Quantcast
Jump to content


How Long Have You Been a Shop Owner, & When Are You Looking to Retire?


Recommended Posts



Two years, I’m out. Some of the employees are forming a corporation in 2023 to buy the business in 2024. I’ve been in it for 28 years and at the 30th year, I will walk away. I will stay on, though, for about 6 months in a consulting role. After that, my plan is to consult younger shop owners to help them grow their businesses. I have been approached by a coaching company already, but they don’t fit my style so I’ll be looking around for the best fit. As for the real estate side, I own several residential rentals and have had no desire to own commercial real estate in the state of NJ. Leasing has always been the best option for me.

  • Like 1
Link to comment
Share on other sites

On 10/15/2022 at 9:43 AM, xrac said:

I will be 70 in December and have ran a shop 24 years in March. My shop is for sale. Covid hit and killed a potential sale. Another sale was killed because another less expensive shop came up for sale during due diligence.  We have had five shops or body shops change hands here in the last year. 

Frank, not to be all-knowing and personal, but you need a plan.  It took me 5 years to sell, with multiple deals that fell through. Then I had major surgery in 2020, and that was the last and final push to make this happen.  I sold my two shops and real estate. Got my check, paid my capital gains tax, and was done.  Any questions, please ask away. 

 

Link to comment
Share on other sites

40 minutes ago, tomkatv10 said:

Two years, I’m out. Some of the employees are forming a corporation in 2023 to buy the business in 2024. I’ve been in it for 28 years and at the 30th year, I will walk away. I will stay on, though, for about 6 months in a consulting role. After that, my plan is to consult younger shop owners to help them grow their businesses. I have been approached by a coaching company already, but they don’t fit my style so I’ll be looking around for the best fit. As for the real estate side, I own several residential rentals and have had no desire to own commercial real estate in the state of NJ. Leasing has always been the best option for me.

Glad to see you have a plan.  Please help this group of employees with the process.  Sometimes, their "desire" does not materialize into actual reality. I had two serious-minded employees that really want to buy the business but bailed out when the time came.  Looking back, I should have done a better job of helping them through the process. 

  • Like 1
Link to comment
Share on other sites

3 hours ago, JerryK said:

I have been a shop owner for almost 42 years. I have a good team that take great care of our clients and I am only in the shop a few days each week. It is a great time to be an owner! Why sell? 

Good for you. I can respect that. Do you have any exit strategy at all? Life can throw a curve ball. 

Link to comment
Share on other sites

9 hours ago, Transmission Repair said:

Joe,

You talk realities.  We would all like to think our crew at the shop could handle everything like we did after we're gone.  The truth of the matter is for former employees need to get strongly engaged in coaches like you.   Bob Cooper, and other shop coaches in your company.   I spent a lot of money with Bob Cooper's company years ago, but it was a great deal in the long run.  No regrets.

J. Larry Bloodworth, [email protected] (801) 885-2227

Thank you, Larry, for your kind words, and your endorsement. Before I began coaching and training, I was a client of Bob Cooper and Elite. Being coached greatly helped me in business too.  It's my time to give back, it's why I coach others today and cofounded Auto Shop Owner.  

Not to sound like a sales pitch here, but a coach can help a shop owner today, and through the process of preparing for an eventual exit. 

Thanks again, Larry! 

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
  • Have you checked out Joe's Latest Blog?

    • By Joe Marconi in Joe's Blog
         5
      Typically, when productivity suffers, the shop owner or manager directs their attention to the technicians. Are they doing all they can do to maintain high billable hours? Are they as efficient as they can be?  Is there time being wasted throughout the technician’s day? 
      All these reasons factor into production problems, but before we point fingers at the technicians, let’s consider a few other factors.
      Are estimates being written properly? Are labor testing and inspections being billed out correctly? Are you charging enough for testing and inspecting, especially for highly specialized electrical, on-board computer issues, and other complex drivability work?  Is there a clear workflow process everyone follows that details every step from the write-up to vehicle delivery? Do you track comebacks, and is that affecting production?  Is the shop layout not conducive to high production? For example, is it unorganized, where shop tools, technical information, and equipment are not easily accessible to every technician?  Are you charging the correct labor rate and allowing for variables such as rust, vehicle age, and the fact that most labor guides are wrong? Also, is there effective communication between the tech and the service advisor to ensure that extra labor time is accounted for and billed to the customer? These are a few of the top reasons for low productivity problems. There are others, but the main point is to look at the entire operation. Productivity is a team effort.  Blaming the techs or other staff members does not get to the root cause in most cases.
      Maintaining adequate production levels is the responsibility of management to create the processes that will lead to high production while holding everyone accountable. 
  • Similar Topics

