Quantcast
Jump to content

Recommended Posts

Posted

This episode is sponsored by AutoLeap. AutoLeap is a cloud-based all-in-one automotive invoice software that helps you supercharge your mechanic shop. Their customers have experienced:

30% increase in revenue by improving transparency and trust

50% reduction in time spent researching and ordering parts

10% increase in profit margins through robust reporting

In this podcast episode, Coach Chris Cotton and Hunt Demarest of Paar Melis (https://paarmelis.com/) discuss what to do with surplus money when a shop owner is not interested in buying more shops. They emphasize the importance of investing wisely and aligning investments with personal goals, as well as considering the time commitment involved in different investment opportunities. They suggest that investing in commercial real estate, such as buying the building that the shop already occupies, can be a good option for generating passive income. They also stress the importance of having reserves and not putting all of one's investments into speculative ventures. Overall, the speakers stress the importance of investing surplus money in a way that aligns with one's goals and values, and that can generate passive income for the future.

 

Introduction [00:00:02] Coach Chris Cotton introduces himself and the podcast episode topic.

 

Investing Surplus Money [00:00:59] The speakers discuss the importance of investing surplus money and the tendency of some shop owners to spend all their profits on personal expenses rather than investing in their business or other opportunities.

 

Different Investment Opportunities [00:02:50] The speakers discuss different investment opportunities and the importance of considering the time commitment involved in each opportunity.

 

Auto Repair Shop Investment [00:06:10] The speakers discuss the profitability of auto repair shops as an investment opportunity and the time commitment involved in owning a repair shop.

 

Investing with Time and Money [00:06:54] The speakers discuss the importance of investing in a way that aligns with one's goals and the value of considering the time commitment involved in different investment opportunities.

 

Real Estate Investing [00:08:29] The speakers discuss the benefits of real estate investing, particularly in owner-occupied properties, and how it can provide both monthly cash flow and long-term appreciation.

 

Self-Rentals and Fair Market Value [00:11:43] The speakers discuss the potential tax benefits and pitfalls of self-rentals, and the importance of considering fair market value when setting rental rates to avoid devaluing the business.

 

Investing surplus money [00:14:47] The importance of investing surplus money in a way that aligns with one's goals and the value of considering the time commitment involved in different investment opportunities.

 

Shifting mindset of business [00:16:07] Shifting the mindset of a business from generating money for personal use to generating money for investment, using the business to generate cash for investing.

 

Matching return on investment [00:19:15] Matching up return on investment with investment goals and being mindful of risks, making sure investment strategies and risks match up to timeline and how much money is needed.

 

Common investment opportunities [00:21:03] Common investment opportunities for shop owners, including buying commercial real estate, multi-family rentals, and storage units.

 

Investing in another shop [00:21:52] Discussion on why investing in another shop may not be the best option and the benefits of having an investment portfolio.

 

Importance of having reserves [00:23:02] The importance of having reserves in case of unexpected expenses or downturns in the market.

 

Risk vs reward in investing [00:24:30] Discussion on the risk and reward of investing in real estate and the importance of having liquid investments.

 

Peace of mind in investing [00:27:01] The value of having peace of mind in investing and the benefits of having a financial advisor.

 

Benefits of investing in the market [00:27:33] Discussion on the benefits of investing in the market and the power of compound interest.

 

Investing in alignment with goals [00:28:55] Importance of considering goals before investing, whether it's for more time or money, and how to calculate the necessary investment.

 

ROI and time commitment [00:30:40] ROI breakdown and the importance of considering time and tax benefits when investing.

 

Different investment strategies for different goals [00:32:23] The importance of creating a personalized investment plan that aligns with individual goals and objectives.

 

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

940-400-1008

Facebook: https://www.facebook.com/AutoFixAutoShopCoaching

YouTube: https://bit.ly/3ClX0ae

Email Chris: [email protected]

This episode is sponsored by AutoLeap. AutoLeap is a cloud-based all-in-one automotive invoice software that helps you supercharge your mechanic shop. Their customers have experienced:

30% increase in revenue by improving transparency and trust

50% reduction in time spent researching and ordering parts

10% increase in profit margins through robust reporting

Click here to learn more about AutoLeap and schedule a demo:

