[Podcast] Selling Your Business – The First Steps [THA 183]

By carmcapriotto
August 6, 2020 in Podcasts, Webinars & Live Streams

https://www.autoshopowner.com/forums/topic/17773-podcast-selling-your-business-%E2%80%93-the-first-steps-tha-183/

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carmcapriotto

Posted August 6, 2020

https://youtu.be/2ejUm3dbl_I

Bob Ward is the President of Wardden LLC, Bob began his business career at a franchised car dealership, overcoming obstacles to learn and earn the required skills to become Controller, General Manager and then, a minority owner of Tacoma Dodge in Washington.

A native of Seattle, Bob serves as a financial advisor and consultant to small business owners throughout the United States. He believes that your business should always be ready for expansion or sale, you should get paid for what you built and, when you decide to leave it, your company should continue to prosper. He believes in a Perpetual Business where there is Value, Continuity and Legacy. Look for Bob’s Previous Episode HERE. Warden LLC website HERE.

David Justice has been an auto care professional for over 30 years. He grew up in the family business working for his father. At, a young age David purchased his father’s business and went on his own. Over the years David had multiple Shell Gas stations. Find David’s other episodes HERE.

Key Talking Points:

David sold 3 stores to a big box concernHe owned the properties and got a 15 year guaranteed lease
You plan to sell your business on the day you open it. Bob Warde
You are going to sell through liquidation, successor, or outside party.
85% of businesses never get sold. Bob Ward
IF your business can run without you, you have a great chance to sell. You’ve developed a great team which is attractive to a buyerYour people make the business

You plan to sell your business the day you open it.

Always be looking for a successorAsk your people what their plans are
Ask in employment interviews what their future plans are
Buyers buy the cash flow of the business and assetsYou have to prove the cash flow
Financial statements must be part of the equations
Finding an internal candidate is an extremely viable planYour internal candidate has the skills or you can provide them/ It can makes them a credible candidate.
Ask them: What is most important to their career? If they ask that they would want to own a business someday that is a key market for future development for the opportunity for succession
Provide a timeline to earn ownership
Bring a business coach into the equation to teach business skills
David asked his buyer to provide the right pay and benefits for his people. He made sure his people were taken care of
Actionable:You need serious financial statements, accurate
Consider who is going to buy the operation
Where is your buyer going to come from
An outside buyer or big box or franchise is rare
Your buyer may already work for you.
Bob feels that ¾ of businesses sell to an internal candidateIt is a natural transition for someone who has worked for you for years to ease you out of the business via a sale
If the candidate has the passion it will work
The buyer can earn credits toward equity ownership and for down payment
It is the growth and development of people that is the highest calling of leadership. Harvey FirestoneOur business needs to be independent of us
Same with parenting
What you do today takes care of tomorrow. David Justice
People of passion want to buy businesses but have no money. There are ways to make that happen
Start getting ready to sell your business. Look for your internal candidate or hire him/her

Bob Ward website https://www.perpetualbusiness.co/

David Justice website https://www.repairshopoftomorrow.com/

Resources:

A special thanks to Bob Ward and David Justice for their contribution to the aftermarket.
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 segmented by Series HERE.
Key Word Search HERE.

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This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com

This episode is brought to you buy Shop Marketing Pros. Your guides are Kim and Brian Walker with a rich history as shop owners and industry veterans. When someone searches for a shop, who are they finding? Your competitors? It should be you! The good people over at Shop Marketing Pros know how to drive website traffic and make Google work for you! www.shopmarketingpros.com

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https://www.autoshopowner.com/forums/topic/17773-podcast-selling-your-business-%E2%80%93-the-first-steps-tha-183/

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- The Toolbox is Last to Leave, First is the Heart
  
  By Joe Marconi in Joe's Blog
  0 comments
  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.
  Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
  One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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  The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.
  Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo: https://shopmarketingpros.com/chris/
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  Chris Cotton introduces the episode and emphasizes the need for a marketing plan in auto repair businesses.
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  Setting Holiday Schedules (00:18:49)
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  Here are the extracted timestamps and their corresponding titles from the podcast episode transcription segment:
  Importance of Planning (00:19:14)
  Chris emphasizes the need for shop owners to have a structured marketing plan.
  Blocking Time for Planning (00:19:40)
  Kim advises shop owners to set aside undistracted time in October for planning.
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  Kim suggests using a large calendar to visualize important dates and events affecting marketing.
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  Setting Realistic Goals (00:24:20)
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  Don't forget to rate and review us!
  
  Connect with Chris:
  AutoFix-Auto Shop Coaching
  www.autoshopcoaching.com
  www.aftermarketradionetwork.com
  940-400-1008
  Facebook: https://www.facebook.com/AutoFixAutoShopCoaching
  YouTube: https://bit.ly/3ClX0ae
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[Podcast] Selling Your Business – The First Steps [THA 183]

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