By Nevil Jay
I'm currently looking into a business acquisition. It's a wheel repair shop based in South California. I have questions in terms of profitability and also, the expenses involved within the business.
I have profit and loss statements of the business. They currently operate 24/7 and have 30-35 employees. I am looking for someone who has experience in this sector that may be able to give me some unbiased advice. I also wanted to somehow come up with a valuation of the business. It operates out of a leased building, but consistently profits the owner a large amount of money. Who should I look for to verify these numbers? Will any CPA be able to understand?
Thanks in advance,
We use Mitchell and I find myself constantly changing the prices that it spits out even though I set up the pricing matrix... Anyone willing to share how they split it up and what figures they use? I want to give a fair price but I also don't want to short myself,
By James Boswell
I am trying to get some real-world perspective on using the Mitchell 1 system. Specifically, I am trying to account for bad debt, but setting it up as a payment type doesn't seem to be a good idea because it shows in my Revenue reporting as a taxable sale. Is there any way to adjust this or is their a best practice for tracking bad debt?
On another note, I would love to be able to chat with someone who has used this system for years and is willing to share some of their best practices in general. Let me know if you might be open to starting a dialogue.
Hi, so yesterday a girl walks in and handed me some pictures of what looks to be a Black spot on her cooling fan like something has been rubbing on it. She explained that she was on a trip over the weekend and something it happened she lost all her coolant while driving. She had it towed to the local Subaru dealer. They told her the cooling fan had rubbed a spot through on the upper radiator hose causing the engine to loose it’s coolant, it overheated and now supposedly the engine is seized up. Guess who just replace the radiator about one month ago Yep we did. Luckily she’s a very nice girl but kind of sat there wondering what I would do for her. she said the dealer quoted her six grand for a new engine... of course that’s not gonna happen since has approximately 200,000 on her 05 Subaru Outback. Now the vehicle is approximately three hours away and she’s wondering what I can do for her. I talk to the dealership that the car is that they basically said whoever put the radiator in is at fault but they didn’t know why the hose started rubbing against the fan??? Anyway we were in that spot last so I feel like I’m responsible to do something. Wondering if anybody has any thoughts on how to handle this, or if anyone has had similar situations. Thanks.
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