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Mergers and Acquisitions Explained – Rick Schwartz [RR 668]

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As co-founder of Schwartz Advisors, Managing Partner Rick Schwartz specializes in working with clients on strategic planning, growth, performance improvement and M&A strategy related to the motor vehicle aftermarket. Rick is a recognized leader in the aftermarket and has a critical eye for what it takes to drive value.  He is the lead Schwartz Advisors partner in support of projects with private equity firms, boards of directors and management teams. Rick is a Trustee of the University of the Aftermarket Foundation and a member of the Auto Care Association Board of Directors. He is a recipient of the prestigious Northwood University Automotive Aftermarket Management Education Award. Prior to starting Schwartz Advisors, Rick held various senior level positions at Nestle, Macy’s and The Upper Deck Company. Rick received an MBA from the University of Southern California Marshall School of Business and a BA in International Relations from USC. Key Talking Points

  • What is going on in overall M&A – not just the aftermarket- Many of the investment bankers are reporting record deal flow. A few key factors driving the abundance of M&A deals- catch up to deals that were put on hold in 2020. Excess “dry powder” (cash)- financial buyers (private equity firms & family offices) had an abundance of capital ready to deploy last year. Potential tax changes- the change in political administrations in the U.S. has caused concern among business owners that the capital gains tax will increase substantially upon exit. Low-interest rates- easier for buyers to finance acquisitions 
  • The aftermarket has slow steady growth- making it appealing to private equity 
  • Business owner- opportunity to cash out and next owner could do a lot to recruit, market, and grow.  
  • Why are some family-owned businesses selling? Timing – it is time to exit, (not related to the economy), competition, diversify personal investments and net worth, concern about changes in the tax code
  • How long will the current M&A activity keep up? Looks like M&A activity will remain very active through the end of this year and into early 2022, perhaps longer. Big changes in tax laws could slow down M&A, but will Congress pass big changes?
  • What is driving M&A in the service sector, from a buyer’s perspective? What are buyers looking for? Growth beyond simple organic growth (i.e., growth beyond same-store sales growth). Acquire businesses before competitors. Buy distribution. 
  • No matter who is selling what preparation is necessary? Even if you are not thinking about selling, be prepared: Documentation in order: 3 years financials, 5 years is better, copies of all contracts/leases. Have your estate plan in order. Hire advisors who can help- hire a lawyer who knows how to do M&A – might not be your regular business lawyer (and don’t bring in a lawyer who might be experienced in other areas but not M&A). Talk to your CPA.
  • Link mentioned for AAPEX Award Nominations HERE.

Carm interview with Rick's dad, Mort Schwartz in episode 332 HERE.

  • Thanks to Rick Schwartz for his contribution to the aftermarket’s premier podcast.
  • Link to the ‘BOOKS‘ page, highlighting all books discussed in the podcast library HERE. Leaders are readers.
  • Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser, and many more. Mobile Listening APP’s HERE
  • Find every podcast episode HERE.
  • Every episode is segmented by Series HERE.
  • Key Word Search HERE.

Be socially involved and in touch with the show: Facebook   Twitter   Linked In   Email Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE. Buy me a coffee 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. 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/carm ARN-Logo-Wide-Blue-600px-300x84.png

