Quantcast
Jump to content

Recommended Posts

Posted

I wonder if anyone would like to throw some ideas at this list. We are 18 months away and it seems like we should get it in gear. 

Thank You

1. SELLER Prepare letters to advise vendors and that SELLER no longer responsible for accounts after sale date, 30 days prior
2. SELLER prepare letters to receivable customers, joint letter with BUYER most likely
3. Dissolve Seller corporation or what? As of sale date?
4. SELLER work on list of todo’s under Other Considerations, below
5. BUYER creates new corporation and sets up new vendor accounts
6. BUYER get sales tax license, set up federal id, corporation if desired, what else?? --
7. Seller cancel SMS, BUYER establish shop management system, change names, DBA’s as necessary, so printouts are correct
8. Seller cancel all subscriptions in sellers name and BUYER establish those relationships and create accounts as desired
9. BUYER prepare letters to vendors and receivable customers
10. Wind down receivable customers as much as possible, 90 days prior to sale date
11. Seller contact business insurance and health insurance carriers 90 days in advance to see what is required to cancel insurances.
12. SELLER transfer phone numbers to BUYERS account with phone company.
13. ????? This seems like just the start

Other considerations:
Meet with your board, partners, or members to pass a resolution to formally dissolve the business.
Notify the IRS within 30 days of dissolution, using Form 966.
File articles of dissolution with the state where your business was formed and any other state where it is registered.
Notify contacts for all contracts that are being assigned to or assumed by the buyer.
Notify creditors to explain how bills will be paid, either by you or by the buyer.
Cancel business permits or licenses, assumed business names, and other registrations.
Cancel insurance policies
Pay off bills and collect accounts receivable
Distribute assets remaining in your business after the sale closing, to shareholders, partners or members the business is a corporation or LLC.
Close your employer ID number with the IRS.
Close business bank accounts and credit cards.
Close business line of credit, if any.
Pay final wages to employees, and payroll taxes and fees due to tax authorities.
File necessary tax forms, using the IRS “Closing a Business Checklist”

  • 2 weeks later...


Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Available Subscriptions

  • 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.
  • Similar Topics

    • By nptrb

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By Joe Marconi

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • By JustTheBest

      Premium Member Content 

      This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

    • 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
      SHOW NOTES
      Connect with Chris: chris autofixsos.com
       Phone: 940.400.1008
       www.autoshopcoaching.com
       Facebook: https://www.facebook.com/ 
      AutoFixAutoShopCo
       Connect with Chris: chris autofixsos.com Phone: 940.400.1008 www.autoshopcoaching.com Facebook: https://www.facebook.com/ AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae 
      www.autoshopcoaching.com 
      Facebook: https://www.facebook.com/ AutoFixAutoShopCoaching
      Youtube: https://bit.ly/3ClX0ae
      The Aftermarket Radio Network
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level.
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
      Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.
      To listen to more episodes, make sure and go over to iTunes and or Spotify.
      Don't forget to rate and review us!
      Connect with Chris:
      AutoFix-Auto Shop Coaching
      www.autoshopcoaching.com
      www.aftermarketradionetwork.com
      #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
    • By carmcapriotto
      Brian and Parker dive into how strategic marketing investment can drive real growth for auto repair shops. Parker shares how increasing his marketing spend transformed his business, leading to record-breaking profits and industry recognition. They discuss why many shop owners hesitate to spend more on marketing and how cutting back can actually slow growth.
      They break down the balance between brand-building and direct response marketing, highlighting how both contribute to long-term success. Parker shares insights from industry peer groups and how analyzing successful shops’ financials helped him refine his own strategy. They also explore how even small adjustments in marketing spend can make a big impact.
      They explain what it takes to turn marketing into a growth engine, from increasing car count to boosting profitability. With real-world insights and proven strategies, they make the case for why now is the time for shop owners to commit to smarter marketing investments.
      Thank you to our friends at RepairPal for this episode. RepairPal will introduce your shop to new customers through repairpal.com, the largest site for auto repair. Learn more at
      RepairPal.com/shops.
      Declined repairs don’t have to be lost revenue. AppFueled’s call center schedules follow-up calls and equips your team with everything they need to close the deal. Get started now at appfueled.com 
      Lagniappe (Books, Links, Other Podcasts, etc)
      VISION Hi-Tech Training & Expo
      Show Notes with Timestamps


      How To Get In Touch
      Join The Auto Repair Marketing Mastermind Group on Facebook
      Meet The Pros
      Follow SMP on Facebook
      Follow SMP on Instagram
      Get The Ultimate Guide to Auto Repair Shop Marketing Book
      Email Us Podcast Questions or Topics 
      Thanks again for listening to The Auto Repair Marketing Podcast on Aftermarket Radio Network. There are some other great shows on the network and you can find them at AftermarketRadioNetwork.com or on your favorite podcast listening apps like Spotify, Apple Podcasts, Google Podcasts, and many others
      Thanks to our Partners,
      RepairPal at https://repairpal.com/shops. Quality Car Repair. Fair Price Guarantee.
      App Fueled at appfueled.com. “Are you ready to convert clients to members? AppFueled™ specializes in creating custom apps tailored specifically for auto repair businesses. Build your first app like a pro.”
      Aftermarket Radio Network
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.
      Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level.
      The Aftermarket Radio Network: https://aftermarketradionetwork.com/
      Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/
      Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/
      Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/
      The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/
      The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/
      Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/
      Click to go to the Podcast on Remarkable Results Radio


  • Our Sponsors

×
×
  • Create New...