Quantcast
Jump to content



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?

 

 

Link to comment
Share on other sites




  • 6 years later...

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
      There is a lot of talk these days about the Electric Cars, and no doubt they will become more and more accepted during the next few years.
      All car makers are investing big bucks into EV's and battery technology.  While we are a ways away from EVs becoming mainstream, what are your plans to prepare for this? How do think the EV will change our business model? 
      Thoughts? 
      /
    • By Joe Marconi
      One of the thing that has been brought to the forefront during this employee-shortage era, is the fact that we need to increase the pay salaries of the average technician and service advisor.  In my opinion, we need to increase the pay for entry level people also. Other industries have done, we must also. 
      If we are to attract quality people and retain who we have employed, we need to address this issue now. 
    • By carmcapriotto
      Advancing the Aftermarket. We have amazingly smart people in our industry. If anyone would ever say that the independent automotive aftermarket is made up of car fix hobbyists who just want to fix cars, partially true but you and I know better we are working hard to run great businesses, employ top people and keep the transportation needs of our customers safe and reliable. Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser, and many more. Mobile Listening APP’s HERE Find every podcast episode HERE. Every episode is segmented by Series HERE. Key Word Search HERE. Be socially involved and in touch with the show: Facebook   Twitter   Linked In   Email Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE. Buy me a coffee   Click to go to the Podcast on Remarkable Results Radio
    • By carmcapriotto
      Founders Leigh Anne Best, Mighty Auto Pro, Medina OH, and Laura Frank, Auto Repair Technology, Brook Park, OH Previous episodes for Leigh Anne Best HERE Previous episodes for Laura Frank HERE Key Talking Points:
      $1.192,034M in 10 Years.  2020, Covid Year $250K Brakesforbreasts.com  Meghan Daley & Cindy Frasca, Kukui- Built website and spreads the word for brakesforbreasts.com. Kukui is offering new postcards this year and donating 10 cents per postcard. Dr. Justin Johnson, Cleveland Clinic, lead researcher for Dr. Tuhoy Team- Brakes for Breasts has supported the research team for over 10 years. 100% of the money raised goes to research. No overhead or cut for Cleveland Clinic. The aim is to prevent breast cancer with a vaccine.  Bill Long, Auto Car Clinic, Front Royal VA- A shop owner that has participated since the beginning. Give back to the community and participate. Easy and streamline the process to join. Will always be a part of the program. Work with your supplier, some shops receive up to 100% free brake pads, pass it along to customers, and take 10% of job to be donated.  Rebecca Waugh, Leads Near Me- Designed social media graphics available for download on brakesforbreasts.com- email to ask for tips for marketing [email protected] Stacey Diaz, Wayside Garage, Seaside CA- She has done a great job spreading the word through her 20 group and Has MANY “fun” ideas- annual T-shirt, pink paper for all invoices, goodie bags for clients to pick up, she is already pre-booking for Oct! Dr. Tuohy, Cleveland Clinic, Breast Cancer Vaccine Researcher, Professor of Molecular Medicine at the Cleveland Clinic Lerner College of Medicine of Case Western University- Status of vaccine: very close from implementing clinical trials, within weeks; vaccine for ovarian cancer is underway What is a vaccine? Eliminates diseases. Vaccines, antibiotics, and transplantation are the biggest contributions to medicine. Vaccines are “programs” for immune systems. Example a vaccine is like an app on your computer that tells the computer what to do. A vaccine will tell your immune system how to work. Link to the ‘BOOKS‘ page, highlighting all books discussed in the podcast library HERE. Leaders are readers. Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser, and many more. Mobile Listening APP’s HERE Find every podcast episode HERE. Every episode is segmented by Series HERE. Key Word Search HERE. Be socially involved and in touch with the show: Facebook   Twitter   Linked In   Email Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE. Buy me a coffee Are you seeing auto shops in your area get hundreds of 5-star Google reviews and are you feeling left behind because your shop only has a few? Hey look, Broadly is your answer to getting more online reviews. With more reviews, your business will rank higher in search results — and that means more customers coming into your shop every day. Broadly helps you automatically request reviews so that your customers can promote your business with just one click. When you immediately ask for a review after service, when the experience is still fresh in their mind, you’re more likely to get a 5-star positive review. Plus, asking for feedback makes your customer feel valued and more connected to your business. Isn’t that what you want a connected customer? See how Broadly can help grow your auto shop.  Visit www.getbroadly.com/carm to learn more.
      Click to go to the Podcast on Remarkable Results Radio
    • By Joe Marconi
      It's no secret that prices are going up around us. From food, gas, insurance, taxes, etc.  This is another reason to sit down and crunch your numbers.  Review your expenses line by line and see what increases you have had in the past few months, and the past year or so. 
      Then,  make price increases in labor and other areas to ensure you are profitable. The long-term success of your business depends on it. 
      What have you seen in your area with regard to increase in expenses? 


  • Similar Tagged Content

    • By Joe Marconi
      Think you're too young to start planning for retirement? Think again! 
      How many times have we heard about a shop owner that had an unfortunate accident, serious illness or even worse, death?
      Make it one of your goals to starting planning for your exit, and for life after auto repair, no matter how young you are. Create your exit strategy. Speak with an attorney, a financial advisor, a business coach.  Make sure that not only you, but your family, will be taken care of should something catastrophic happens. 
      Life sometimes throughs us a curve ball. Be prepared! 
       
    • By Joe Marconi
      Last October the doctors found a large infection and abscess in my large intestine that perforated into my abdomen. I required emergency surgery to remove the abscess; removing about six inches of my large intestine.  That was step one: This past January, I needed an additional surgery to remove another 4 inches, and repair other areas of my intestines.  Thankfully, I am fine, with no lasting issues.  It will take about a year to fully recover, but all is well.
      I am telling you this for one reason: What if something were to happen to you?  Will your shop survive? What about your family?  These were the things I thought about when I was laid up in the hospital.
      Create a continuity plan to prepare for a crisis. Make sure you have a will and enough life insurance. Build a business where it can be run by the systems and procedures you out into place.  
      Lastly, ENJOY the fruits of your labor! When I woke up after the surgery with tubes inside me and in my arms, It became clear that the things we worry about in business are really not that important. 
      Take care of yourself ! 
       
    • 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 Joe Marconi
      With the COVID-19 situation, many shop owners of retirement age may be putting thier retirement plans on hold. I get this.  It makes sense in many cases. But, please think about you and your family.  Many shop owners have a 30, 40, even 50-year plus history in the auto business, with most of those years owning and running a shop.
      If it's possible, perhaps succession plan with the right person, or hiring a general manager to run your shop is a possibility.  Perhaps a family member?  The key thing is to have a secure business that, if you do plan on holding on to it, will bring you an income with stress-free time away from the shop, and back to your family. 
      Your plans, thoughts, opinions?
       
    • By spanner
      Hi all, 
      First time poster and glad to be here.
      I'm a 40 something entrepreneur not currently in the auto repair business but I've been exploring shop ownership for several years.
      Unfortunately, I've come up short using traditional business brokers to find a shop worth purchasing. To date, all that I've looked at have been overpriced and/or have some serious issues.
      As shop owners and managers, do you have any tips for finding a solid, well-run general auto repair shop (EBITDA/SDE of $250k-$2MM) to acquire?
      I would be grateful for any insights.
      Thanks,
      Mike
  • Our Sponsors




×
×
  • Create New...