Congratulations, Mark. I dare say you have earned it. I might have to drive down and buy lunch and talk someday...
What the hell did I just do?
- 2 weeks later...
Guest
Way to go!! You give me hope and also a little to go by. Have fun fishing.
3 week update:
Lots of changes in the shop. These guys are all about getting rid of clutter, old equipment and downsizing inventory.
I'm still working everyday and lovin' it. My attitude is so much better without all those managerial things rattling around in my head.
I am kicking myself in the ass a bit though. As I've said before I was coasting. When very first tech quit 2 1/2 years ago during a slow period I elected not to replace him. Raised my rates and carried on with the remaining 2 techs. These guys instantly brought another tech in to help the other 2. Instant extra 25 - 30 hours a week billed while still maintaining the higher rates.
Even with the extra wages I don't want to think how much that would amount to in profit $$s at the end of the year. Okay I lied. I did the numbers and it makes me sick.
But....life is good.
Edited by tyrguy-
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- 4 weeks later...
How's it going 2 months out? Would love to hear more.
Guest
You've made Old and Tired start to think more seriously about this retirement stuff. I own my building and want to sell the business then rent the building. Who knows of a good book or formula to help me start getting ready to play the numbers game?
This is the broker I used. He writes for some of the trade journals and that's how I found him. He has a "Sellability Score Test" on his website that you can punch you numbers in and it will give you some ideas about what your business is worth.
He'll then consult with you a bit before it's time to get serious.
Great guy. https://art-blumenthal.com/Home.php
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Guest
THANKS!
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Have you checked out Joe's Latest Blog?
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By Joe Marconi in Joe's Blog5 commentsI recently spoke with a friend of mine who owns a large general repair shop in the Midwest. His father founded the business in 1975. He was telling me that although he’s busy, he’s also very frustrated. When I probed him more about his frustrations, he said that it’s hard to find qualified technicians. My friend employs four technicians and is looking to hire two more. I then asked him, “How long does a technician last working for you.” He looked puzzled and replied, “I never really thought about that, but I can tell that except for one tech, most technicians don’t last working for me longer than a few years.”
Judging from personal experience as a shop owner and from what I know about the auto repair industry, I can tell you that other than a few exceptions, the turnover rate for technicians in our industry is too high. This makes me think, do we have a technician shortage or a retention problem? Have we done the best we can over the decades to provide great pay plans, benefits packages, great work environments, and the right culture to ensure that the techs we have stay with us?
Finding and hiring qualified automotive technicians is not a new phenomenon. This problem has been around for as long as I can remember. While we do need to attract people to our industry and provide the necessary training and mentorship, we also need to focus on retention. Having a revolving door and needing to hire techs every few years or so costs your company money. Big money! And that revolving door may be a sign of an even bigger issue: poor leadership, and poor employee management skills.
Here’s one more thing to consider, for the most part, technicians don’t leave one job to start a new career, they leave one shop as a technician to become a technician at another shop. The reasons why they leave can be debated, but there is one fact that we cannot deny, people don’t quit the company they work for, they usually leave because of the boss or manager they work for.
Put yourselves in the shoes of your employees. Do you have a workplace that communicates, “We appreciate you and want you to stay!”
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Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of SteerBy Changing The Industry
Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of Steer
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By Joe Marconi
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By carmcapriotto
On this Episode of Business by the Numbers, Hunt reflects on his time at the STX conference in Nashville, sharing stories about the connections made and lessons learned from industry experts.
• Economic News Breakdown: We get into the latest economic updates that dropped last Wednesday. Hunt breaks down what these changes in numbers might mean for your wallet and business this year, especially when it comes to interest rates.
• Tax Talk and Government Spending: Hunt explains the proposed wealth tax and what the latest federal budget might mean for us. There’s a lot of talk about balancing the budget without raising taxes too much, and we'll explore what that could look like.
• Capital Gains and Your Money: We take a closer look at potential hikes in capital gains taxes and how these could affect your investments and long-term financial planning.
• Understanding the Numbers: Inflation, GDP... these terms get thrown around a lot. We’ll unpack what they really mean for the economy and for us as workers and business owners.
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thank you to our friends at RepairPal for providing you this episode. As shop owners we were part of RepairPal’s Certified network and you can learn more at RepairPal.com/shops.
