Passing Your Business on to the Next Generation: Part 1 - Business By The Numbers
-
Available Subscriptions
-
Have you checked out Joe's Latest Blog?
-
By Joe Marconi in Joe's Blog0 commentsIt 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 Joe Marconi
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
Thanks to our partners, NAPA TRACS and Promotive
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
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. 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]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
-
By carmcapriotto
Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class Join a discussion with multi-shop operators Dwayne Myers and Rick Levitan, as well as CPA Hunt Demarest, on the intricacies of purchasing a business. They cover the necessity of due diligence, understanding financials, and the emotional aspects of negotiation. The panel shares personal experiences, highlighting the importance of realistic financial projections, environmental assessments, and the role of goodwill in valuations. They advise on building strong banking relationships, scrutinizing financial statements, and respecting sellers' emotional ties, emphasizing patience and strategy for successful acquisitions in the automotive industry. Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Dwayne Myers, Dynamic Automotive, 6 locations, Maryland. Dwayne’s previous episodes HERE. Rick Levitan, Managing Director, Auto Stream Car Care, MD. Show Notes
Real Estate Strategies with Rick Levitan [AW 170]: https://remarkableresults.biz/remarkable-results-radio-podcast/aw170/ The challenges of obtaining accurate financials (00:02:03) Discussion on the challenges of obtaining accurate financials when buying a business. The importance of common sense in business acquisitions (00:06:30) The panel discusses the importance of using common sense and avoiding emotional attachment when considering a business acquisition. Legal and financial considerations in business acquisitions (00:08:24) The panel discusses legal and financial considerations, including the importance of asset purchase, non-compete agreements, and the quality of real estate. Financing Considerations (00:18:13) Discussion on the critical role of financing in business acquisitions and the advantages of using banks or owner financing. Bank Relationships (00:19:09) Importance of building a relationship with a bank and leveraging the bank's confidence in the buyer's ability to expand. Financial Statement Analysis (00:20:27) Importance of thoroughly analyzing financial statements, including understanding expenses and discretionary non-recurring expenses. Negotiating the Deal (00:22:24) Strategies for negotiating the price and terms of the acquisition, including considering the concerns of the seller and assessing the facility's assets. On-Site Q&A (00:23:31) The checklist and tactics for conducting a site visit to assess a potential acquisition, including evaluating equipment, employees, and the owner's future plans. Pro Forma and Business Plan (00:25:23) The necessity of creating a pro forma and business plan for the bank, including the importance of conservative projections and understanding the return on investment. Challenges of Multi-Shop Expansion (00:30:34) Discussion on the challenges and missteps often encountered by individuals expanding into multi-shop operations, emphasizing the need for patience and learning from experiences. Gas Station Red Flags (00:32:41) The importance of environmental assessments. Emotional Aspects of Buying (00:34:08) The emotional nature of buying a business. Goodwill and Equipment Allocation (00:38:49) Discussion on goodwill, equipment, and the allocation of the purchase price in a business acquisition, including tax implications. Understanding Multiples in Business Valuation (00:39:32) Explaining the concept of multiples in business valuation and the factors that influence the multiplier, such as location, equipment, and reputation. Negotiating Purchase Price (00:42:23) Negotiating the purchase price based on business valuation and real estate factors. Final Thoughts on Business Acquisition (00:44:03) The importance of staying positive and finding creative solutions during negotiations, leaving deals on good terms, and expressing appreciation for the insights shared. Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on X (Twitter): https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
-
By Changing The Industry
Episode 167 - Rewiring Consciousness Via Meditation & Mindfulness To Handle Anxiety W/ Kelly Fisher
-
By carmcapriotto
The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.
Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo:https://shopmarketingpros.com/chris/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this podcast episode, Chris Cotton from Auto Fix Auto Shop Coaching shares his expertise on team development within the auto repair industry. He advises against being the best person on your team, as it can hinder growth and lead to burnout. Instead, he offers strategies for building a capable team, such as hiring top talent, training, delegating, and fostering leadership. Chris emphasizes the benefits of collaboration, clear expectations, feedback, and a positive work environment. He also discusses transitioning to a team-focused approach and succession planning. The episode wraps up with Chris offering personalized advice and thanking the audience and sponsor, Shop Marketing Pros.
The importance of not being the best person on your team (00:01:15) Chris discusses the negative impact of being the best person on your team and its limitations on business growth. The drawbacks of being the best person on your team (00:02:25) Chris outlines the negative consequences of being the best person on your team, including burnout, dependency, and stifled innovation. Building a stronger team (00:06:05) Chris provides practical tips for building a stronger team, including hiring the best, investing in training, and fostering leadership. Transitioning from being the best to building the best team (00:09:41) Chris offers steps to transition from being the best person on your team to building the best team, emphasizing the need for assessment, training, and succession planning.
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
-
-
-
Our Sponsors
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now