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Moving- Better to lease or buy?


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My location currently is not optimal at all. The only traffic is rushing to use this road as a shortcut and definitely not wanting to slow down and get repairs done. My customers that come in from marketing are VERY pleased with our service. Currently I have one tech and I have a tech and management background myself. I am the current service writer/ tech when needed. This building also doesn't have a very good waiting room, which when I leased the building I thought would be great because I didn't want a lot of waiting customers since I opened as a one man shop. However I have had a change of heart and want to provide a comfortable environment for my customers. So I am changing locations to be on a high traffic road with better accommodations. With that being said, my current thoughts are to sign a 3-5 year lease with option to buy so I can make sure I am happy with the building and location before committing to buy (as well as saving up for a down payment). I was wondering others opinions on this, would you rather lease or buy?

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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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