A Shop Owner's Exit Plan- Step 1 - Get Your Business Ready to Sell Today
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By Joe Marconi in Joe's Blog0 commentsIt 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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By carmcapriotto
Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network 'Business by the Numbers' Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves. Hunt Demarest, CPA, Paar Melis and Associates, Hunt's previous episodes HERE Business by the Numbers Podcast Show Notes
The Brakes for Breasts initiative (00:00:01) https://www.brakesforbreasts.com/ Rich vs. Wealthy (00:03:09) The distinction between being rich and being wealthy and the financial habits of wealthy individuals. Money Mistakes and Business Finances (00:04:55) Common money mistakes made by business owners and the importance of long-term wealth building. Personal and Business Expenses (00:06:09) The impact of blending personal and business expenses and its effect on financial statements. Year-End Financial Review (00:09:14) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments. Impact of Government Programs (00:10:33) The impact of government programs on business profitability and the potential consequences of misusing funds. Business Trends and Demand (00:11:53) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry. Cash Flow Management and Reserves (00:13:59) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning. AAPEX 2024 Registration (00:17:37) https://www.aapexshow.com/ NAPA TRACS Shop Management System (00:18:47) http://napatracs.com/ Labor Rate Tracker (00:19:53) http://LaborRateTracker.com Managing Credit Lines (00:20:48) Discussion on managing credit lines, including the importance of using and managing credit effectively. Cash Management and Financial Statements (00:21:49) Insights into managing physical cash, reconciling financial statements, and the importance of accountability. Overspending and Budgeting (00:23:59) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment. Insurance and Protection (00:26:42) Importance of having the right insurance coverage and protecting assets and future liabilities. Return on Sales and Advertising (00:27:46) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment. Bookkeeping and Financial Timeliness (00:29:30) The impact of timely and accurate bookkeeping on business performance and decision-making. Cash Flow and Long-Term Planning (00:34:53) Emphasizing the importance of cash flow, reserves, and long-term planning for business sustainability and retirement. Joining a Networking Group (00:37:07) Encouragement to join a networking group and the value of continuous learning in the aftermarket industry. 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
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
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/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this podcast episode, Coach Chris Cotton from Auto Fix Auto Shop Coaching delves into the multifaceted benefits of adopting a four-day workweek within the auto repair industry. He underscores significant enhancements in employee morale, work-life balance, and overall productivity, while also noting the potential to attract and retain top-tier talent. Chris provides an in-depth analysis of various structural approaches for implementing a four-day workweek, including staggered shifts and rotating schedules, ensuring that operations run smoothly without compromising service quality.
The episode, sponsored by Shop Marketing Pros, is a treasure trove of practical tips for auto repair shop owners contemplating this transition. Chris emphasizes the importance of developing a customized plan that meticulously balances employee satisfaction with operational efficiency. He discusses the nuances of different implementation strategies, such as ensuring adequate coverage during peak hours and maintaining customer service standards. Additionally, Chris shares real-world examples and success stories from shops that have successfully made the switch, providing listeners with a comprehensive understanding of the potential challenges and rewards.
Listeners will also gain insights into the financial implications of a four-day workweek, including potential cost savings from reduced overhead and increased employee retention. Chris highlights the importance of clear communication with staff throughout the transition process and offers advice on how to gather and incorporate employee feedback to fine-tune the new schedule. By the end of the episode, auto repair shop owners will be equipped with the knowledge and tools needed to make an informed decision about whether a four-day workweek is the right fit for their business.
Boosted Employee Morale and Productivity (00:02:19) Shorter workweek leads to increased productivity and higher job satisfaction, improving employee morale and focus. Improved Work-Life Balance (00:03:28) A four-day workweek allows for more family time, hobbies, and rest, reducing burnout and maintaining mental and physical health. Attracting Top Talent (00:04:23) Offering a four-day workweek can attract top talent valuing flexibility and work-life balance, setting the employer apart. Operational Efficiency and Financial Benefits (00:05:32) Streamlining operations, reducing turnover rates, and potential cost savings with a condensed workweek. Structural Approaches to Transitioning to a Four-Day Workweek (00:06:34) Staggered shifts, extended hours, rotating schedules, and seasonal adjustments to implement a four-day workweek.
