Expense Control Archives - Remarkable Results Radio https://remarkableresults.biz/captivate-tag/expense-control/ Auto Repair Business Success Stories Thu, 21 Aug 2025 14:11:03 +0000 en-US hourly 1 https://remarkableresults.biz/wp-content/uploads/2020/05/cropped-site_icon-32x32.jpg Expense Control Archives - Remarkable Results Radio https://remarkableresults.biz/captivate-tag/expense-control/ 32 32 The Power of Accountability: You Can’t Grow Alone! [RR 1049] https://remarkableresults.biz/remarkable-results-radio-podcast/e1049/ Tue, 22 Jul 2025 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/e1048/

Thanks to our Partners, NAPA Auto Care and NAPA TRACS

Recorded at the Institute Summit 2025, Tracy Holt and Patrece Holt Vance, a brother-sister duo from a family owned shop, share how their business transitioned into a new era of strategic growth and profitability under their leadership. They credit much of their progress to the accountability and peer support they found through the Institute’s Peer Groups. Tracy and Patrice also open up about the critical role of workplace culture and employee well-being in their success, and Tracy reflects on how a personal tragedy reshaped his “why” and fuels his drive today.

Tracy Holt and Patrece Holt Vance, Performance Place, South Jordan, UT

Show Notes

  • Watch Full Video Episode
  • The Institute of Automotive Business Excellence: https://www.wearetheinstitute.com/
  • Don’t Sell, Connect: The Power of Emotion with Your Clients [RR 1032]: https://remarkableresults.biz/remarkable-results-radio-podcast/e1032/
  • Introduction (00:00:00)
  • Guest Introductions and Family Business Background (00:01:01)
  • Composite Partner Program and Accountability (00:02:00)
  • Vulnerability and Sharing Struggles (00:04:14)
  • Common Struggles Among Shop Owners (00:05:40)
  • Summit Speakers and Dan Clark’s Message (00:06:12)
  • The Evolving ‘Why’ and Taking Action (00:07:07) H
  • Self-Doubt and Risk in Business (00:08:03)
  • Family Dynamics and Succession (00:08:32)
  • Balancing Work and Family Life (00:09:40)
  • Major Life Pivot and Business Purpose (00:11:18)
  • Lessons from Adversity and Team Building (00:13:08)
  • CRM, Marketing, and Customer Loyalty (00:18:16)
  • Profitability, Expansion, and Growth Mindset (00:19:20)
  • Intuition and Sustainable Growth (00:20:39)
  • Cost Management and Expense Control (00:22:10)
  • Fear of Failure and Shifting Mindsets (00:24:24)
  • Expansion, ROI, and Vision (00:26:38)
  • Customer Relations and Word-of-Mouth (00:26:54)
  • Opportunities, Multi-Shop Growth, and Caution (00:28:41)
  • Conference Takeaways: Culture and Accountability (00:30:30)
  • Continuous Improvement and Community Involvement (00:33:06)
  • Implementing Conference Learnings (00:33:52)

Thanks to our Partners, NAPA Auto Care and NAPA TRACS

Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care

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/

Connect with the Podcast:


 

 

 

 

]]> Your Solution To: Missing Credits, Expenses, and Parts Tracking [RR 1048] https://remarkableresults.biz/remarkable-results-radio-podcast/e1048/ Tue, 15 Jul 2025 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/e1046/

Thanks to our Partners, NAPA Auto Care and NAPA TRACS

This episode features Alex and Bob Saladna, father and son founders of WickedFile, as they share how their software helps auto repair shops boost profitability by tracking parts, returns, and credits. WickedFile uncovers hidden losses from uncredited returns, missing parts, and even employee theft. A standout feature, Navigator, is an AI assistant that answers questions about shop data, offering insights into declined jobs, inventory, and customer trends. The system also streamlines audits and generates custom reports, freeing up shop owners to focus on growth. Whether you’re looking to reduce losses or gain better control of your business, this episode offers practical, high-impact tools for shop success.

