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Red Flags When Buying a Business [THA 383]

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Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class Join a discussion with multi-shop operators Dwayne Myers and Rick Levitan, as well as CPA Hunt Demarest, on the intricacies of purchasing a business. They cover the necessity of due diligence, understanding financials, and the emotional aspects of negotiation. The panel shares personal experiences, highlighting the importance of realistic financial projections, environmental assessments, and the role of goodwill in valuations. They advise on building strong banking relationships, scrutinizing financial statements, and respecting sellers' emotional ties, emphasizing patience and strategy for successful acquisitions in the automotive industry. Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Dwayne Myers, Dynamic Automotive, 6 locations, Maryland. Dwayne’s previous episodes HERE. Rick Levitan, Managing Director, Auto Stream Car Care, MD. Show Notes

  • Real Estate Strategies with Rick Levitan [AW 170]: https://remarkableresults.biz/remarkable-results-radio-podcast/aw170/
  • The challenges of obtaining accurate financials (00:02:03) Discussion on the challenges of obtaining accurate financials when buying a business.
  • The importance of common sense in business acquisitions (00:06:30) The panel discusses the importance of using common sense and avoiding emotional attachment when considering a business acquisition.
  • Legal and financial considerations in business acquisitions (00:08:24) The panel discusses legal and financial considerations, including the importance of asset purchase, non-compete agreements, and the quality of real estate.
  • Financing Considerations (00:18:13) Discussion on the critical role of financing in business acquisitions and the advantages of using banks or owner financing.
  • Bank Relationships (00:19:09) Importance of building a relationship with a bank and leveraging the bank's confidence in the buyer's ability to expand.
  • Financial Statement Analysis (00:20:27) Importance of thoroughly analyzing financial statements, including understanding expenses and discretionary non-recurring expenses.
  • Negotiating the Deal (00:22:24) Strategies for negotiating the price and terms of the acquisition, including considering the concerns of the seller and assessing the facility's assets.
  • On-Site Q&A (00:23:31) The checklist and tactics for conducting a site visit to assess a potential acquisition, including evaluating equipment, employees, and the owner's future plans.
  • Pro Forma and Business Plan (00:25:23) The necessity of creating a pro forma and business plan for the bank, including the importance of conservative projections and understanding the return on investment.
  • Challenges of Multi-Shop Expansion (00:30:34) Discussion on the challenges and missteps often encountered by individuals expanding into multi-shop operations, emphasizing the need for patience and learning from experiences.
  • Gas Station Red Flags (00:32:41) The importance of environmental assessments.
  • Emotional Aspects of Buying (00:34:08) The emotional nature of buying a business.
  • Goodwill and Equipment Allocation (00:38:49) Discussion on goodwill, equipment, and the allocation of the purchase price in a business acquisition, including tax implications.
  • Understanding Multiples in Business Valuation (00:39:32) Explaining the concept of multiples in business valuation and the factors that influence the multiplier, such as location, equipment, and reputation.
  • Negotiating Purchase Price (00:42:23) Negotiating the purchase price based on business valuation and real estate factors.
  • Final Thoughts on Business Acquisition (00:44:03) The importance of staying positive and finding creative solutions during negotiations, leaving deals on good terms, and expressing appreciation for the insights shared.

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/ 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: -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 X (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       Chris-Cotton-Call-To-Action-Graphic-Webs       Todays-Class-Call-To-Action-Graphic-Webs Brakes-for-Breasts-Call-To-Action-GraphiARN-Website-Banner-July-2022-1200x400-1.                       Screenshot_340.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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      Get The Ultimate Guide to Auto Repair Shop Marketing Book
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      By carmcapriotto
      Thanks to our Partners, NAPA Auto Care, NAPA TRACS and Automotive Management Network This episode focuses on the importance of planning ahead for selling a business in the auto repair industry. Bob Ward stresses that business owners should start identifying and training potential successors early—often from their current team. He walks through a clear four-step process to help with the transition, covering key areas like finding the right fit, determining the business’s value, securing financing, and handling legal requirements. Bob Ward, Perpetual Business, Bob’s Previous Episode HERE. Bob Ward’s Email: [email protected] Show Notes Watch Full Video Episode TST Big Event, March 29th, 2025: https://www.tstseminars.org/ Bob Ward's Ownership Essentials Class April 10-12, Phoenix, AZ: https://perpetualbusiness.co/product/ownership-essentials-phoenix-2025 Importance of Succession Planning (00:00:00) Challenges of Retirement (00:02:23) Value of Transitioning Ownership (00:03:23) Procrastination in Planning (00:05:01) Family Involvement in Succession (00:06:08) Role of Key Employees (00:07:30) Facilitating Ownership Transition (00:08:01) Four Steps to Succession (00:08:27) Retention Strategies (00:10:30) Equity Equivalence Concept (00:11:08) Managing Ownership Changes (00:12:53) Successor Responsibilities (00:15:09) Financing the Purchase (00:16:31) Process Simplification (00:17:31 Successor Concerns (00:21:53) Owner's Perspective on Successors (00:22:22) Missed Opportunities in Succession (00:22:49) Financial Realities for Successors (00:23:14) Perpetual Business Concept (00:28:39) Compatibility Assessment Importance (00:32:57) Essential Career Goals Discussion (00:34:11) Overcoming Fear of Ownership (00:36:40) Identifying the Right Successor (00:37:19) Valuation Metrics Discussion (00:39:36)
      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
    • carmcapriotto
      Market Update: BOI Reports, Interest Rates, and More [E160] - Business By The Numbers
      By carmcapriotto
      Thanks to our partners, NAPA TRACS and Promotive
      This week on Business by the Numbers, Hunt Demarest, CPA with Paar Melis and Associates, breaks down the latest market news and legislative updates that directly impact auto repair shop owners. From the return of the BOI (Beneficial Ownership Information) report to evolving tax policy discussions and IRS processing delays, Hunt provides a no-nonsense analysis of what’s happening and how it could affect your business.
      In This Episode, You'll Learn:
      ✔️ The BOI Report is back—what it is, why it matters, and the March 21st deadline you can’t ignore.
      ✔️ Trump’s tax proposals—what’s being discussed, what’s likely to pass, and what it means for your shop and your customers.
      ✔️ IRS struggles & refund delays—why tax processing is slower than ever and what to expect if you’re waiting on an Employee Retention Tax Credit (ERTC) refund.
      ✔️ Interest rates & the economy—why rates aren’t moving much (yet), and what this means for your financial strategy in 2025.
      ✔️ The state of small businesses & consumer spending—how last year’s trends impact this year’s outlook, and why customer financial health affects your shop’s profitability.
      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]
      Text Paar Melis @ 301-307-5413
      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/
      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.
      Click to go to the Podcast on Remarkable Results Radio


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