By Joe Marconi
After 39 years in business, it's time to get serious about my exit plan. While I don't think I will ever truly retire, I do think it's time to plan the next chapter in my life. I would like to hear from shop owners out there in the same situation. What are your plans? Are you selling your repair shop? Do you have a succession plan? And are you thinking about a different line of work to keep you busy?
I'm looking at opening an auto repair shop with a partner who is the mechanic and possibly another mechanic. I will be the sole investor in the venture never before been in the auto rapair shop business. I will most likely manage the whole thing. I need lots of help.
How are mechanics paid?
How do I pay myself and recoup my investment?
Shop management software? Looked at MaxxTraxx, Alldatapro.
What types of insurance must I carry?
I've found a nice place with three bays to rent but will need to install lifts. Should I shop used or new?
Etc etc etc.
Thanks for any help you can offer.
By Brent J
Hi everyone, I’ve been a shop owner for 20 years, I have a small 3 bay shop in a small town of about 3,000 people. My question is how do I deal with being so busy all the time, I’ve been trying to find another experienced tech for about a year now. I’m so swamped all the time I can’t keep up, I’m 54 years old and just about ready to get out of the business because I can’t take it anymore. I’ve run ads online, in newspapers, on Facebook. No response ! I have 2 other techs. We’re so busy every day I’ve gotten to the point of leaving the phone off the hook for half a day. I used to work a lot of hours when I was younger and just refuse to do it anymore. Pretty much worked my life away. We’re scheduling 2 weeks out. I’ve even gone as far as telling people I’m not accepting any new clients. We do good work and have a good reputation, but sometimes I feel like I’m letting my good customers down cuz I don’t have time to get their car in the next day when they have a problem. I put an add online through a newspaper and it went to 20 different sites and papers for a month straight and got 2 applications out of it, neither one for the experience I’m looking for. I offer a great salary, I supply all the tools, contribute to retirement plans, paid holidays, don’t work weekends and contribute to health insurance plans. Still can’t find anyone. Anyone have any ideas?
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Hey everyone. I'm planning on opening in about 3 weeks and am looking for a credit card processing company. Are there any geared for our type of business? Does anyone recommend Intuit for it's ease of integration with Quickbooks? I'll be doing around $10,000 a month in CC payments averaging $200.00 per RO. Payments are predominately Visa or Mastercard swiped. A very small percentage of Amex, Discover or over the phone. If there is a company name that a lot of you experienced members would recommend, I would like to hear it.
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By Mark Johnson
According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably.
This is how it should look:
By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings)
By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings)
By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings)
The Times also reports that less than 13% of Americans have a pension or a solid retirement plan.
How does your situation looks? Are you on track to retire comfortably?
If not, no need to panic.
We can guide you in getting there.
If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires.
Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly.
This amount alone could easily be used to fund your retirement plan.
When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings.
To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.
By Mark Johnson
He had been working with his accountant for 6 years. That’s over $134k in over-payments.
The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference!
I am offering free tax planning assessments to all group members.
Where we will look at:
Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review Message me direct or book your slot on my website.
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By Joe Marconi
Our industry has many shop owners well into their 60s and 70s, some even older. For many, they have taken a secondary role and have handed the business off to a younger family member. For others, they know that there are more years behind them then in front of them and planning their exit plan or succession plan.
A question for all the senior shop owners out there. What are your plans for future? Sell the business? Keep it in the family? Continue to work as long as your can? Or something else?