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Exit Strategy-step 8- Don't Rely on the Sale of your Business for Retirement

Joe Marconi
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  • Joe Marconi changed the title to Exit Strategy-step 8- Don't Rely on the Sale of your Business for Retirement
rpllib Enthusiast

rpllib

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"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
Transmission Repair Experienced

Transmission Repair

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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

Transmission Repair Experienced

Transmission Repair

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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
Transmission Repair Experienced

Transmission Repair

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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
Transmission Repair Experienced

Transmission Repair

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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
Transmission Repair Experienced

Transmission Repair

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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
Transmission Repair Experienced

Transmission Repair

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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.

Transmission Repair Experienced

Transmission Repair

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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

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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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      The discussion also highlights a troubling trend: the industry’s Net Promoter Score dropped to -60 in 2026, signaling that many technicians would not recommend the profession to others.
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