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Technician Shortage Is Our Fault, And It's Time We Own It
      By Joe Marconi in Joe's Blog
         0 comments
      The Technician Shortage Is Our Fault, And It's Time We Own It
      Nearly every day, I hear shop owners complain: "There's a technician shortage. We can't find qualified people. There's no one out there." If that's true, then who's to blame?
      The industry? The schools? The government? I don't know how you feel, but who promised us an endless supply of qualified technicians?
      Another common complaint is that young people do not want to work in the trades. Well, if that were true, then why are other trades such as HVAC, electrical, and plumbing growing? What are they doing that the automotive industry is not? 
      Here's the reality we need to face: We do have a problem, but we shouldn't look for someone or any entity to rescue us. Not the government. Not the trade schools. Not the recruiting companies. No one owes us a workforce. If we want great people in our industry, it's up to us. At some point, we need to own up to the truth: Building a pipeline of qualified technicians is our responsibility.
      In this blog article, I will break down the key reasons we are in this situation today and what we, as an industry, can do to solve the technician shortage. Are you ready to look in the mirror?
      Have We Pushed Technicians Away?
      Let's take a look at flat-rate pay. True flat rate, which pays a technician only for the hours they produce, is a controversial pay plan that emphasizes high production levels and creates a competitive work environment that, if not properly controlled, can lead to increased mistakes and a decline in morale and team spirit. Additionally, the stress and physical demands placed on technicians as they age are not favorable to long-term employee retention. What do we do with technicians as they grow older into their fifties and begin to slow down? 
      I have heard all the arguments and pros and cons of flat-rate pay, and I am not going to judge any pay plan. Let the facts speak for themselves. True flat rate has changed in most areas around the country and has evolved into a pay plan that gives technicians some pay guarantee.
      Many shop owners have learned that team morale, along with the opportunity to earn income, is important to technicians and to the company's long-term success. But let me ask you: how many technicians have left or been pushed out over the years because of the old flat-rate pay system?
      Another issue is the workplace environment. I remember being grateful to be hired as a young technician at a local repair shop. While very thankful, the work environment was not ideal. The shop owner kept the bay doors open year-round (I am from New York) unless it rained or snowed. He felt that if the bay doors were closed, customers might think we were closed for business. We had no heat and no hot water. Many of the jobs were done outside, year-round,  in all types of weather. The starting pay was minimum wage, with no benefits, sick days, or vacation pay. 
      Now, again, I need to point out that I was truly grateful for the opportunity this shop owner gave me. I learned a lot working there, and the experience was pivotal in my career. But looking back, I wonder how many people were discouraged by these working conditions?
      While the physical demands of the repair workplace are daunting, perhaps even more critical is the culture. Too many of my generation shop owners preached the mindset of "my way or the highway." We were the business owners, after all. We started our companies, took all the risks, and provided jobs. Why shouldn't we be the ones to set the ground rules our way?   
      Many of us found over the years that the "my way or the highway" mentality was a sure way to isolate employees and make them more likely to look over the fence for greener grass. In other words, it led many technicians to seek employment elsewhere, where they felt they could be appreciated and recognized for their hard work. The issue, however, was that there wasn't much green grass around. Disappointment after disappointment, bouncing from repair to repair shop, eventually led to despair. So, I ask you: were workplace conditions a contributing factor in today's technician shortage?
      Another factor that we are all well aware of is the complexity of the modern automobile. When I started, the work was mostly physical, and you were required to master essentially three vehicle models: General Motors, Ford, and Chrysler. Let's fast-forward to today. The evolution of automotive technology, along with the extensive training and tools required, has outpaced the typical technician's pay compensation, with no clear career path. Again, leading to frustration and insecurity about the future.
      Here is the bottom line: people don't leave their job; they leave their experience. We must do a better job. 
      The News Isn't all Bad; Your Next Steps to Fix the Technician Shortage
      To fix the technician shortage, it will take a combined effort from everyone in the automotive industry, particularly automotive shop owners. Shop owners are in the perfect position to make the greatest impact, not only on their businesses but also on the future automotive workforce.
      First, shop owners must become better leaders and understand that their ultimate success is directly dependent on the people they assemble around them. Any shop owner who mistakenly believes they can build an empire solely on their abilities is destined for serious disappointment. Business owners who think like this will eventually plateau. Without the collective contributions from a team of qualified people, your business will stall; it will not continue to grow.
      Create a workplace that attracts top talent: a clean, professional, well-equipped facility designed to support productivity, teamwork, and a career, not just a job. Build a great reputation in your community by getting involved locally. Become the auto repair shop that people take notice of as "the" place to work.
      Next, shop owners must become more financially knowledgeable. Knowing your numbers and what you need to achieve for a strong bottom-line profit is essential to paying technicians the money they need and deserve. Profit will also allow you to compete with other trade industries by providing a benefits package that has real take-home value and security.
      When it comes to culture, this is where the rubber hits the road. People crave recognition, praise, and a sense of purpose. Despite what you hear, people are not just money-motivated. Once people feel secure in their financial situation, retaining and motivating technicians can only be achieved by connecting with them on an emotional level. You cannot show enough appreciation. Give out praise for a job well done as if your business depended on it, because it does.
      As technicians age, we need to have a place for them. Expecting a 58-year-old to perform like a 35-year-old is unrealistic. We need to be more focused on career pathing. Provide training, skill development, and coaching to develop leaders and mentors within our older workforce. While their bodies may have slowed, the knowledge they have gained is priceless. 
      Our future is dependent on young people entering our industry. We need to give more young people opportunities. Every shop owner across the country should consider hiring an apprentice, then build an apprentice training plan and career path for them. If every shop did this, we could solve the technician shortage within five years. Get involved with the trade schools and high schools in your area. Look into the NAPA Apprenticeship Program. Don't sit on your hands with this one. Do it today.
      Lastly, don't get left behind. Commit to ongoing training for all your employees. Keep up to date with tools and equipment tailored to your business model. Don't try to be all things to all people and all vehicles. Identify your core profile customer and the vehicles they drive, and become an expert on those vehicles and the services you offer.

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      Chris Cloutier, Golden Rule Auto Care, and CEO of Autoflow. Listen to Chris' other episodes HERE
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      Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care
      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/
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      Subscribe on YouTube: https://www.youtube.com/carmcapriotto
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      Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 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 Special episode collections: https://remarkableresults.biz/collections Buy Me a Coffee: https://www.buymeacoffee.com/carm   The Automotive Repair Podcast Network: https://automotiverepairpodcastnetwork.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
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      How advisor pods create a more comfortable, trust-building customer experience
      Why pre-appointment calls improve approvals and reduce estimate resistance
      How strong phone skills shape customer perception and confidence
      Why personal communication increases trust and average repair orders
      How to educate customers so they understand the value of maintenance
      How scheduling the next visit at delivery improves retention
      Why mileage-based follow-up systems drive better long-term results
      How consistent, shop-wide processes strengthen culture and customer loyalty

      Brett Beachler, Beachler’s Vehicle Care & Repair, Peoria, IL. Listen to Brett’s previous episodes HERE
      Rena Rennebohm, CEO and Creator of Empowered Advisor. Rena’s previous episodes HERE.
      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, 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/ Thanks to our Partner, KUKUI Stop juggling multiple marketing tools. KUKUI’s integrated platform delivers 4x better website conversions, automated follow-up, and real-time ROI tracking. Get industry-leading customer support with KUKUI at https://www.kukui.com/ Thanks to our Partner, Pit Crew Loyalty You’re probably tired of chasing new customers who never return. We understand. Pit Crew Loyalty ends the one-and-done cycle, turning first visits into lasting, reliable revenue at https://www.pitcrewloyalty.com/ Connect with the Podcast: - Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ - Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters - 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 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 - Special episode collections: https://remarkableresults.biz/collections - The Automotive Repair Podcast Network: https://automotiverepairpodcastnetwork.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


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