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
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By Changing The Industry
Working A Career Vs For A Paycheck #podcast #autorepairshop #carrepair #autorepairbusiness
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By carmcapriotto
Thanks to our Partner, NAPA Auto Care Recorded Live at Vision Hi-Tech Training & Expo, Jeremy O'Neal shares his journey of transforming a struggling business into a thriving enterprise, emphasizing the critical role of service advisor training. Jeremy also highlighted how understanding the business, the owner's goals, and team dynamics is essential before implementing any training program. It's not just about fixing cars; it's about creating an exceptional customer experience that drives business success. Jeremy O’Neal, Advisorfix, Freedom Auto Repair, Hesperia, CA. Previous episodes HERE. Show Notes
Service Advisor Coaching & Training: https://www.advisorfix.com/ Jeremy's Transition to Shop Ownership (00:00:36) Jeremy discusses his transition from service advisor training to owning Freedom Automotive. The Impact of Vision 2024 (00:04:17) Jeremy and Carm discuss the impact of the Vision 2024 event on their lives and the industry. Youth Presence at Vision 2024 (00:04:48) Carm and Jeremy discuss the significant presence of young talent at the Vision 2024 event. Jeremy's Business Growth (00:06:56) Carm inquires about the growth of Jeremy's business over the past eight years. The Importance of Service Advisor Training (00:07:11) Carm and Jeremy discuss the critical need for service advisor training in the automotive industry. Jeremy's Business Transformation (00:08:55) Jeremy shares the transformation of his shop, including significant growth and plans for expansion. The Role of Service Advisors in Business Growth (00:09:29) Jeremy discusses the potential for business growth by adding service advisors and technicians. Customer Service Challenges (00:10:45) Jeremy and Carm discuss the decline in customer service and the impact on the automotive industry. The Role of Customer Experience (00:12:21) Carm emphasizes the importance of creating a great customer experience in automotive repair shops. Parenting and Cultural Observations (00:13:24) Jeremy shares his observations and concerns about modern parenting and societal changes. Firing underperforming staff (00:15:20) Jeremy discusses his commitment to high service standards and the consequences for those who don't meet them. Training and standards (00:16:07) Carm questions Jeremy about his work-life balance and the importance of training in maintaining high standards. NAPA Auto Care Center program (00:16:55) Carm discusses the benefits of the NAPA brand and the Pro Image upgrade program for automotive shops. Employee commitment and performance (00:19:00) Jeremy shares his experiences with committed but underperforming employees and the impact on customer service. Service advisor training and culture (00:21:20) Jeremy emphasizes the importance of daily coaching and the shop owner's role in guiding training and culture. Continuous improvement and learning culture (00:23:03) Jeremy discusses the importance of employees having a learning culture and the availability of educational content. Phone call analysis and customer service (00:24:22) Jeremy explains the value of listening to service advisor calls for assessing competency and customer responses. Service advisor's impact on top-line sales (00:26:26) Jeremy highlights the significant impact of service advisor competency on the shop's top-line sales. Life Cycles with Customers (00:30:57) Jeremy shares a personal anecdote about a customer's car and the importance of understanding customer needs. Building Trust with Customers (00:31:35) Jeremy discusses the importance of building trust with customers and ensuring they follow the shop's process for repairs. Market Trends and Automotive Industry (00:32:52) Jeremy talks about market trends, the impact of COVID-19, and the future of the automotive industry, including the rise of EVs and hybrid vehicles. Success in the Marketplace (00:34:19) The discussion revolves around the importance of solid processes, good people, and effective marketing to succeed in the marketplace. Communication and Networking (00:35:18) The conversation shifts to the significance of communication and networking, including a mention of the Disney Institute's emphasis on personal interaction. Reflecting on Life's Milestones (00:37:21) Jeremy reflects on life beyond 50, the legacy he aims to leave, and the importance of capturing special moments with loved ones.
Thanks to our Partner, NAPA Auto Care Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care 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
Click to go to the Podcast on Remarkable Results Radio
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By nptrb
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