The Power of Strong Financial Statements
No question that knowing the value of your Profit and Loss Statement helps you grow a strong, viable and profitable company. Many shop owners have not gotten intimate enough with the value of their financial statements.
The episode with Maryann Croce from Croce Transmissions in Norwalk, CT, Mark Roberts from Schertz Auto Service in Schertz, TX and Bob Greenwood, AMAM, president of Automotive Aftermarket e-Learning Center show the power of an accurate P & L.
We also talk about the Balance Sheet and the extreme value in accurate finical statements if you are going to sell your business or buy one. Also discussed is where on the P & L is it indicated that you can afford raises and that your emotions will try to override the numbers, because they tell the real story.Listen and view episode notes
Lessons I Learned When I Sold My Shop
Three former shop owners tell their story on selling their business. With Margie van Lierop, Formerly of Beach Cities Garage in Laguna Hills, CA; Scott ‘Gonzo’ Weaver formerly of Superior Auto Electric, Tulsa, OK (You also know Scott from Gonzo’s Tool Box) and Dave Winters formerly of Swedish Automotive in Seattle, WA, share their experience.
Among the talking points, confidentiality, transparent and normalized profit and loss statement, valuation, business broker, asset values, being a landlord and eventual tax liability, among others.Listen and view episode notes
Your Business Model Needs to Be Fluid and Flexible as Tech and Business Transformations Abound.
Brian Bates from Eagle Automotive in Littleton, CO is a multi-store operation where the strength of his business culture and leadership is based on firm values and integrity.
Brian points out that leaders are not born and being a great leader can be learned. Studying leadership is your most important role as a business owner. You must learn how to be a great leader. He’s built his business based the relationship he has with his team and how they function as an organization. He says, “Customers can feel that.”
An early adopter of Digital Vehicle Inspections a member of the NAPA advisory team and his local Business Development Group has helped influence his business success.Listen and view episode notes
Are Your Succession Plans Solid? Are You Ready To Leave Your Business To The Next Generation?
Bob Ward from Wardden LLC and former shop owner Russel Andrew bring a few building blocks of succession to the Academy. The message is strong: you need to start NOW to plan on getting your business to succeed without you.
Seventy percent of business owners in the next 20 years will depart their business in many different ways if there is no planning. They must nurture and retain their key leaders and motivate them.
Owners struggle emotionally about leaving their business; because they started with nothing and there is a big attachment to their successes over the years. Owners must think about the joy of leaving their business and seeing their legacy to continue.Listen and view episode notes
What Keeps You Up At Night? Is a metaphor on what we are concerned with as the world changes at unprecedented speeds.
You need to get out ahead of change and set the vision for your company. Paying attention to every business opportunity and challenge along with technology, business culture and finding and keeping good people helps you sleep well. The occasional 2 AM get up ‘thought’ just may signal an important strategy to pay attention to.Listen and view episode notes
How can a Re-Branding Strategy Create a Total Make-Over for this Family Business and Prepare for Market Growth.
Brian Weeks and his brother Chris from atc AutoCenter in Augusta, GA bought out their Dad in 1999 and worked hard in the family transmission business. Their story is typical until they both realized that their current business model was under stress. They needed to make changes to allow them to grow and meet market demands.
Brian shares the re-branding story, and how he and his brother made the bold moves to work on their business instead of in it.Listen and view episode notes
How do you integrate a second-generation millennial into a succession plan?
Tony Tatich from TMT Complete Auto Service Center in Bremen, IN shares his view on the family business and the aftermarket from a millennials point of view.
Hear Tony talk about his Dad, the business, the industry and the future. It is a big business in a very small town.
He’s doing a lot of things right. See how many you agree with.Listen and view episode notes
Preparing Your Business For Sale brings real world experience from a shop owner that just sold his business, one that is starting his succession plan and a business coach and consultant to bring the objective and metrics to this discussion.
Join Gary Plimmer, Ron Haugen and Bob Greenwood for this very frank and game changing Academy forum.Listen and view episode notes
Aftermarket Family Business Dynamics. The Dads Speak About Their Family Business and Their Role and Relationship with their Sons.
Service professionals Terry Beachler, Gary Pontious, Sr. and Joe Palermo discuss their family business and the relationship with their sons. Many know that family dynamics is so rewarding and can also have their challenges, however if you make it work the results are personally gratifying.
I’m grateful to the three sons for gathering their dads for this interview. There are many great talking points; traits that they share with their son, the dads’ current role in the business, who is the bigger risk taker, how they see new technology, managing the numbers, the importance of communication and trust and special advice for all family business.Listen and view episode notes
Aftermarket Family Business Dynamics. Second and Third Generation Service Professionals Speak About their Role and Relationship with their Dads.
Brett Beachler, 3rd generation join second generation sons Tom Palermo and Gary Pontious, Jr. in a discussion on the family business and their father son relationship. The aftermarket is mostly lead by family businesses and many business owners are contemplating succession.
Learn how these three sons have grown up in the business and how they see their role and what their dad has taught them about leading into the next generation.Listen and view episode notes
Hiring a millennial service writer had a positive influence on this service professional.
In 1988 Mark Goldsmith opened Mark’s Independent Service in Chatsworth, CA. He aspired to be the best owner/technician he could be and constantly pushed himself to further his knowledge and understanding of the automotive industry.Listen and view episode notes
John Miller says, “It is an ongoing educational experience to work on cars”.
John Miller owner of Freedom Automotive in Stafford, TX is a successful baby boomer shop owner who shows no signs of quitting. Besides the shop he is a weekly radio show and writer and editor for Shop Talk, the Houston ASA monthly.Listen and view episode notes
Gary Keyes is the owner of E & M Motors Auto Service in Stuart, Florida. Started at a service station. (remember them?) Gary started as a tech, right out of high school back in the service station days in Miami. He also worked in a Toyota dealership for 10 years and decided he was smart…Listen and view episode notes
Jacquie Walter Hower is the Director of Operations and 3rd generation at her family’s business, Zimmerman’s Automotive, in Mechanicsburg, PA. Typical family indoctrination. During high school and into college, Jacquie worked part time for the company working in the Quick Lube department as a technician changing oil and maintaining customer vehicles. After her sophomore year…Listen and view episode notes
Maylan Newton from ESI – Educational Seminars Institute is making his second visit to the podcast. Maylan is a business coach, trainer and industry speaker. Catastrophic Failure of Me. Maylan experienced a life changing event on December 30, 2014. He pulled through it and he has been on a crusade speaking about the lessons he learned.…Listen and view episode notes