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The Leap From Employment to Ownership [THA 263]

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carmcapriotto Grand Master

carmcapriotto

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100% of business owners leave their business, either by design or due to unfortunate circumstances. The dialogue between the owner and potential successor needs to happen as soon as possible. But how do you start that conversation as an employee? In this episode, we role-play that discussion with Bob Ward, financial advisor and consultant from Wardden LLC. We also hear from James Maurer, a former service advisor and now an owner in transition, and Craig Tice, a 20-year technician looking to become a business owner. Let this episode be your blueprint to get the ball rolling.

Watch Episode on YouTube

James Maurer, GM and owner in transition Midas of Kalkaska, MI

Craig Tice, Technician

Bob Ward, President of Wardden LLC, Look for Bob’s Previous Episode HERE. Perpetual Business Co website HERE.

Key Talking Points

  • What is the difference between being an employee vs. being an Owner? Every owner started by taking a leap with little to no money. 
  • “Only as we develop others, that we will permanently succeed”
  • Craig worked at a honda dealership, started his own business. Realized fixing cars is the easiest part of the business. It was open for 7.5 years in total. Went bankrupt, went back to working for someone else. Still has the ‘ownership’ passion/drive. It starts with passion.  
  • Hire for passion, not pedigree.
  • Everyone owner is going to leave their business 
  • ‘Marriage’ between owner and successor
  • James started working at the business in 2015, started the conversation in 2016. Took progressive steps to earn equity
  • 85% of all business are liquidated after the departure of the owner
  • Team dynamics- everyone is unified, “we are all one,” everyone has buy-in for decisions 
  • Start the conversation- brainstorm, don't focus on the timeline, it isn’t an event it is a process. 
  • “Everything can be solved if you have the talent”
  • Ultimate leadership- develop people so you can leave and they can succeed.

 

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's 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.

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