Partnership Agreements with Charlene Parlett [RR 642]

Charlene Parlett, AMAM, CEC, ATI Executive Coach

Charlene is an Executive Coach at ATI, is a former shop owner, and has been a coach for 6 years. Charlene helps clients find the right solutions to their challenges and encourages them to make the changes that result in having the life they dreamed about when they got into business ownership.

Key Talking Points

  • Technician turned shop owner- you spend years becoming a great technician, but now you’re starting a business from day 1 with no background training. Spend the same amount of time becoming a great business owner as you did becoming a great technician.  
  • Divorce- see your business as a business instead of “our baby” with emotional attachment. You need defined roles with a business lawyer from day 1. Don’t mix personal banking and business banking.
  • Everyone in any business partnership needs to have legal documents- someone may want or need to get out of business, pass away, divorce etc at some point and legal documents are a necessity. Need operating agreement about sale and ownership of the partnership. 
  • Succession planning- no one wants to plan for their last day in the business but owners need to have a succession plan in place no matter what
  • Getting started- start the conversation in a business setting instead of at home, have in place key man insurance for both, make decisions when no emotions are involved.
  • Thanks to Charlene Parlett for her contribution to the aftermarket’s premier podcast.
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This episode is brought to you by AAPEX, the Automotive Aftermarket Products Expo. AAPEX represents the $740 billion global automotive aftermarket industry and has everything you need to stay ahead of the curve.  The Virtual AAPEX Experience 2020 is in the record books. Virtual AAPEX lived up to presenting leading-technical and business management training from some of the industry’s best and brightest. Now set your sights on the homecoming in Las Vegas in 2021. Mark your calendar now … November 2-4, 2021, AAPEX // Now more than ever.

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About the author, Carm Capriotto, AAP

Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.

Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.

As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.

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