Quantcast
Jump to content

Recommended Posts

Posted

Step 8- Don’t Rely on the Sale of your Business for your retirement

I know this sounds contradictory, but the proceeds from the sale of your business may not be enough to financially support you into retirement.  Your business must be profitable while you are in business and must financially support the things you want to do and need to do, while you are in business.  However, to expect a big payout from the sale of business to secure your financial future in your retirement years is not advisable.

Here’s what I suggest. Build wealth while you are in business. Whether that’s investing in real estate, through an investment portfolio or by establishing a retirement account.  In other words, you need to sit down with a qualified financial advisor and plan out what you will  need in retirement and build up the cash needed to support that.

The proceeds from the sale of your business should be a bonus for you. Something to feel proud and will allow you to enjoy the years of hard work and dedication you had to your customers, employees and your community.

One last thing, if you own your property, this opens up different opportunities. You can sell the property or lease it back to the buyer.  For this, you will need to sit down with your accountant, a real estate attorney and your financial advisor.

Stay tuned for Step 9!

  • Joe Marconi changed the title to Exit Strategy-step 8- Don't Rely on the Sale of your Business for Retirement
Posted
On 2/24/2022 at 7:18 AM, Joe Marconi said:

Step 8- Don’t Rely on the Sale of your Business for your retirement

I know this sounds contradictory, but the proceeds from the sale of your business may not be enough to financially support you into retirement.  Your business must be profitable while you are in business and must financially support the things you want to do and need to do, while you are in business.  However, to expect a big payout from the sale of business to secure your financial future in your retirement years is not advisable.

Here’s what I suggest. Build wealth while you are in business. Whether that’s investing in real estate, through an investment portfolio or by establishing a retirement account.  In other words, you need to sit down with a qualified financial advisor and plan out what you will  need in retirement and build up the cash needed to support that.

The proceeds from the sale of your business should be a bonus for you. Something to feel proud and will allow you to enjoy the years of hard work and dedication you had to your customers, employees and your community.

One last thing, if you own your property, this opens up different opportunities. You can sell the property or lease it back to the buyer.  For this, you will need to sit down with your accountant, a real estate attorney and your financial advisor.

Stay tuned for Step 9!

Joe, I have been able to save approximately $25,000 per year for the last 15 years plus lesser amounts before that.  It was very hard to do that some of those years but I did it religiously.  We also own the property where our business is located which is prime real estate.,  I am now 69 years old and trying to exit the business.  If I I had not saved and invested and if we did not own the property I would be in deep trouble.  The proceeds from a sale of the business at asking price would not be something to live on.  I would basically be in a position of probably having to work till I can't work anymore.  Now I may continue to work at something different if I exit the business but it won't because I have to but because I want to.     

  • Like 1
Posted
44 minutes ago, xrac said:

Joe, I have been able to save approximately $25,000 per year for the last 15 years plus lesser amounts before that.  It was very hard to do that some of those years but I did it religiously.  We also own the property where our business is located which is prime real estate.,  I am now 69 years old and trying to exit the business.  If I I had not saved and invested and if we did not own the property I would be in deep trouble.  The proceeds from a sale of the business at asking price would not be something to live on.  I would basically be in a position of probably having to work till I can't work anymore.  Now I may continue to work at something different if I exit the business but it won't because I have to but because I want to.     

Frank, at 69 you need a plan.  But, thankfully you have investment money and the property.  I know shop owners that have not saved and rented their entire business career. They end up with nothing, and it is sad.  This is a hard business, and anyone in it should enjoy the fruits of their labor. 

WORK ON A PLAN- ENJOY LIFE. I will be 67 years old in a few weeks.  41 years in business was enough.  And I will still do my coaching, this site and other things to keep busy. 

Posted

"but the proceeds from the sale of your business may not be enough to financially support you into retirement"

If you are a shop owner in your 30's or 40's, I hope you listen well to Joe's words. My wife and I worked most of the first 30 years in our business with less then $100k in owner salaries, wages, perks, discretionary spending, ect. 

