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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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      Commission Mankind
      Show Notes with Timestamps
      Introduction to the Episode (00:00:10) Brian introduces the podcast and the topic of community involvement. Topic Suggestion Acknowledgment (00:00:34) Brian mentions Doug DeLuca's suggestion for the episode topic. Sponsor Acknowledgment (00:01:00) Brian thanks RepairPal for sponsoring the episode. Technical Issues Discussion (00:01:30) Brian and Kim discuss technical issues and Brian's experience with braces. Community Involvement Concerns (00:03:44) Kim shares a friend's hesitation about promoting community involvement due to fear of appearing boastful. Successful vs. Selfish Promotion (00:05:44) Discussion about the fine line between effective promotion and self-promotion. Promoting Community Engagement (00:07:24) Kim emphasizes the importance of spacing out promotional posts about community involvement. Starting with Gratitude (00:07:46) Kim suggests starting messages about community involvement with expressions of gratitude. Importance of "Why" (00:09:09) Discussion on the significance of explaining the reasons behind community involvement. Examples of Community Involvement (00:09:15) Brian and Kim share experiences of their community service activities. Promoting Community Work (00:11:25) Brian discusses the importance of promoting community service to demonstrate business values. Messaging about Community Involvement (00:12:21) Kim provides examples of how they communicate their community involvement on social media. Team Engagement in Community Work (00:14:20) Brian reflects on the team's connection with community members during service activities.  Closing Sponsor Acknowledgment (00:15:14) Brian thanks RepairPal again for supporting the episode. Community Engagement Strategies (00:15:26)   Discussion on how RepairPal helps auto shops gain customers through certification and fair pricing. Customer Loyalty Apps (00:16:25)  Introduction of App Fueled, a customer loyalty app designed for auto service shops. Highlighting Community Work (00:17:11)  Tips on emphasizing organizational missions instead of personal achievements in community involvement. Authentic Community Involvement (00:17:54)   The importance of sharing community efforts without seeking personal recognition or return. Sharing GoFundMe Campaigns (00:18:51)  Encouragement to promote charitable causes without boasting about personal donations. Industry-Specific Support (00:19:16)  Discussion on giving back to the auto repair industry and local communities. Respecting Privacy in Sharing (00:19:39)  The balance between sharing community involvement and respecting the privacy of those served. Educating Marketing Teams (00:22:43)  The need to guide marketing teams on how to portray community involvement authentically. Collaborating with Other Organizations (00:24:17)  Benefits of partnering with local businesses for community service efforts. Celebrating Local Teams (00:25:38)  Highlighting local sports teams and community events to promote goodwill. Telling the Story of Donations (00:27:40)  Importance of sharing the personal connection behind charitable contributions. Personal Anecdotes from Mission Trips (00:28:28)  Sharing impactful stories from mission trips to illustrate the importance of community support. Personal Anecdote on Community Support (00:29:29)  Kim shares a personal story about supporting organizations that assist her brother with disabilities. Encouragement to Join Facebook Group (00:30:44)  Kim invites listeners to join their Facebook group for further engagement and community building. Request for Podcast Reviews (00:31:03)  Brian asks listeners to leave reviews for the podcast, emphasizing the importance of feedback. Closing Remarks and Sponsorship Acknowledgment (00:31:36)  Brian concludes the episode, thanking sponsors and encouraging listeners to tune in next week.
      Thanks to our Partners,
      RepairPal at https://repairpal.com/shops. Quality Car Repair. Fair Price Guarantee.
      App Fueled at appfueled.com. “Are you ready to convert clients to members? AppFueled™ specializes in creating custom apps tailored specifically for auto repair businesses. Build your first app like a pro.”
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