    • By Transmission Repair

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By carmcapriotto
      Talking Points
      Kathleen Long: One of the hardest working women in auto car. A woman of action and impact. She’s a big believer in the value of mentoring. Has a glass-break alarming laugh RepairPal is setting/ limiting what prices I can charge to my customers with their estimator. I don’t need RepairPal because I already have plenty of business and I get great marketing for free through word of mouth. Online customers like the ones that come through RepairPal are just annoying price shoppers. I have a relationship with my local CarMax store, so I don’t need RepairPal’s help. Many consumers haven’t heard of RepairPal so they cannot really help me to increase my car count.  
      Kathleen Bio:
       
      Kathleen Long, Chief Revenue Officer
      Kathleen has built and developed award-winning marketing, sales, success, support and operations teams, centered on principles of authenticity, hard work and empathy. As Chief Revenue Officer at RepairPal, Kathleen leads all partner and consumer initiatives; including business development & strategy, operations, marketing, and IT. Kathleen is absolutely insistent on making a difference for people and businesses, by connecting them with disruptive, useful technologies, aided by humans who are given space to be themselves at work. Kathleen helped transition a startup through a successful acquisition exit, created revenue and monetization streams that supported another startup going public and grew her career from a chair in a call center employee to a seat at the executive table in 10 years (happily mentoring others to do the same). Kathleen is proud to stand for ethical principles, and to be a female executive in a male-dominated industry and is Women in Auto Care's Woman of Excellence, presented annually to a woman who has provided recent outstanding contributions to the auto care industry while demonstrating role model behaviors, leadership and commitment to the advancement of women.  She has been described by some as the literal voice of the company and has a laugh that once set off glass break alarms in a conference room.
      Kathleen holds a degree in General Studies and Philosophy from the University of Nevada, Reno.
      How To Get In Touch
      Group - Auto Repair Marketing Mastermind
      Website - shopmarketingpros.com 
      Facebook - facebook.com/shopmarketingpros 
      Get the Book - shopmarketingpros.com/book
      Instagram - @shopmarketingpros 
      Questions/Ideas - [email protected]
      Thanks to our partner, RepairPal. Visit the Web HERE
      Click to go to the Podcast on Remarkable Results Radio
    • By Joe Marconi
      Let's face it, no one or no entity will help us with the Tech shortage. The truth is, this is not new. This shortage has been created largely from decades of steering young people to college, and not the trades.  I believe we need to get involved with apprenticeship programs. Below is an article in Motor Magazine.
      Your thoughts? Comments?
       
       
    • By carmcapriotto
      Recorded Live at the Transformers Summit with Nichole Bennecoff, Subie Guys, Traverse City, MI.  Find out how growing her business helped reignite her passion for the industry. Nichole Bennecoff, Subie Guys, Traverse City, MI. Show Notes
      Felt stale after 4 years of ownership and 15 years prior of being involved in the business- is there more out there? Started working in the office first- there was a divorce in the family. Nichole has always been the type to learn more and be curious. Bought out her brother and mother and became the sole owner. Joined Transformers Institute- became interested in owner-operators setup with the expansion of growing locations. Reignited desire to grow business. Share your knowledge! Growing 20% every year, staffed to grow more. Next step- opening a general repair shop Sharing the vision with the team- an important step in order to grow together Learn to listen to your intuition Referrals are #1 for their marketing Feeling overwhelmed with your 'list?'- pick the top 3, and delegate items that can be delegated to someone else
      Connect with the Podcast: 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 partner: Learn more about NAPA AutoCare and the benefits of being part of the NAPA family by visiting www.NAPAAutoCare.com
         
      Click to go to the Podcast on Remarkable Results Radio
    • By ASOG Podcast
      Every New Auto Tech Needs To Hear This


  • By nptrb, in Automotive Industry,

    By nptrb, in Automotive Industry,

  • Our Sponsors



×
×
  • Create New...