Much of that time I was not even sure we would survive as a viable entity till our retirement, so saving was not an option, we considered it crucial to having any chance at life after the business. 

Now that we are in our sixties, have no debt, own the real estate and still managed to have a 7 figure retirement account, with only minimal family wealth as part of that figure, we feel we are in the best position of all. 

For me, that position is the opportunity to chose good health and freedom of choice in what we do on a daily basis, over stressing about having to sell the business, to have a life.

The most liberating part of the whole thing, is the knowledge that even if we chose liquidation as our viable exit plan, we would be just fine. Even if the building had to lay empty for a few years, we will be just fine, even if we had to sell 350k of non real estate business assets for 50k, we will be just fine. Even if we got nothing out of the business/assets at all, and the real estate went back for delinquent property taxes, even then we would be just fine. 

I believe many can accomplish the same/similar to us, or better, if you have a plan and work the plan from the youngest age you can. 

Thank You Joe, wise words

 

  • Like 2
Posted
1 hour ago, rpllib said:

"but the proceeds from the sale of your business may not be enough to financially support you into retirement"

If you are a shop owner in your 30's or 40's, I hope you listen well to Joe's words. My wife and I worked most of the first 30 years in our business with less then $100k in owner salaries, wages, perks, discretionary spending, ect. 

Much of that time I was not even sure we would survive as a viable entity till our retirement, so saving was not an option, we considered it crucial to having any chance at life after the business. 

Now that we are in our sixties, have no debt, own the real estate and still managed to have a 7 figure retirement account, with only minimal family wealth as part of that figure, we feel we are in the best position of all. 

For me, that position is the opportunity to chose good health and freedom of choice in what we do on a daily basis, over stressing about having to sell the business, to have a life.

The most liberating part of the whole thing, is the knowledge that even if we chose liquidation as our viable exit plan, we would be just fine. Even if the building had to lay empty for a few years, we will be just fine, even if we had to sell 350k of non real estate business assets for 50k, we will be just fine. Even if we got nothing out of the business/assets at all, and the real estate went back for delinquent property taxes, even then we would be just fine. 

I believe many can accomplish the same/similar to us, or better, if you have a plan and work the plan from the youngest age you can. 

Thank You Joe, wise words

 

Wow! Talk about words of wisdom!  Thank you for sharing. You gave a credible and critical argument for building wealth for your retirement.  Shop owners, please listen. 

Posted

I got really lucky.  I retired 7 years ago after selling the business and leasing the real estate.  Joe's right about that not being enough to retire on.  However, last year I sold the real estate and that ended up being my retirement.  One year ago I sold the property for 3 times what I paid for it in 2013 for $2.3M.  THAT was enough to invest and retire comfortably on.  Once again, unlike our president, Joe's right.

Here's what I sold.  3/4 acre parking with a double fence and 243K/day traffic count.---> https://youtu.be/V89FJzM7KCg

Posted
1 hour ago, Transmission Repair said:

I got really lucky.  I retired 7 years ago after selling the business and leasing the real estate.  Joe's right about that not being enough to retire on.  However, last year I sold the real estate and that ended up being my retirement.  One year ago I sold the property for 3 times what I paid for it in 2013 for $2.3M.  THAT was enough to invest and retire comfortably on.  Once again, unlike our president, Joe's right.

Here's what I sold.  3/4 acre parking with a double fence and 243K/day traffic count.---> https://youtu.be/V89FJzM7KCg

Nice! Good you you!  This is a lesson for other shop owners, that's why this is such an important topic! Thank you for sharing, and what an amazing looking shop in a beautiful area! 

Posted
13 hours ago, Transmission Repair said:

Thanks Joe.  Like I said, I just got lucky.  Tripling my money in only 7 years of owning real estate is more the exception than the rule.  Just to be clear, I only cleared $1.9M.

