Make Money (& Stay Sane) in the Automotive Service Industry”- Chronicles “Bob” a fictitious character. Effective labor rate, marketing and advertising in 21st century. Charts and graphs included. Policies, procedures, job descriptions.  What are your goals? Why are you in the industry? “What’s in it for me?” Are you willing to listen? Try new things? Change?  Change triangle- the center is change, outside points are commitment, plan and action.  “Why when how to” with financials  “All business is, is a math problem”- understanding the numbers, understanding benchmark (labor gross profit margin, parts margin etc)  Ego factor- what is your break-even point is? Do you rate how well your month went by how much money is in your checking account?  Holding someone accountable- clear set goals and expectations CPA using Quickbooks- Quickbooks isn’t geared towards automotive Make sure you set your shop management software to your set gross profit matrix for parts and labor Production incentive for technicians and service advisors- it should be easy to calculate. Is it based on working 40 hours or meeting/beating time guide? Consider individual compensation plans. Find one that motivates your employees.  Raising effective labor rate Automotiveconsultantsgroup.com Connect with the show:
      Subscribe on YouTube
      Visit us on the Web
      Follow on Facebook
      Become an Insider
      Buy me a coffee
      Important Books
      Check out today's partners:
      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.  The Virtual AAPEX Experience 2020 is in the record books. Virtual AAPEX lived up to presenting leading-technical and business management training from some of the industry’s best and brightest. Now set your sights on the homecoming in Las Vegas in 2021. Mark your calendar now … November 2-4, 2021, AAPEX // Now more than ever.

      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/carm

      Aftermarket Radio Network
      Click to go to the Podcast on Remarkable Results Radio


  • Similar Tagged Content

    • By Joe Marconi
      Exit Strategy-Step 3: Establish Your Goals
       It's no secret that having clearly defined, written goals, sets you apart from other business people.  You will achieve greater success, have less stress and build greater wealth for you, and for your family.  
      Start today; create your 5 year, 10 year, 20 year plan.  Be specific about what you want to accomplish. And commit to these goals each and every day.  Don't worry about life's obstacles and challenges that may throw you a curve ball. Having goals is far better than not having goals, and those goals can be adjusted along the way.
      With regard to your retirement, give a lot of thought to your future, and what that looks like. And create a goal for that too. It may seem far in the future for many of you reading this, but trust me, time goes by fast and preparing now for the sale of your business or succession will pay off. 
      Remember, build your business as if you are selling it tomorrow, and you be more successful while you own it, have more options in the future, and your business will be worth more when the right time arrives. 
      Stay tuned for Step 4!  
    • By Joe Marconi
      Exit Strategy-Step 2
      Have Clean and Accurate Financial Statements
      The value of your business will be determined by your net profit, cash flow and a strong balance sheet.  Having clean and accurate numbers will be more attractive to a potential buyer, especially if your business shows growth over time. While you may value your loyal customer list, and your tools and equipment, it's the profitability of your business that will be used to determine how much someone will pay for your business.  
      As an added benefit, having clean and accurate financials will also help you through tough economic times, and if you ever need a bank loan. 
      Get your books in order and work hard on your business to show a profit.  
    • By Joe Marconi
      This forum will outline the steps that I took the past three and half years, working toward my exit strategy.  I will outline each step, each week, to give you information that I know you will find informative and useful. Please note, these steps are the ones that I took, and your situation may differ. However, you will find so many similarities, that I am sure you will obtain a ton of great information.   Ok, here we go...
      STEP 1 - Get Your Business Ready to Sell Today
      You are never to young to begin thinking about your retirement or sale of your business. Work hard on your business to get it to run on its own.  For quality of life, and to grow a sucessful business, requires having the right people, the right systems, a knowledge of the numbers, and a plan.  Also, the more you are removed from the day to day operations, the more sucessful you will be and the more your business will be worth to a potential buyer. 
      Here's another important reason to get your business to run on its own: A health crisis may leave you sidelined for months or longer, or may even leave you disabled to a point where you cannot perform the necessary duties as a shop owner.  We all have heard of shop owners that either became seriously ill, were in a bad accident or passed away, leaving the business in a state that it cannot run by itself.  Or, not worth much because the shop owner did not take the necessary steps to build the business correctly and not having clean and accurate financials.  
      Begin today to start thinking about your business and when you want to sell, have family take over the business, or other options. Start getting all your financials in order, set your long-term goals, work on your business plan, review and refine all your systems and procedures, and talk to your family about your long-term plans. 
      With each step, you may need help from either an accoutant, broker, attorney, or a business coach. Please don't make the mistake of thinking you can everything on your own. 
      That's it for today- Next week I will discuss The Importance of Having Clean Financials and Showing a Profit
      Thank you and Stay Tuned! 
       
       
       
    • By Joe Marconi
      I cannot reveal all the details yet, but I am in contract to sell my last location. The deal is set to take place by the end of the year. I will use this forum to outline my journey the last 41 years in business and the steps I took to exit out of the business.
      My objective is to share my experience so that others can learn from my ups and downs and also to learn about the importance of an exit plan, no matter how old or young you are. 
      I will give details on how I prepared my business for sale, how I negotiated with different companies, and different people, and how you can get the most for your business when the time comes.  Plus many behind the curtain details on how to sell a business- the good, the bad and the ugly. 
      Please feel free to contact me with questions. 
      So stay tuned for more details, week by week! 
      Oh, by the way, I am not going anywhere. I will still be active in the industry, invloved with Auto Shop Owner, continue to work with Bob Cooper and all the great people at Elite as a business coach and trainer, writing articles for Ratchet and Wrench, remain invloved with the Service Stations Dealers of Greater New York and more.  
    • By Joe Marconi
      Last October the doctors found a large infection and abscess in my large intestine that perforated into my abdomen. I required emergency surgery to remove the abscess; removing about six inches of my large intestine.  That was step one: This past January, I needed an additional surgery to remove another 4 inches, and repair other areas of my intestines.  Thankfully, I am fine, with no lasting issues.  It will take about a year to fully recover, but all is well.
      I am telling you this for one reason: What if something were to happen to you?  Will your shop survive? What about your family?  These were the things I thought about when I was laid up in the hospital.
      Create a continuity plan to prepare for a crisis. Make sure you have a will and enough life insurance. Build a business where it can be run by the systems and procedures you out into place.  
      Lastly, ENJOY the fruits of your labor! When I woke up after the surgery with tubes inside me and in my arms, It became clear that the things we worry about in business are really not that important. 
      Take care of yourself ! 
       
  • Our Sponsors


Tire Rack: Revolutionizing tire buying since 1979.
Fast Free Shipping on All Orders Over $50

Fast Free Shipping on All Orders Over $50
×
×
  • Create New...