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Yup! That "F" word comes up again! You're welcome to pre-register for my totally FREE Training Course - "How to Double Your Car Count in 89 Days... Without Wasting Hard Earned Dollars on Money Sucking Advertising." What You'll Discover:
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"The Car Count Fixer" PS: Uh... did I tell you it's FREE!? Just want to be sure - don't want anyone to think I'm pulling one of those "shameless plugs!"
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Anyone know or recommend a company that offers a 3-5 day workshop to train a service writer/manager to learn how to SELL and manage tech workflow? Not looking for a consulting firm wanting thousands of dollars. We have an awesome personable approachable person who was one of our techs and wants to move up front but needs help. Thanks so much for your input
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Let me ask you a few questions about your year to this point… Has 2018 been the killer breakout year that you hoped for? Are you still tired of not having enough quality car count in your shop every day? Are you wondering why you’re working so hard, yet not making the money you should be making? Is the endless ‘feast or famine’ of this business driving you nuts? Are you frustrated with running around your shop all day putting out fires – instead of getting any ‘real’ work done? Are you ready to get a proven plan handed to you on a silver platter that will help you attract an endless supply of customers, crank up your profits, and get your shop running in tip-top shape – while working fewer hours than you’ve ever worked before? If so, you’ll want to do everything humanly possible to clear your schedule and join us at the upcoming High Performance Workshop (August 18th & 19th)
- UPDATE: EVENT HAS PASSED. CLICK HERE TO WATCH AN EXCLUSIVE SALES TRAINING You’ll be exposed to the TRUTH about what it takes to be successful in today’s environment from an actual million dollar shop owner. This workshop is a 2-Day LIVE intensive training where we take you by the hand and walk you through every step of what it takes to run a KICK-BUTT, smooth running, and HIGHLY PROFITABLE repair shop! Click here to learn more and register today! Ron
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If you want to build a more profitable, successful auto repair business, you’ll need to make sure that every single employee has a clearly defined, written job description. If you’re a shop owner who has a manager in place, then here’s a list of things you will need to include in their job description. 1. They must know the goals of the company, as well as all of the relative Key Performance indicators. For example, when it comes to the company goals, they’ll need to know the long-term goals, as well as the annual, quarterly, weekly and daily goals. They will also need to know the goals for car count, sales, ARO, customer retention and satisfaction, gross profit, technician productivity and efficiency, and taxable income. 2. All shop managers must embrace the mission and culture of the company. The mission is why you do what you do, and the culture is the glue that holds your team together. For example, the mission may be to be to better your community, and the culture of your company may be defined by your shop’s ethics. 3. Shop managers need to ensure that they have a team of superstars, and they need to know how to keep their employees operating at peak performance. This means they’ll need to know the minimum levels of acceptable performance for each position, and all company policies. They will also need to know how to hold effective team meetings and perform reviews, and how to deal with every type of employee issue. 4. Shop managers need to know how to effectively manage customer concerns, and have a firm grasp of the situations that warrant contacting the shop owner, or their designated superior. 5. Shop managers must know how to properly secure the facility, vehicles, cash, checks, credit card information, all customer information and all employee records they have access to. 6. All shop managers must be able to properly maintain equipment, and process both customers and vehicles in a safe and efficient manner. This includes managing the shop’s labor inventory and expenses, properly assigning and dispatching work, and complying with all governmental requirements. 7. All shop managers need to know how to report to the shop owner, or their designated superior. We understand that every shop owner will have different reporting requirements, but at a minimum the manager should be required to provide a daily report on all relative KPI’s, violations of company policies, and customer concerns. This reporting must also include scheduled meetings with the owner (or their superior) to discuss the performance of the business and their recommendations for improvement. 8. At Elite we realize that there will be limitations on the control and authority assigned to the manager, but regardless, they must be held accountable for the overall success of the business. If the manager feels there is something that is holding the company back, or causing harm to the brand in any way, they have an ethical responsibility to advise the owner or their superior immediately. 9. All shop managers must effectively manage their time and tasks. They need to ensure they have a daily plan in place that allows them to remain focused on their goals, roles and responsibilities. 10. Shop managers must accept the fact that it is their responsibility to provide leadership to all the employees. They can fulfill this requirement by remaining focused on the goals of the company, fulfilling the requirements of their job description, treating all others in a professional way, and behaving in a manner that reflects that they will never compromise their ethics, show preferential treatment, or put money ahead of people. Since 1990, Bob Cooper has been the president of Elite, a company that strives to help shop owners reach their goals and live happier lives, while elevating the industry at the same time. The company offers coaching and training from the industry’s top shop owners, service advisor training, peer groups, along with online and in-class sales, marketing and shop management courses. You can learn more about Elite by visiting www.EliteWorldwide.com, or calling 800-204-3548.
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By Bob Cooper If you speak with most shop owners they’ll tell you that they think their shop is worth x amount of money. Ask them how they came up with that number, and they’ll tell you it’s based on what they heard another shop sold for, or it’s predicated on their annual sales. But if you really want to know what your shop is worth, first of all, forget everything you’ve heard about “goodwill” and the fact that you have thousands of names in your database. That’s icing on the cake, but it’s not something a buyer can take to the bank. And although there is some value associated with some franchise names, there are two things that are most important to a buyer: the “tangible assets” and the “income history.”
Tangible assets are things like real estate, cash in the bank, secured receivables, inventory and equipment. To put it another way, these are the assets that buyers could turn into cash if they had to. When you’re establishing the value of your inventory and equipment, bear in mind that the actual appraised value may very well be far less than what you originally paid. So tangible assets are always number one.
In regard to “income history”, we all know that past performance is no guarantee of future performance, yet the substantiated income history of a company is what buyers can use to forecast earnings. And don’t forget: The amount of money the “company” made does not include any income you’ve drawn out of the company as a salary. The company’s income is the amount remaining after all expenses, including your salary, have been considered.
So imagine you’re looking to buy a shop, and let’s say the tangible assets are worth $400,000. In addition, let’s say the shop has a history of generating $100,000 in annual income after all expenses, and let’s say the owner has been drawing a salary of $80,000. So if you were to buy that shop, how much would you be willing to invest? Well, only you can answer that question, but I hope you take these 6 points into consideration:
1. If you were to liquidate after you purchased, how much could you sell the assets for? I call this the “street value” of assets.
2. How long has the company been in business, how long have the key employees been with the business, and what’s the probability that these key employees will stay on once you buy?
3. What is the probability of the company continuing to earn the same $100,000 in annual profits, and for how long?
4. In regard to the $80,000 salary the owner was taking, would you be willing to do what he or she does for the company for the same amount? Or will you be able to hire someone to do that job for the same or less?
5. If you were to invest the same amount of money in any other business or investment vehicle, would you receive a better return?
6. What are the terms of the purchase price? You may be better off to pay a higher price in return for a lower down payment, good financing rates and a non-compete.
So, how do you establish the value of your business? Not by the icing (goodwill and number of names in your database), but by looking at it through the eyes of both a banker and a buyer. Since 1990, Bob Cooper has been the president of Elite, a company that strives to help shop owners reach their goals and live happier lives, while elevating the industry at the same time. The company offers coaching and training from the industry’s top shop owners, service advisor training, peer groups, along with online and in-class sales, marketing and shop management courses. You can learn more about Elite by visiting www.EliteWorldwide.com, or calling 800-204-3548.
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