J. Larry Bloodworth

Draper, Utah 84020

Only? I would say you did good!  And luck is when preparation meets opportunity.  So, you need to give yourself some of the credit too. 

Posted
13 hours ago, Transmission Repair said:

Thanks Joe.  Like I said, I just got lucky.  Tripling my money in only 7 years of owning real estate is more the exception than the rule.  Just to be clear, I only cleared $1.9M.

J. Larry Bloodworth

Draper, Utah 84020

Lucky or l smart that is a tremendous achievement.  Congratulations!

13 hours ago, Transmission Repair said:
  • Like 1
Posted

I retired 7 years ago at the age of 60 after 40 years of transmission repair.  I'm currently 67 and my wife is 69 and an accountant w/2 degrees.  Let it be known that she was as much a part of our success as I was.  She was a single mom raising 3 boys while working 2 and 3 jobs at a time.  Although I was a production transmission rebuilder for the first 15 years of my career, I've been self-employed for the majority of my life.  We sold our business in 2015 to a local multi-shop competitor.

Another stroke of luck for both of us is that we met in 2007 on Match.com.  Crazy, huh?  She invested most of the real estate proceeds into high-yielding mutual funds to give us a nice monthly income.  The house and cars (including her 2021 RAV4 Hybrid) are all paid for.  Before we met, I didn't plan, save, or set goals much.  I just lived week to week with a management style I call "management by checkbook".  Enough can't be said for the women in our industry.

If I had to offer some advice, I would say to own your own shop real estate.  We bought ours from our landlord on an owner-financed deal.  We rented the first 5 years.  Call it luck or destiny, I still think it was more luck than anything.

J. Larry Bloodworth, CMAT

Draper, Utah 84020

[email protected] 

  • Like 1
Posted
1 hour ago, Transmission Repair said:

I retired 7 years ago at the age of 60 after 40 years of transmission repair.  I'm currently 67 and my wife is 69 and an accountant w/2 degrees.  Let it be known that she was as much a part of our success as I was.  She was a single mom raising 3 boys while working 2 and 3 jobs at a time.  Although I was a production transmission rebuilder for the first 15 years of my career, I've been self-employed for the majority of my life.  We sold our business in 2015 to a local multi-shop competitor.

Another stroke of luck for both of us is that we met in 2007 on Match.com.  Crazy, huh?  She invested most of the real estate proceeds into high-yielding mutual funds to give us a nice monthly income.  The house and cars (including her 2021 RAV4 Hybrid) are all paid for.  Before we met, I didn't plan, save, or set goals much.  I just lived week to week with a management style I call "management by checkbook".  Enough can't be said for the women in our industry.

If I had to offer some advice, I would say to own your own shop real estate.  We bought ours from our landlord on an owner-financed deal.  We rented the first 5 years.  Call it luck or destiny, I still think it was more luck than anything.

J. Larry Bloodworth, CMAT

Draper, Utah 84020

[email protected] 

Sometimes it’s better to be lucky than smart. 

  • Like 1
Posted
1 hour ago, Transmission Repair said:

I retired 7 years ago at the age of 60 after 40 years of transmission repair.  I'm currently 67 and my wife is 69 and an accountant w/2 degrees.  Let it be known that she was as much a part of our success as I was.  She was a single mom raising 3 boys while working 2 and 3 jobs at a time.  Although I was a production transmission rebuilder for the first 15 years of my career, I've been self-employed for the majority of my life.  We sold our business in 2015 to a local multi-shop competitor.

Another stroke of luck for both of us is that we met in 2007 on Match.com.  Crazy, huh?  She invested most of the real estate proceeds into high-yielding mutual funds to give us a nice monthly income.  The house and cars (including her 2021 RAV4 Hybrid) are all paid for.  Before we met, I didn't plan, save, or set goals much.  I just lived week to week with a management style I call "management by checkbook".  Enough can't be said for the women in our industry.

