Yellow and Red Envelopes with Seth Thorson [RR 635]

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Seth Thorson has specialized in the service of European automobiles since 1999. First, in Michigan and now at his current location in New Brighton, MN. He just started to build a brand new shop and experts to be in by June 2021.

Seth was educated at a UTI in Chicago, where he was at the top of his class. He then went to BMW Step to finish the master’s program. Thorson was hired in at a BMW dealership in Bloomfield Hills, Michigan. From there he moved to an independent shop in Waterford Michigan and learned VW Audi. Seth’s passion remained with BMW and he was offered a chance to buy an existing shop in New Brighton, Minnesota near where he grew up.

He is the owner of Eurotech, which specializes in BMW, Mercedes, and Audi cars. He is a firm believer in using factory tools to ensure proper repairs and coding. His team of highly trained and certified technicians is able to diagnose today’s complex vehicle systems! His second location, Green Garage, works on all makes and models.

Seth also owns and runs a BMW tech support company called LMV Bavarian that provides support and programming to a growing network of over 200 shops via remote diagnostics. He also teaches national seminars on BMW diagnostics. Seth has also partnered with SSF auto parts in their unique ‘hands-on’ training program.

Seth belongs to AASP in MN, BIMRS as well as NASTEF. He is also a member of Cecil Bullards (Institute for Automotive Business Excellence) 20 group. He believes idea sharing and networking with other shop owners have helped grow his business. Listen to Seth’s previous episodes HERE.

Key Talking Points

•  Yellow envelope- hospital/accident (6 months and under)Plans for employees to keep business afloat during short term/long term events- weekly log of daily tasks 
• Update consistently 
• Assign roles for employees
• Important contacts to call- business coach/consultant/marketing, close industry friends in groups, accountant, attorney, banker etc 
• Clear pathway for electronic checks/manual checks 
• Start by what you do per day- what tasks need to be performed for business to continue? 
• Red envelope- you are gonePersonal red envelope- master passwords for all online websites
• Business red envelope- what to do with business? Sell? Succession plan? 
• Provisions for key employees- bonuses/payouts
• Start with attorney and accountant- what are the biggest messes to unravel upon sudden death?
• Important contacts the same as in the yellow envelope 
• Clear guidelines- when people grieve they often don’t think clearly
• Updated company financials/LLC documents
• Short term leadership committee- defined compensation and transition to either hiring someone else or selling company
• Thanks to Seth Thorson for his contribution to the aftermarket’s premier podcast.
• Link to the ‘BOOKS‘ page, highlighting all books discussed in the podcast library HERE. Leaders are readers.
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