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Posted

I have a 9 bay store we have had since 1961 . Going strong after my 45 years guys I am getting a little worn out. I am 61 would love to work to 66. The question I have is how can I advertise this business without all my employees going crazy. I know there are a lot of people coming to Florida it is booming. Anyone got any idea how to advertise it in other towns and cities. Thanks DM 

Posted (edited)

The site below is a good option for you. Features all sorts of businesses that are available for sale. Nationwide too. Plenty of auto repair shops.

bizbuysell.com

Edited by Obsidian Motors
Posted

I used a local industrial / commercial broker with 6 month contract and no local MLS listings or signs on property. They had a good track record in type sales and networking. They will list on sites like loop net. So its possible an internet search of address would show listing. I listed in Aug 21' , signed contract Jan 22', closing set April 1st.  In my case 52 years in business enjoy the shop, done with large blue city. I was able to tell my employees after signing contract. The buyers have interest in retaining employees which makes the process a bit easier.  Though heads up, two of my techs have been there 43 and 31 years it was tough to have the conversation.

 

Posted

If you have any internal candidates that may be the next owner, then Bob Ward could offer insight/assistance. https://www.perpetualbusiness.co/  Search on his business and name. He has a lot of resources for shop owners looking to transition

If looking for an outside buyer, You would also find value in a conversation Art Blumenthal. https://art-blumenthal.com/   Again lots of great resources with a simple search. 

Both these guys are passionate about helping auto shop owners. 

I also agree with dstremski. Local commercial brokers have been successful and discrete. 

Best of Luck 

 

 

  • 1 month later...
Posted
On 3/11/2022 at 9:02 PM, Transmission Repair said:

I sold my business in 2015 and leased the real estate to the buyer for $11K/mo. on a 10-year lease and I paid property taxes.  I guess you could call it "Double Net".  I was 60 years old at the time.  Like Joe M. said, it's not enough to retire on because I was still in 7 years deep on a 10-year owner financed purchase.  Long story made short, the business dropped 2/3rds and the buyer skipped out after 5 years.  We were able to get an $85K judgement against him but we can't collect it.  Where we made our retirement was selling the real estate for $2.3M in 2020 to a plumbing company with a fleet of 40 trucks.  We carried the paper on it for $9,600 on a 30 year note.  5 months later the plumber sells his business and the buyer paid the whole mortgage off.  We didn't have a prepayment penalty clause in the contract.  Silly me.  $400K in state and federal income tax instead of paying just a little bit each year.  Be very careful when you sell.

Very good insight, not many of us would include the prepayment penalty. That is rough!

Posted

Off topic, but this comedy sketch mirrors your bathroom door sign.   The real question is does this still apply in retirement?

 

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  • Have you checked out Joe's Latest 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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