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

Joe Marconi
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tomkatv10 Apprentice

tomkatv10

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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.

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Joe Marconi Grand Master

Joe Marconi

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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. 

 

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Joe Marconi Grand Master

Joe Marconi

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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. 

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Joe Marconi Grand Master

Joe Marconi

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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. 

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Joe Marconi Grand Master

Joe Marconi

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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! 

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