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What the hell did I just do?

tyrguy
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Alex

Alex

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On 9/18/2018 at 5:51 PM, tyrguy said:

Damn I really did it. After 39 years [this November] I just sold my business. Life is gonna be different.

Congrats! 

tyrguy Collaborator

tyrguy

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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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Guest

Guest

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Posted

Way to go!! You give me hope and also a little to go by. Have fun fishing.

tyrguy Collaborator

tyrguy

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Posted (edited)

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...
Guest

Guest

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Posted

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? 

tyrguy Collaborator

tyrguy

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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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      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.
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