Quantcast
Jump to content

Recommended Posts

Posted

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 AssociatesBusiness 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       Chris-Cotton-Call-To-Action-Graphic-Webs       Todays-Class-Call-To-Action-Graphic-Webs Brakes-for-Breasts-Call-To-Action-GraphiARN-Website-Banner-July-2022-1200x400-1.                       Screenshot_340.png

Click to go to the Podcast on Remarkable Results Radio

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
  • Available Subscriptions

  • Have you checked out Joe's Latest Blog?

         0 comments
      It 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 carmcapriotto
      Thanks to our partner Promotive
      In this episode of Business by the Numbers, Hunt Demarest, CPA of Paar Melis and Associates, explores the details behind what former President Trump is calling the "largest tax cut in U.S. history." What’s actually in the proposed bill? Will any of it pass Congress? And most importantly, what could it mean for auto repair shop owners and other small business operators?
      Hunt unpacks what we know so far, what’s still uncertain, and how business owners can start thinking strategically. From potential expansions of the Child Tax Credit and QBI deduction to the controversial proposals of eliminating taxes on tips, overtime, and Social Security, this episode covers the key elements that matter most.
      Whether you’re looking to stay informed or proactively plan for future changes, this episode offers a grounded look at what’s on the table—and what’s likely to be left off.
      Key Takeaways:
      What’s included in the proposed 2025 tax cut and what’s still up for debate The current status of the Child Tax Credit, QBI deduction, bonus depreciation, and SALT deduction cap Potential elimination of taxes on Social Security income—and whether that’s realistic A breakdown of the proposed “Millionaire Tax” and its implications for high earners Why the talk of tax-free tips and overtime could create major planning opportunities for business owners
      What shop owners need to watch for and how to prepare as legislative discussions continue
      Thanks to our partner, Promotive
      It’s time to hire a superstar for your business; what a grind you have in front of you. 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]
      Text Paar Melis @ 301-307-5413
      Download a Copy of My Books Here:
      Wrenches to Write-Offs Your Perfect Shop 
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio
    • By MikesPlaceAuto
      Hello from Montana. Longtime mechanic/technician, first-time shop owner. Reaching out to many sources for information and advice. Small shop in rural setting, specializing in electrical and electronics. Thanks for any good words. Mike
    • By carmcapriotto
      So, you didn’t go to school for HR, and let’s be honest, hiring probably wasn’t what you dreamed about when you opened your shop. But here you are, needing to fill those bays and build a solid team.
      In this episode of the Auto Repair Marketing Podcast, Kim Walker is joined by Lisa Coyle of Promotive to break down what it takes to hire in today’s world, and spoiler alert: it’s all about marketing.
      From writing job posts that work to building a reputation techs want to work for, they cover everything you didn’t know you needed to know. You’ll discover why speed is your best friend, how your everyday shop culture is part of your recruiting strategy, and why treating candidates like customers is the game-changer most shop owners miss.
      Whether you’re hiring right now or just trying to build your bench, this episode is packed with smart advice, straight talk, and some seriously valuable insight into what works (and what doesn’t) when it comes to marketing your way to a great hire.
      Hit play, and get ready to turn hiring from a headache into a strength. 👊
      Thank you to our friends at RepairPal for providing you with this episode. RepairPal’s Certified Network of shops is trusted by millions of customers each month. Learn more at
      RepairPal.com/shops.
      AppFueled makes marketing easy. It’s a CRM designed for auto repair shops with tools like segmentation, reminders, and even a call center. Don’t wait—get started today at appfueled.com
      Lagniappe (Books, Links, Other Podcasts, etc)
      Promotive
      Show Notes with Timestamps
      Introduction to the Podcast (00:00:01)  The podcast is introduced as part of the aftermarket radio network. Guest Introduction (00:00:10)  Kim welcomes Lisa Coil from Pro Motive and expresses excitement about the discussion. Personal Anecdote on Hiring (00:01:22)  Kim shares her first impression of Lisa at an industry event and their delayed connection. Marketing and Hiring Discussion (00:02:22)  Kim highlights the importance of marketing in attracting both customers and future team members. Childhood Reflections on Blue-Collar Work (00:03:31)  Kim reflects on societal views of blue-collar jobs and their financial misconceptions. Recruitment Challenges in the Industry (00:04:33)  Discussion on the shortage of skilled blue-collar workers and the need for effective marketing strategies. Understanding Headhunters vs. Recruiters (00:05:23)  Lisa explains the difference between headhunters and recruiters in the hiring process. Recruitment Process Overview (00:06:45)  Lisa describes the comprehensive services provided by headhunters, from job design to candidate negotiation. Common Hiring Problems for Shops (00:09:13)  Lisa outlines key challenges shops face, emphasizing the importance of branding and