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Auto Repair Owner Hits The Jackpot!

Chuy Reyna

By Chuy Reyna
in General Automotive Discussion

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Shopcat Community Regular

Shopcat

Posted
Posted

We all speculate about "what if...". I know that it is important for me to have a sense of purpose everyday. I think as human beings it is important for us to be productive in contributing in life. I've seen guys retire, lose that love of life. So my answer would pursue a passion that may have been previously unrealistic for financial reasons. Try to parlay the good fortune into something for the greater good that you are passionate about.

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shumsauto Explorer

shumsauto

Posted
Posted

I would deff build a shop of my dream (about 10 million budget) and continue doing what I absolutely love - running a business and helping people. I would want to have a facility that techs would dream of working in and customers come to have all their vehicle needs taken care of by happy technicians that are proud of their work and of what they do for a living.

I guess it's more of a goal, not a dream. : )

FROGFINDER Rising Star

FROGFINDER

Posted
Posted

Every day i wake up IS winning the lottery, Amen.

 

I would set up a trust to recieve the money and allow at least a year and prayer before i made any major changes. I am lucky, I love being around classic cars and repairing cars. I just can't stand the politics.

  • Like 1
  • 3 months later...
Dad's Auto Rookie

Dad's Auto

Posted
Posted

I was thinking about this scenario just the other day and actually came up with a plan for it.

 

I would sign the business over to my long term employee. Give him all the tools and equipment and then lease him the building. I think it would be very fullfilling the help him and watch him continue to grow this business and be successful in life.

 

I guessing it will never happen though as I do not buy lottery tickets...

alfredauto Experienced

alfredauto

Posted
Posted

The reality of winning a million dollars in the lottery is a take home check of about $30,000 a year for 20 years. Better than nothing but no mega yachts at that level.

davine4real Explorer

davine4real

Posted
Posted

After taking care of me and the family....I'd start to build the type of shop I truly want. Techs that get paid decent $20/hr. Or maybe $650 week to start. Manager to take my place. Shop that offers discounted repair work to those in need at $69/hour. Shop won't make the profits of other shops upfront but once build steam... can survive on its own merit. The shop is to help people first and profit second. But know it would take money to get going because bills would be higher than income at first.

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    • 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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