If I had to offer some advice, I would say to own your own shop real estate.  We bought ours from our landlord on an owner-financed deal.  We rented the first 5 years.  Call it luck or destiny, I still think it was more luck than anything.

J. Larry Bloodworth, CMAT

Draper, Utah 84020

[email protected] 

You gave  lot of great advise. I am sure the readers will benefit from it.  Owning the real estate does put you in a better position and with more options, especially when retiring. If buying the property at the shop is not possible, then investing in other real estate properties should be considered.  Again, great story, great advise. 

Posted

When do you sell?

In my 40-year career, I've owned 3 different shops, all with the same name, and in the same business of transmission repair.  In the first two, the top line was growing, but the bottom line kept shrinking.  I thought I could "turn things around" and hung on to the bitter end.  I ended up with nothing to sell because who wants to buy a job?  I had nothing but equipment to sell.  

My 3rd shop was the charm.  However, I saw the same pattern start to happen all over again.  Instead of hanging on to the bitter end, I chose to sell why I still had something to sell.  I was 60 and had enough.  It took me 7 months of doing mental gymnastics  to finally decide to pull the trigger and sell.  I called my 3 largest competitors and told them I was selling.  They all knew our shop was the highest grossing transmission shop in the state.  My competitor with 6 location came over the next day.  A week later he sent his CPA in to audit the books to make sure I wasn't blowing smoke about our numbers.  From the time I decided to sell to the day we signed the papers with the multi-shop owner and I got my money was only 6 weeks because I had something to really sell other than equipment.  I had cash flow and an accountant for a wife and business partner.  Having impeccable books is key, especially if you choose to sell.

My advice?  Don't hang on thinking you can turn things around.  Sell your business while you still have something to sell.

  • Like 1
Posted
13 hours ago, Transmission Repair said:

When do you sell?

In my 40-year career, I've owned 3 different shops, all with the same name, and in the same business of transmission repair.  In the first two, the top line was growing, but the bottom line kept shrinking.  I thought I could "turn things around" and hung on to the bitter end.  I ended up with nothing to sell because who wants to buy a job?  I had nothing but equipment to sell.  

My 3rd shop was the charm.  However, I saw the same pattern start to happen all over again.  Instead of hanging on to the bitter end, I chose to sell why I still had something to sell.  I was 60 and had enough.  It took me 7 months of doing mental gymnastics  to finally decide to pull the trigger and sell.  I called my 3 largest competitors and told them I was selling.  They all knew our shop was the highest grossing transmission shop in the state.  My competitor with 6 location came over the next day.  A week later he sent his CPA in to audit the books to make sure I wasn't blowing smoke about our numbers.  From the time I decided to sell to the day we signed the papers with the multi-shop owner and I got my money was only 6 weeks because I had something to really sell other than equipment.  I had cash flow and an accountant for a wife and business partner.  Having impeccable books is key, especially if you choose to sell.

My advice?  Don't hang on thinking you can turn things around.  Sell your business while you still have something to sell.

More words of Wisdom!

Your story is common with so many shop owners. The thing that other shop owners should take notice to is that you realized when it was time to exit and you did something about it, and that you built a business worth selling.  As I tell ALL shop owners, "You are never too young to plan your exit stratgey, and build your business as if you are going to sell it tomorrow."

Thanks for sharing! Great information! 

Posted

Thanks Joe.  I've always rented and didn't start owning until 2013.  Better late than never.  The guy I originally sold the business to just turned 80 and is still in the daily grind with no relief in sight.  He once had as many as 10 transmission shops.  He's now down to only 4 shops.  He has a stack of customer complaints, law suits, and  an 'F' rating with the BBB.  I have an $85K judgment against him that isn't worth the paper it's written on.  He's in a sad, sad, sad position.  I feel sorry for him and his wife.  Even his son quit and went to work for somebody else.  