speed in hiring. Importance of Speed in Hiring (00:09:41)  Lisa stresses the need for quick responses to applicants to secure top talent. Marketing's Role in Job Descriptions (00:12:10)  Discussion on how marketing strategies influence job titles and descriptions to attract candidates. Optimizing Job Listings for Mobile (00:13:04)  Lisa advises shop owners to check how their listings appear on mobile devices for better visibility. Balancing Job Specificity and Attractiveness (00:15:28)  Lisa talks about the need to balance specificity in job titles without deterring potential applicants. Job Posting Strategies (00:18:28)  Discussion on effective places for shops to post job openings. Candidate Treatment (00:18:39)  Advice on treating job candidates like customers for better recruitment. Data Capture Importance (00:18:47)  Emphasis on capturing candidate data for future recruitment needs. Using Job Boards (00:19:55)  Recommendations on utilizing various job boards for recruitment. Applicant Tracking Systems (00:20:51)  Benefits of using applicant tracking systems for managing job applications. Building a Candidate Database (00:21:53)  The importance of maintaining a database of potential candidates over time. Social Media for Recruitment (00:22:46)  Using social media ads for recruitment and the challenges involved. Referral Programs (00:23:43)  Encouraging employee referrals as a strategy for finding candidates. Team Referral Incentives (00:25:27)  Impact of financial incentives on employee referrals for job candidates. Maintaining Candidate Connections (00:25:50)  Importance of staying in touch with candidates for future opportunities. LinkedIn for Hiring (00:27:15)  Discussion on the effectiveness of LinkedIn for hiring technicians. Marketing's Impact on Hiring (00:28:01)  How a shop's marketing affects their ability to attract good candidates. Consumer Reviews Influence (00:28:56)  The role of online reviews in shaping potential candidates' perceptions. Showcasing Company Culture (00:30:27)  The significance of showcasing company culture to attract talent. Careers Page Importance (00:32:55)  Discussion on the essential elements of a careers page for attracting talent. Website for Customers and Employees (00:33:44)  Lisa shares insights on designing websites for both consumers and potential employees. Showcasing Team Members (00:36:04)  Importance of displaying employees on the website to attract future talent. Training and Retention Strategies (00:37:12)  Discussion on the significance of training and retaining employees after hiring. Engagement During Transition (00:38:20)  Keeping candidates engaged between signing the offer and starting their new role. Making First Days Special (00:40:10)  Ideas for creating memorable first-day experiences for new hires. Responding to Negative Reviews (00:43:16)  Advice on handling negative feedback and its impact on employer branding. Reputation Management (00:45:24)  The importance of maintaining a positive reputation as an employer. Finding Pro Motive (00:48:28)  Information on how to connect with Pro Motive for hiring assistance. Closing Remarks (00:49:14)  Wrap-up of the episode and encouragement to listen to future shows.
      How To Get In Touch
      Join The Auto Repair Marketing Mastermind Group on Facebook
      Meet The Pros
      Follow SMP on Facebook
      Follow SMP on Instagram
      Get The Ultimate Guide to Auto Repair Shop Marketing Book
      Email Us Podcast Questions or Topics
      Click to go to the Podcast on Remarkable Results Radio
    • By Changing The Industry
      Episode 216 - Can You Achieve High Performance Through Coaching with Cecil Bullard and Michael Smith
    • By carmcapriotto
      Thanks to our Partners, NAPA TRACS, and Today's Class Recorded at the NAPA Now Conference celebrating NAPA Auto Care’s 100th anniversary, Jason Rainey, Vice President of NAPA Auto Care, and Matt Crumpton, Director of Program Development, introduce the Team Tool Rebate program, which helps technicians manage tool debt while providing shops with funds to reward and retain talent. The conversation also emphasized NAPA’s apprenticeship and training programs, showcasing the company's commitment to education, workforce development, and genuine partnerships. Rainey and Crumpton highlight NAPA’s dedication to listening to its Auto Care members and delivering solutions that go beyond parts, aiming to uplift the industry through support, innovation, and strong shop culture.
      Matt Crumpton, Director of Program Development, NAPA Auto Care
      Jason Rainey, Vice President NAPA Auto Care. Jason’s previous episodes HERE Show Notes:
      Watch Full Video Episode Introduction to NAPA NOW Conference (00:00:00) Training Focus at NAPA NOW (00:05:07) Introduction of Team Tool Rebate (00:06:22) The Concept Behind Team Tool Rebate (00:07:33) Allocation Process for Rebate Funds (00:10:59) Creating a Positive Shop Culture (00:12:25) Rebate Program Impact (00:15:02) Strengthening Relationships with Members (00:15:59) Understanding NAPA's Programs (00:17:08) Partnerships in the Automotive Industry (00:17:56) Team Tool Rebate Launch (00:19:51) Celebrating Partnerships (00:21:28) Engaging Technicians (00:22:17) Listening to Member Feedback (00:23:13)
      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, 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: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -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: 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 -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio


  • Our Sponsors



×
×
  • Create New...