AutoLeap Link: http://bit.ly/3GRgO88

Click to go to the Podcast on Remarkable Results Radio

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 carmcapriotto
      Thanks to our Partner, NAPA Autotech
      Matt Fanslow recommends a variety of resources for automotive technicians beyond standard service manuals.
      Thanks to our Partner, NAPA Autotech
      NAPA Autotech’s team of ASE Master Certified Instructors are conducting over 1,200 classes covering 28 automotive topics. To see a selection, go to napaautotech.com for more details.
      Contact Information
      Email Matt: [email protected] Diagnosing the Aftermarket A - Z YouTube Channel
      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
    • 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 carmcapriotto
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network Explore the profitable opportunity of key cutting and programming for auto repair shops in the automotive aftermarket. With around 25 million keys sold each year, many vehicle owners lose at least one key within the first 15 years of ownership. Matt Fanslow and Scott Gompper highlight the Nitrous AutoProPad G3, simplifying key programming and emphasizing the significant revenue potential within this largely untapped market. Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast Scott Gompper, Nitrous Keys Show Notes Watch Full Video Episode Introduction to Keys (00:00:00) Nitrous AutoPro ad G3 Features (00:01:07) Key Market Insights (00:02:38) Importance of Key Cutting (00:03:02) Programming Keys for Modules (00:04:30) Integrating Key Cutting Services (00:05:01) Tool Interface Explanation (00:05:22) Calculating ROI for Key Cutting (00:06:41) EV and Hybrid Vehicle Services (00:09:50) Key Cutting Machine Overview (00:11:00) Investment in Key Cutting Services (00:12:47) Marketing Key Cutting Services (00:13:40) Benefits of Attending Trade Shows (00:14:00) Fleet Services and Key Cutting (00:14:39)
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network 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 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 Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -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 -Special episode collections: https://remarkableresults.biz/collections 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
    • By Changing The Industry
      Episode 202 - A Conversation with Launch Tech's Haresh Gobin On The Future of Diagnostics
    • 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 the 200th episode of "The Weekly Blitz," Coach Chris Cotton marks a significant milestone for the podcast by taking a moment to reflect on the journey over the past year. He shares personal anecdotes that resonate with the audience, including a heartfelt update on Kimberly, who made the selfless decision to donate a kidney to her brother, highlighting the profound impact of family and generosity.
      Chris delves into key topics that are crucial for auto repair shop owners, offering insights and advice that are both practical and forward-thinking. One of the main discussions revolves around the concept of adopting a four-day workweek. He explores the potential benefits this can bring, such as improved work-life balance for employees, increased productivity, and enhanced job satisfaction, while also addressing the challenges and considerations that come with implementing such a change.
      Another focal point of the episode is the distinction between commitment and mere interest. Chris emphasizes that true success in business requires a deep commitment, rather than just a passing interest. He encourages shop owners to fully dedicate themselves to their goals and to cultivate a mindset that prioritizes long-term success over short-term gains.
      The benefits of business coaching are also highlighted, with Chris advocating for the value of having a mentor or coach to guide business owners through the complexities of running an auto repair shop. He shares how coaching can provide clarity, accountability, and strategic direction, ultimately leading to more effective decision-making and business growth.
      Throughout the episode, Chris underscores the importance of professionalism within the industry. He stresses that maintaining high standards of professionalism not only enhances the reputation of individual shops but also elevates the industry as a whole.
      In addition, he encourages listeners to take advantage of the marketing resources offered by the podcast's sponsor, Shop Marketing Pros. He explains how utilizing these resources can help shop owners effectively reach their target audience, build their brand, and drive business success.
      Overall, the episode serves as both a retrospective on the past year's achievements and a motivational message aimed at inspiring business improvement. Chris Cotton's insights and stories provide valuable lessons and encouragement for auto repair shop owners looking to elevate their businesses to new heights.
      Introduction to the Podcast (00:00:11)
      Overview of the podcast's purpose and the value it offers to auto repair businesses. Celebrating Episode 200 (00:01:08) Kimberly's Kidney Donation (00:02:06) Highlighting Episode 164 - Unlocking Greatness (00:04:21) Highlighting Episode 170 - Four Day Workweek (00:05:24) Preparing for 2025 (00:07:42) Highlighting Episode 172 - Commitment vs. Interest (00:08:46) Highlighting Episode 175 - The Pumpkin Patch (00:09:58) Highlighting Episode 180 - Profit First (00:11:11) Highlighting Episode 185 - Mom and Pop Shops (00:12:00) Highlighting Episode 186 - Coached vs. Uncoached (00:12:46) Highlighting Episode 187 - Project Alpha (00:13:05) Highlighting Episode 189 - Impact of Politics (00:13:55) Highlighting Episode 192 - Self-Obstruction (00:14:20) Highlighting Episode 193 - Being the Best Shop (00:14:46) Highlighting Episode 197 - Chris's Favorite Things (00:15:30) Looking Ahead to Episodes 201 and 202 (00:15:50)
      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


  • Our Sponsors



×
×
  • Create New...