Here's a lesson on how to single-handedly wreck your own retirement:  https://www.bbb.org/us/ut/salt-lake-city/profile/transmission/tanner-transmissions-inc-1166-85050006

  • Like 1
Posted
5 hours ago, Transmission Repair said:

Thanks Joe.  I've always rented and didn't start owning until 2013.  Better late than never.  The guy I originally sold the business to just turned 80 and is still in the daily grind with no relief in sight.  He once had as many as 10 transmission shops.  He's now down to only 4 shops.  He has a stack of customer complaints, law suits, and  an 'F' rating with the BBB.  I have an $85K judgment against him that isn't worth the paper it's written on.  He's in a sad, sad, sad position.  I feel sorry for him and his wife.  Even his son quit and went to work for somebody else.  

Here's a lesson on how to single-handedly wreck your own retirement:  https://www.bbb.org/us/ut/salt-lake-city/profile/transmission/tanner-transmissions-inc-1166-85050006

Wow! BBB complaint, not good!

 

Posted
18 hours ago, Joe Marconi said:

Wow! BBB complaint, not good!

 

I'll say!  It's terrible, sad, and pitiful all at the same time.  I don't really like talking bad about anyone, but this guy takes the cake.  I've been taken to court by a customer ONE TIME in my career and that's where I met this guy.  He had 2 customers in a single day.  He goes to court regularly, usually monthly.  He usually wins because his R.O.s and warranty have so much "fine print" and conditions.

Half his shops don't even have lifts, they have oil change pits with drive-on ramps.  How'd you like to R&R a FWD transmission without a lift?  Most of his installers are novices and don't know any better.

I've never been a landlord before selling my business and leasing my building to this guy.  I couldn't have picked a worst tenant if I'd tried.  Lucky me, huh?  I sold my building to a young plumber with a fleet of 40 trucks that was a pure pleasure to deal with.  I only wish I could have had him as a tenant.  

If I had to offer some advice to others, I would suggest to do a background check on tenants and not just take money from the first guy that has it like I did.  Investigate the buyer.  Be selective.

  • Like 1
Posted
21 hours ago, Transmission Repair said:

I'll say!  It's terrible, sad, and pitiful all at the same time.  I don't really like talking bad about anyone, but this guy takes the cake.  I've been taken to court by a customer ONE TIME in my career and that's where I met this guy.  He had 2 customers in a single day.  He goes to court regularly, usually monthly.  He usually wins because his R.O.s and warranty have so much "fine print" and conditions.

Half his shops don't even have lifts, they have oil change pits with drive-on ramps.  How'd you like to R&R a FWD transmission without a lift?  Most of his installers are novices and don't know any better.

I've never been a landlord before selling my business and leasing my building to this guy.  I couldn't have picked a worst tenant if I'd tried.  Lucky me, huh?  I sold my building to a young plumber with a fleet of 40 trucks that was a pure pleasure to deal with.  I only wish I could have had him as a tenant.  

If I had to offer some advice to others, I would suggest to do a background check on tenants and not just take money from the first guy that has it like I did.  Investigate the buyer.  Be selective.

Yes, Agee.  As a landlord, it's your responsibility to qualify the tenant.  Plus, never assume that the tenant will take care of the building and property the way they should and obligated to do as per their lease agreement.

Trust But Verify! 

Posted

I only half-assed qualified him.  I saw he was years behind in property tax on 3 of his other locations.  So, I set the rent with an extra $1K/mo. more at $11K/mo. which gave me enough money to pay the property tax.  Everything else, like you suggest, he let go to hell in a handbasket.  In 5 years, sales went from $1.2M/yr. to $400K/yr.  That now made his rent 33% of his revenue and was the reason for him skipping out of a 10 year lease.  I should have exercised more due diligence.  Let this be a lesson for all.

