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Do you have an exit strategy?

Joe Marconi
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Gonzo Grand Master

Gonzo

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Yes, I think about it all the time. Even with a profitable shop I think it will be a hard sell, since I'm a specialty shop, which also narrows the possibilities of selling it outright. I compare it to what it's like to find qualified electrical technicians. (Since that is my main forte) They are few and far between.

 

When I do sell, which I know I will someday, I think the odds of finding a buyer is slim to perhaps... none.

 

It may come down to a piece by piece sale until it's all gone. But, I'm always hoping for somebody to come across with the cash to buy it or finance it. Because when I'm done... I'm done. I'm not going to be one of those owners that sticks around for a few years after the sale.

 

We'll see what happens. My lawyer is older than I am and he's having the same issues trying to sell his office. LOL

another day in paradise. It will all work out some how....always seems to.... :)

  • 6 years later...
Guest

Guest

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Posted

I make about 200k a year in my small shop even though it's 5k Sq ft. Half of that is rent that I pay myself. A broker who says he specializes in auto repair said I'd be lucky to get 150k for the business and a buyer would insist on purchasing the property on top of that. The guy never even looked in the shop just wanted to see my tax return. Does that seem right? I just laughed because why would I sell a good business for 1.5 what I make yearly? 

  • 2 weeks later...
rpllib Enthusiast

rpllib

Posted
Posted

I was fortunate to be introduced to Bob Ward several years ago. What a difference that day has made in my life. Bob has a knack for structuring exit plans for a perpetual outcome. In my case it involved having a young key employee with the time and energy to make this kind of arrangement work. Young, time and energy are the key words, Imo. There would be no wasted moments in a conversation with Bob.   https://www.perpetualbusiness.co/ 

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      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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