Technician’s Three-Year Succession Plan [RR 906]

[carmcapriotto]

Recorded Live at AAPEX 2023, Andy Bizub and part owner Brandon Ludwikowski discuss the transition from technician to business owner, the importance of a positive attitude, and the tools and knowledge required for technicians. The conversation also covers the division of responsibilities within the company, decision-making processes, and the importance of understanding business fundamentals and financials.

Brandon Ludwikowski, Midwest Performance Cars, Chicago and Northbrook, IL. Andy Bizub, Midwest Performance Cars, Chicago and Northbrook, IL.  Andy’s previous episodes HERE. Show Notes

• Attitude is Key (00:02:12) Brandon emphasizes the importance of having a positive attitude in the face of challenges and setbacks.
• Providing the Right Tools and Knowledge (00:03:19) Brandon discusses the need for owners to provide technicians with the necessary tools and knowledge to perform their job effectively.
• Finding the Best Training Sources (00:04:51) Andy explains how he identifies knowledge gaps in his team and seeks out the best training sources to enhance their skills and capabilities.
• Using a dashboard for learning and improvement (00:09:10) Discussion about the usefulness of a dashboard in identifying areas for improvement.
• Dealing with overconfidence and ego in technicians (00:09:42) The challenges of working with technicians who believe they know everything and the importance of leaving ego at the door.
• Considering succession planning and bringing on an ownership team. (00:11:01) The reasons behind bringing on an ownership team, including geographical considerations and planning for the future.
• The journey to becoming part owners (00:17:56) Brandon discusses the process of becoming a part owner of Midwest Performance Cars and the decision-making involved. Andy describes the complementary skills and characteristics of the three owners: Chris, Ryan, and Brandon.
• Future plans and ownership transition (00:24:34) Andy explains the terms of the deal, including the timeline for the owners to fully pay for their shares and the possibility of Andy staying on as an advisor.
• The importance of balance sheets (00:31:46) Andy explains the importance of understanding balance sheets and how they show the true worth of a business.
• Teaching finance to the team (00:34:02) Andy discusses how he teaches finance to his team, emphasizing the importance of understanding numbers and making informed decisions.
• Transitioning from a single owner to a business owner (00:34:24) The conversation shifts to the challenges faced by single owners and how they can start transitioning to becoming successful business owners.
• The balance sheet and cash flow statements (00:34:40) Explanation of the importance of understanding balance sheets and cash flow statements for business owners.
• The benefits of having a coach (00:36:17) Discussion on the positive impact of having a coach for business owners.
• Transitioning to a business mindset (00:37:08) The importance of shop owners understanding the business side of their industry and becoming businessmen, rather than just shop owners.

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