Posted
16 hours ago, Transmission Repair said:

I only half-assed qualified him.  I saw he was years behind in property tax on 3 of his other locations.  So, I set the rent with an extra $1K/mo. more at $11K/mo. which gave me enough money to pay the property tax.  Everything else, like you suggest, he let go to hell in a handbasket.  In 5 years, sales went from $1.2M/yr. to $400K/yr.  That now made his rent 33% of his revenue and was the reason for him skipping out of a 10 year lease.  I should have exercised more due diligence.  Let this be a lesson for all.

I have seen this before, and yes, let this be a lesson for all! 

Posted

I am more interested in selling my business and leasing the property out then I am in selling the property. If I could get a ten year lease from someone who can make the payments I would be set. A lot of people could afford the business.  The key is someone who can be successful enough to keep the rent paid. 

  • Like 1
Posted

The best way to find out if they pay their rent on time is to ask their current landlord.  Look at how they pay their property taxes; it's public record in most states and readily available.  I would think twice before I sold or lease to someone who has never been in business before.  List you business/property on BizBuySell.com and LoopNet.com.  They work really well.  I had a buyer for our real estate within 3 weeks on LoopNet.com.  You can also find buildings/real estate to lease on LoopNet.  Today, in 2022, it's much easier to find something to lease or buy than ever before.  It sure beats the old fashion method of just driving around and looking.

Another thing to consider is the daily traffic count.  We were blessed being on I-15, the only north-south interstate in Utah.  The daily traffic count was around a quarter of a million vehicles a day.  A good location with a high traffic count is very important to the success of any shop.  No matter what, do your due diligence whether you buying, selling, or leasing a shop.  Don't do like I did and half-ass it. 

  • Like 1
Posted
5 hours ago, Transmission Repair said:

The best way to find out if they pay their rent on time is to ask their current landlord.  Look at how they pay their property taxes; it's public record in most states and readily available.  I would think twice before I sold or lease to someone who has never been in business before.  List you business/property on BizBuySell.com and LoopNet.com.  They work really well.  I had a buyer for our real estate within 3 weeks on LoopNet.com.  You can also find buildings/real estate to lease on LoopNet.  Today, in 2022, it's much easier to find something to lease or buy than ever before.  It sure beats the old fashion method of just driving around and looking.

Another thing to consider is the daily traffic count.  We were blessed being on I-15, the only north-south interstate in Utah.  The daily traffic count was around a quarter of a million vehicles a day.  A good location with a high traffic count is very important to the success of any shop.  No matter what, do your due diligence whether you buying, selling, or leasing a shop.  Don't do like I did and half-ass it. 

Great advise!  I agree, you need to perform your due dillegence, and also speak to the right professionals.  Put the plan on paper, it becomes real at that point. 

  • Like 1

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 marxautocenter
      Hello everyone,
       
       Currently we use RO Writer and Auto Vitals to manage our shop workflow. It works out very well overall, but I'm looking for a way to keep track of daily/weekly shop numbers in a clean and easy to read format. We found it difficult to get clear numbers in RO writer, and use the punch in/out feature in Auto Vitals for time keeping (which limits our reporting features in RO writer). I'm looking for other shop owners who use this combination to tell me they way they keep track of their daily/weekly numbers, such as technician hours worked/billed, comebacks, declined work, sold recommended (and develop a ratio from declined work/sold recommended).
       
      I'm working on a Google sheet now, but I'm looking for opinions on what you find easiest to read, while limiting entering too much information multiple times.
       
      Thank you for your comments in advance!
       
