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I am new here. Some points to exiting your business from parallel life (my main business is health care.)

 

1. Don't wait until your business is on the skids to sell. A failing business gets only inventory/equipment at depreciated value.

2. Use a business consultant and attorney to help with the deal. Check several consultants to make sure they are not raping you. You don't want to

make mistakes like leaving leases in your name.

3. If you are financing the deal, check on the new owner monthly.

4. Have something else to do.

 

Good Luck.

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GeeZ, welcome to the forum. Those are all valid points. What is your involvement with healthcare and how are you involved in the automotive business?

 

I am a pharmacist and operate a home infusion biz (i.v. in the home) with another pharmacist who is my business partner. www.ivavitalcare.com. I am the senior partner (having put most of the money in) in a performance garage. www.powerfabauto.com. I have been a sports car freak for many years but know NOTHING about operating a garage, I joined this forum hoping to learn something.

 

Thanks for the welcome.

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  • Have you checked out Joe's Latest Blog?

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      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.
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