Show Notes
Reasons Google will suspend your GBP Adding Keywords to Your Business Name Using PO boxes or virtual office addresses Using your home address for a service area business - mobile mechanics Making major changes to your information - name, address, phone number Adding Reviews - Talk about RV Masters Recent experience Spam Reviews Two businesses sharing an address - same with phone number A competitor reported you Dandy Review Removal: Negative review removal using AI They had to rebrand from ReviewVio because of all the negative reviews and complaints that they received. They over charge and under deliver. It is a 12 month contract - not monthly Writer’s Hand: WriterHand.com's Review Generator AI employs state-of-the-art natural language processing algorithms to produce high-quality reviews in a matter of seconds. The tool is designed to cater to the needs of both individual writers and businesses seeking to enhance their online presence. By simply inputting a few key details about a product, service, or experience, users can obtain well-crafted reviews that reflect a genuine customer's perspective. Embed Social: Use AI tools to help you collect more reviews, reply to reviews faster and make your reviews widget designs. New AI Optimization services: Boost Ninja: Speak on Accurate Automotive GBP Listing being suspended after adding this company to their listing - Supposed to be a Google Maps ranking system by boosting local rankings by targeting top keywords and AI Optimization to your Google listing Problem is when you talk to client’s who have hired companies like this and ask what they are actually doing - the answer is the same: “I have know idea”
How To Get In Touch
Group - Auto Repair Marketing Mastermind
Website - shopmarketingpros.com
Facebook - facebook.com/shopmarketingpros
Get the Book - shopmarketingpros.com/book
Instagram - @shopmarketingpros
Questions/Ideas - [email protected]
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Recorded at the 21st annual TST Big Event, Robert Kenny Jr shares his journey from technician to mobile diagnostician and educator. Discussions cover the challenges of technician retention, fair compensation, and the shift towards electric vehicles (EVs). Robert Kenney Jr., Ampd Auto Diagnostic Solutions, and instructor at Hudson Valley Community College. Show Notes
Robert Kenny Jr.'s Career (00:01:03) Overview of Kenny's career and his transition to entrepreneurship. Starting a Shop (00:02:24) Kenny's journey to opening his shop and the obstacles he encountered. Technician Training (00:03:20) The significance of training for technicians and its industry effects. Education and Industry Development (00:03:59) Kenny's role in automotive industry education and growth. Mobile Diagnostic Business Growth (00:06:43) The development of Kenny's mobile diagnostic service and its influence on small shops. Balancing Roles (00:08:00) The challenge of juggling teaching, diagnostics, and shop management. Technician Pay Issues (00:10:03) The problem of technician compensation and its effect on new talent. Accountability and Mentorship (00:11:17) The role of accountability and guidance in business growth. Admitting Failure (00:12:31) The difficulty of acknowledging mistakes and seeking assistance in the field. Mobile Diagnostician Benefits (00:14:16) Advantages of working as a traveling mobile diagnostician. Labor Rate Comparison (00:16:09) Analyzing labor rates and their significance in the industry. Flat Rate System Comparison (00:22:51) Contrasting flat rate systems in various shop types and their technician impact. EV Standards Development (00:24:19) Participation in setting electric vehicle charging standards and curriculum updates. EV Technology Importance (00:25:44) The significance and progress of electric vehicle technology in the sector. Training Importance (00:27:05) The consequences of inadequate training on businesses and the demand for specialists. Robert's Mobile Diagnostic Experience (00:32:12) Kenney shares his enjoyment and insights from his mobile diagnostic venture and time at Gill's Garage. Educational Programs and EV Training (00:32:17) Discussion on Hudson Valley Community College's programs and Bronx Community College's EV class development. Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
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tyrguy
Would rather not divulge numbers because the buyer might not approve. Let me just say this. I was told about 8 years ago by another tire dealer that your business customer base and equipment is not near what you think it's worth. The real payday is when you own the real estate and can lease it to the new owner. As I've mentioned in other posts, my business hasn't been the same since the recession hit and 5 car dealerships opened up within a 1/2 mile of my store. Our sales dropped down about 15% from our highs, and net is much worse. Additionally, when my first employee from 1979 quit 2 years ago I elected not to rehire another tech. Frankly, I started coasting. I was tired and just wanted out. The one ace in the hole was an 11 year old building worth about 1.2M that I own free and clear. I ended up getting about 3 times cash flow plus my inventory which was considerable with 1700+ tires. The payday is the 5 year lease with two 5 year options. As for my plans, I've worked a deal out with the new owner to work at least 16 hours a week for the next year. After that...who knows. Hopefully some grand adventures.
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Joe Marconi
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