Stagnation vs Acceleration: How EOS Can Transform Your Business [862]
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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, NAPA TRACS and Promotive
Welcome to this episode of Business by the Numbers! Host Hunt Demarest, CPA, explores the recent IRS developments and what they mean for business owners, taxpayers, and accountants alike. With executive orders, funding cuts, and shifting policies, there's plenty to unpack about the future of the IRS and tax compliance.
Key Takeaways:
IRS Funding Cuts: The Inflation Reduction Act promised $80 billion for the IRS, but political maneuvering and budget cuts have significantly reduced this allocation. Commissioner Resignation: The departure of the IRS commissioner raises questions about future agency direction and efficiency. Audit Frequency Impact: With fewer agents and reduced funding, audits for wealthy individuals and large corporations are likely to decrease. Taxpayer Challenges: Delayed refunds, processing slowdowns, and a backlog of cases could worsen due to IRS understaffing. Emerging Trends: Discussion on potential international tax changes and the possibility of an "External Revenue Service" impacting U.S. tax revenue collection. https://www.projectfinance.law/publications/2025/january/trump-executive-orders/ https://waysandmeans.house.gov/2025/01/23/president-trumps-cease-and-desist-to-irs-protects-middle-class-families-and-small-businesses-from-irs-audits-and-weaponization/ https://moneywise.com/a/ch-synd/irs-asks-for-more-funding_1737633682545
Thanks to our partners, NAPA TRACS and Promotive
Thanks to our partner, NAPA TRACS
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
Thanks to our partner, Promotive
It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Download a Copy of My Books Here:
Wrenches to Write-Offs Your Perfect Shop
The Aftermarket Radio Network: https://aftermarketradionetwork.com/
Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
Click to go to the Podcast on Remarkable Results Radio
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By Zenoo
Hi my name is Zenas and I am 26 years old from Alberta, Canada. I started my own automotive repair shop in December 2023. After running it for 1 year I made a little bit of profit. I needed some advice on how I could increase it. Its a 3 bay shop with two 2 post hoists and one 4 post hoist with alignment. I am the only mechanic in the shop as I can't afford to hire anyone at this point. I am charging about $120 per hour for the labor and very minimal mark up on parts. The shop had no customer base when I got it so it took me sometime to build returning customers. If I try to increase the prices on parts the customers run away. Seems like they are calling around the city and going to the cheapest person. My monthly over head cost is about $7000. Whatever I make in a month goes back into next month's rent. Any advices on how to manage this properly from other shop owners?
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By carmcapriotto
Thanks to our partners, NAPA TRACS and Promotive
Welcome to this week’s episode of Business by the Numbers with Hunt Demarest, CPA. Today, we’re taking a deep dive into how certain actions or oversights could put you at risk for an IRS audit. By understanding these triggers, you can better safeguard your financial health and avoid unnecessary complications.
Learn about common mistakes like underreporting income and how they can put you on the IRS’s radar. Discover how gambling winnings and losses can attract scrutiny. Explore why industries like art, wine, and horses often face extra attention from the IRS. Understand why amending a Schedule C return can almost guarantee an audit. Tips to avoid an audit, such as maintaining accurate documentation and working with knowledgeable tax professionals.
Stay informed to protect your business and personal finances from unnecessary IRS scrutiny.
Thanks to our partner, NAPA TRACS
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
Thanks to our partner, Promotive
It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Download a Copy of My Books Here:
Wrenches to Write-Offs Your Perfect Shop
The Aftermarket Radio Network: https://aftermarketradionetwork.com/
Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thanks to our Partners, NAPA TRACS, and Today's Class Join Carm Capriotto and a panel of experts—Joe Marconi, Dan Buss, and Nick Salas—as they delve into the intricacies of selling your automotive repair business. This insightful episode covers everything from preparing your business for sale and understanding valuations to structuring deals and ensuring clean financials. Learn from seasoned shop owners about succession planning, transparent communication with employees, and navigating the emotional and professional challenges of ownership transitions. Whether it's asset vs. stock sales, working with valuation experts, or addressing staff concerns, this discussion equips you with the knowledge to maximize your business's value and ensure a smooth sale. Joe Marconi, Executive Council Member, Elite Worldwide. Auto Shop Owner. Joe’s Episodes HERE. Dan Buss, Elite Worldwide. Nick Sallas, Sallas Auto Repair, Kansas City Show Notes Watch Full Video Episode Importance of Transparency (00:02:18) Joe Marconi on Readiness (00:03:13) Succession Planning (00:05:16) Successor Challenges (00:06:40) Selling Experience (00:08:11) Valuation Discussion (00:09:51) Multiple Valuation Explanation (00:10:37) Advice on Business Preparation (00:12:18) Challenges of Selling a Business (00:13:23) Cultural Implications of Cash Transactions (00:14:43) Building Generational Wealth (00:16:25) Understanding Succession Planning (00:17:03) Emergency Plans in Business (00:20:37) Importance of Professional Advisors (00:22:34) Emotional Impact of Selling a Business (00:28:43) Contracts for Key Employees (00:32:05) Transparency in Hiring (00:33:07) Interview Questions for Potential Hires (00:34:15) Structuring Business Sales (00:35:38) Maintaining a Business Plan (00:37:12) Dealing with Tire Kickers (00:38:04) Evaluating Business Offers (00:39:19) Importance of Clean Financials (00:40:22) Value of Independence in Business (00:41:21) Goals for Business Sellability (00:42:32) Preparation for Selling (00:43:08) Maximizing Business Value (00:43:54) Purpose and Succession Planning (00:45:26)
Thanks to our Partner, NAPA TRACS 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/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -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 X: 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
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By carmcapriotto
Thanks to our partners, NAPA TRACS and Promotive
Managing your cash flow can feel overwhelming, but the Profit First system offers a fresh approach to organizing your finances. In this episode of Business by the Numbers, Hunt Demarest, CPA, dives into the pros, cons, and practical applications of Profit First for auto repair shops. Whether you’re new to the system or looking to refine your cash management strategy, this episode is packed with actionable insights.
Key Takeaways:
What is Profit First? Learn the basic framework of allocating revenue into multiple bank accounts to better manage cash flow. Benefits of Profit First: Understand how it can help you get a clear picture of your cash flow and improve financial decision-making. Challenges to Watch For: Discover why overcomplicating allocations or starting with too many accounts can hinder success. Practical Implementation: Hunt shares a simple three-account system tailored to auto repair --shops for effective cash management. Expert Tips: Adapt the system to your business size and goals, and avoid common pitfalls that lead to failure.
Thanks to our partner, NAPA TRACS
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
Thanks to our partner, Promotive
It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Download a Copy of My Books Here:
Wrenches to Write-Offs Your Perfect Shop
The Aftermarket Radio Network: https://aftermarketradionetwork.com/
Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/
Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/
Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/
The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/
The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/
Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/
Click to go to the Podcast on Remarkable Results Radio
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