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Technician’s Three-Year Succession Plan [RR 906]

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carmcapriotto

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Recorded Live at AAPEX 2023, Andy Bizub and part owner Brandon Ludwikowski discuss the transition from technician to business owner, the importance of a positive attitude, and the tools and knowledge required for technicians. The conversation also covers the division of responsibilities within the company, decision-making processes, and the importance of understanding business fundamentals and financials.

Brandon Ludwikowski, Midwest Performance Cars, Chicago and Northbrook, IL. Andy Bizub, Midwest Performance Cars, Chicago and Northbrook, IL.  Andy’s previous episodes HERE. Show Notes

  • Attitude is Key (00:02:12) Brandon emphasizes the importance of having a positive attitude in the face of challenges and setbacks.
  • Providing the Right Tools and Knowledge (00:03:19) Brandon discusses the need for owners to provide technicians with the necessary tools and knowledge to perform their job effectively.
  • Finding the Best Training Sources (00:04:51) Andy explains how he identifies knowledge gaps in his team and seeks out the best training sources to enhance their skills and capabilities.
  • Using a dashboard for learning and improvement (00:09:10) Discussion about the usefulness of a dashboard in identifying areas for improvement.
  • Dealing with overconfidence and ego in technicians (00:09:42) The challenges of working with technicians who believe they know everything and the importance of leaving ego at the door.
  • Considering succession planning and bringing on an ownership team. (00:11:01) The reasons behind bringing on an ownership team, including geographical considerations and planning for the future.
  • The journey to becoming part owners (00:17:56) Brandon discusses the process of becoming a part owner of Midwest Performance Cars and the decision-making involved. Andy describes the complementary skills and characteristics of the three owners: Chris, Ryan, and Brandon.
  • Future plans and ownership transition (00:24:34) Andy explains the terms of the deal, including the timeline for the owners to fully pay for their shares and the possibility of Andy staying on as an advisor.
  • The importance of balance sheets (00:31:46) Andy explains the importance of understanding balance sheets and how they show the true worth of a business.
  • Teaching finance to the team (00:34:02) Andy discusses how he teaches finance to his team, emphasizing the importance of understanding numbers and making informed decisions.
  • Transitioning from a single owner to a business owner (00:34:24) The conversation shifts to the challenges faced by single owners and how they can start transitioning to becoming successful business owners.
  • The balance sheet and cash flow statements (00:34:40) Explanation of the importance of understanding balance sheets and cash flow statements for business owners.
  • The benefits of having a coach (00:36:17) Discussion on the positive impact of having a coach for business owners.
  • Transitioning to a business mindset (00:37:08) The importance of shop owners understanding the business side of their industry and becoming businessmen, rather than just shop owners.

Thanks to our Partners, AAPEX and NAPA TRACS 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/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -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 NAPA-TRACS-Call-To-Action-Graphic-1.png       ARN-Website-Banner-July-2022-1200x400-1.png

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's 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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