      Cheers!
    • By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      Welcome to another episode of Business by the Numbers, hosted by Hunt Demarest, CPA, with Paar Melis & Associates. This week, we're diving into the pros and cons of leasing versus buying vehicles and equipment, covering critical tax implications and cash flow considerations. Whether you're eyeing a new luxury SUV or financing essential shop equipment, this episode breaks down the factors that influence your financial decisions.
      Key Points:
      Leasing vs. Buying: Understand the key differences, from cash flow management to tax deductions, when deciding whether to lease or purchase vehicles or equipment. Tax Implications: Learn how vehicle weight (like the 6,000-pound gross vehicle weight rule) affects first-year deductions. Leasing Equipment: Discover why leases dominate the automotive equipment industry and how they’re treated for tax purposes. Cash Flow Management: Explore how financing options impact cash flow, both short and long-term. Real-Life Scenarios: Gain insights from real-world examples, like a $3,000 savings on a BMW purchase using dealership financing incentives.
      Thanks to our partners, NAPA TRACS and Promotive
      Thanks to our partner, NAPA TRACS
      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
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. 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]
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      Welcome to this episode of Business by the Numbers! Host Hunt Demarest, CPA, explores the recent IRS developments and what they mean for business owners, taxpayers, and accountants alike. With executive orders, funding cuts, and shifting policies, there's plenty to unpack about the future of the IRS and tax compliance.
      Key Takeaways:
      IRS Funding Cuts: The Inflation Reduction Act promised $80 billion for the IRS, but political maneuvering and budget cuts have significantly reduced this allocation. Commissioner Resignation: The departure of the IRS commissioner raises questions about future agency direction and efficiency. Audit Frequency Impact: With fewer agents and reduced funding, audits for wealthy individuals and large corporations are likely to decrease. Taxpayer Challenges: Delayed refunds, processing slowdowns, and a backlog of cases could worsen due to IRS understaffing. Emerging Trends: Discussion on potential international tax changes and the possibility of an "External Revenue Service" impacting U.S. tax revenue collection. https://www.projectfinance.law/publications/2025/january/trump-executive-orders/ https://waysandmeans.house.gov/2025/01/23/president-trumps-cease-and-desist-to-irs-protects-middle-class-families-and-small-businesses-from-irs-audits-and-weaponization/ https://moneywise.com/a/ch-synd/irs-asks-for-more-funding_1737633682545
      Thanks to our partners, NAPA TRACS and Promotive
      Thanks to our partner, NAPA TRACS
      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
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. 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]
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • By Zenoo
      Hi my name is Zenas and I am 26 years old from Alberta, Canada. I started my own automotive repair shop in December 2023. After running it for 1 year I made a little bit of profit. I needed some advice on how I could increase it. Its a 3 bay shop with two 2 post hoists and one 4 post hoist with alignment. I am the only mechanic in the shop as I can't afford to hire anyone at this point. I am charging about $120 per hour for the labor and very minimal mark up on parts. The shop had no customer base when I got it so it took me sometime to build returning customers. If I try to increase the prices on parts the customers run away. Seems like they are calling around the city and going to the cheapest person. My monthly over head cost is about $7000. Whatever I make in a month goes back into next month's rent. Any advices on how to manage this properly from other shop owners?
    • By carmcapriotto
      Thanks to our Partner, NAPA Autotech
      Matt Fanslow and Margaret Light, a Licensed Marriage and Family Therapist and Certified Sex Therapist in the state of Minnesota, discuss a recent murder-suicide within the automotive community. They discuss the alarming statistics surrounding such events, emphasizing the significant role of domestic violence as a predictor. The conversation explores risk factors, including untreated mental illness, access to firearms, and the dynamics of control within relationships. Finally, they offer practical advice and resources for identifying warning signs and seeking help for individuals at risk.
      Thanks to our Partner, NAPA Autotech
      NAPA Autotech’s team of ASE Master Certified Instructors are conducting over 1,200 classes covering 28 automotive topics. To see a selection, go to napaautotech.com for more details.
      Contact Information
      Email Matt: [email protected] Diagnosing the Aftermarket A - Z YouTube Channel
      The Aftermarket Radio Network: https://aftermarketradionetwork.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


  • Similar Tagged Content

  • Our Sponsors



×
×
  • Create New...