Quantcast
Jump to content
    • You can post now and register later. Already registered? sign in now to post with your account.
    • ×   Pasted as rich text.   Paste as plain text instead

        Only 75 emoji are allowed.

      ×   Your link has been automatically embedded.   Display as a link instead

      ×   Your previous content has been restored.   Clear editor

      ×   You cannot paste images directly. Upload or insert images from URL.


      Once you submit your question, a new topic will be created for you in our forums. Our moderators may move your topic to a more suitable forum category if one exists. Members will see your topic and be able to respond to your question.

    • This will not be shown to other users.

Recommended Posts

I was attending a recent TECH NET council meeting a few weeks back and one of the topics discussed was Exit Strategies. One of the members spoke about finding a key person in your company, if there is no one in your family to consider.

 

There are many shop owners out there that are near retirement. It would be a good idea to share a few ideas. I know many shop owners may not even have a plan. My lawyer approached me about a year ago and insisted that I sit down with him to plan out my future. I am 59, been in business for 34 years and been in the auto repair business since high school. If your story is similar to mine, it's something we need to start planning.

 

Thoughts? Comments?

 

 

Share this post


Link to post
Share on other sites


Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Similar Topics

    • 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?
       
    • By tasr
      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?
       
      Thanks, Brent
       
       
      Sent from my iPad using Tapatalk
    • By NATURE
      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.
    • By MINI4U
      Just wondering how many lifts do other shops have per tech? We have 5 lifts with 3 &1/2 techs and we still need more. To add more lifts we need a expansion and then we need to try to find a quality tech. 


  • Similar Tagged Content

    • 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.


      View full article
    • By Mark Johnson
      We allow visitors to read the first post of each topic. To read this post, please login or register for a membership. 
    • 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?
       
    • 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?
       
       
  • AutoShopOwner Sponsors



×
×
  • Create New...