So You Think You Want To Open Your Second Location? [THA 377]

[carmcapriotto]

Thanks to our Partner, NAPA TRACS and AutoFix Auto Shop Coaching Industry shop owners discuss the challenges and strategies of opening and managing a second location. They explore the motivations behind opening additional shops, touching on wealth building, seeking new challenges, and planning for retirement. Carl Hutchinson emphasizes the importance of providing a growth path and career opportunities to attract and train the next generation of industry professionals. The conversation highlights the complexities of scaling a business and the need for strong leadership, financial planning, and a commitment to developing talent within the industry. Carl Hutchinson, Complete Automotive, 2 locations, Springfield, MO. Listen to Carl’s previous episodes HERE Kim Auernheimer, CS Automotive, 2 locations, TN. Listen to Kim’s Episodes HERE. Jim Fleischman, Automotive Alley, 2 locations, Arcade and Marilla, NY. Listen to Jim’s previous episodes HERE.

• Behind the Scenes: New Shop Retrofit/Remodel with Carl Hutchinson [CC 097]: https://remarkableresults.biz/remarkable-results-radio-podcast/cc097/
• Store two considerations (00:01:01) Discussion on the importance and reasons for opening a second store, including financing and marketing efforts.
• Finding the second location (00:02:52) Panelists share their experiences in finding and choosing the location for their second store.
• Preparation and challenges (00:09:33) Challenges and preparations for operating a second location, including policies, procedures, and staffing.
• Systemizing and structuring (00:12:29) The importance of systemizing and structuring operations for a second location, as well as the challenges and preparations involved.
• Transition and training (00:15:14) Discussion on transitioning and training staff for a new location, including the use of a shop management system.
• Reflection and passion (00:17:32) Reflecting on the passion and effort required to start and grow a business, including the challenges of expanding to multiple locations.
• Store Number Two Challenges (00:17:56) Challenges of opening a second store, losing customers, ordering parts, and managing separate entities.
• Inventory and Supplies (00:20:14) Challenges in stocking inventory and supplies for a new store, unexpected expenses, and the importance of thorough planning.
• Financing and Cash Flow (00:24:43) Discussion on financing options, including seller financing, bank loans, and personal investment, and the impact of COVID-19.
• People Problems and Leadership (00:29:17) Dealing with turnover, hiring challenges, and the importance of finding the right people for leadership roles.
• Grooming and Growing Store Two (00:32:45) Balancing time and effort between store two and store one, empowering vice presidents, and the changing role of the company president.
• Building an MSO (00:34:48) Discussion on the motivations for building a multi-shop operation, including retirement planning, challenges, and personal growth.
• Creating Career Paths (00:41:26) The importance of creating a career path for the younger generation, fast-tracking growth, and training and educating employees.
• Valuing and Acquiring Businesses (00:47:31) Challenges in valuing and acquiring businesses, including the impact of market competition and the importance of assessing profitability.
• Equipment and Location Considerations (00:49:29) Discussion on starting from scratch, acquiring equipment, and the significance of location and infrastructure.

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, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -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 -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections            

Click to go to the Podcast on Remarkable Results Radio