Alex and Bob Saladna, WickedFile

Show Notes

  • Watch Full Video Episode
  • Tracking Parts and Expenses with Data Mining: Discover Your Weaknesses: https://remarkableresults.biz/remarkable-results-radio-podcast/e970/
  • Introduction (00:00:00)
  • WickedFile’s Impact and Updates (00:02:25)
  • Parts Management Challenges in Shops (00:03:40)
  • Examples of Loss and Vendor Issues (00:04:46)
  • Supplier Accountability and Credit Assurance (00:05:27)
  • WickedFile’s Profitability Impact (00:06:13)
  • Tracking Every Dollar and Credit Recovery (00:07:54)
  • WickedFile’s Dashboard and Red Flags (00:09:45)
  • Clarifying Profit Metrics (00:10:44)
  • Catching Bad Actors and Expense Matching (00:11:02)
  • Audit Readiness and Transaction Transparency (00:12:17)
  • Introduction of Navigator AI Assistant (00:17:26)
  • Navigator in Action: Declined Jobs Analysis (00:17:47)
  • Using Navigator for Inventory Optimization (00:22:00)
  • Deeper Business Insights and Marketing (00:25:27)
  • Ease of Document Input and Adoption (00:26:01) A
  • Origin Story of WickedFile (00:27:09)
  • Custom Reports Feature (00:30:10) I
  • High-Risk Repair Orders Example (00:32:16)
  • Behavioral Impact and Operational Efficiency (00:33:58)

Thanks to our Partners, NAPA Auto Care and NAPA TRACS

Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care

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/

Connect with the Podcast:


 

 

 

 

]]> Tracking Parts and Expenses with Data Mining: Discover Your Weaknesses [RR 970] https://remarkableresults.biz/remarkable-results-radio-podcast/e970/ Tue, 09 Jul 2024 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/e970/

Thanks to our Partner, NAPA Auto Care

Alex Saladna from WickedFile discusses the challenges shop owners face in tracking parts, expenses, and managing profit margins. With real-life examples of shop owners discovering hidden costs and inefficiencies, this episode is a must-listen for anyone looking to optimize their business operations.

Alex Saladna, WickedFile

Show Notes

  • Watch Full Video Episode
  • The Brakes for Breasts Initiative (00:00:15) An initiative by two shop owners to raise funds for a vaccine for triple negative breast cancer. https://brakesforbreasts.com
  • Challenges in Business Management (00:02:06) The challenges in tracking parts, expenses, and managing profit margins in the automotive industry.
  • Founding of WickedFile (00:02:38) How WickedFile was founded and the motivation behind creating a parts tracking solution for the auto repair industry.
  • Importance of Tracking Spending and Financial Documents (00:06:05) Discussion about the significance of tracking spending and managing financial documents in the automotive industry, including the risks of financial discrepancies.
  • Identifying Business Gaps (00:07:14) Alex highlights the importance of identifying gaps in business operations and the potential financial impact.
  • Efficient Parts Tracking and Profit Management (00:09:25) Discussion about the significance of efficient parts tracking and managing profit margins in the automotive industry.
  • Tracking Vendor Credits (00:10:35) Discussion about the processes and disciplines for tracking vendor credits and ensuring the accuracy of financial transactions.
  • Simplified Document Management (00:12:04) Explanation of the simplified document management process offered by WickedFile, including email invoicing and categorization.
  • Efficiency in Document Retrieval (00:13:31) The efficiency of document retrieval in WickedFile’s system and the benefits of streamlined data organization.
  • Expense Management (00:15:40) Discussion about the upcoming features of WickedFile for expense management, including insights into business spending patterns.
  • WickedFile’s Integration with Management Systems (00:20:19) Explanation of the integration process and the management systems currently supported by WickedFile.
  • Inventory Management and Disciplines (00:21:47) The importance of inventory management, including tracking parts and maintaining discipline in the system.
  • WickedFile’s Role in Enhancing Business (00:25:01) How WickedFile aims to enhance business operations, improve profitability, and address parts-related challenges.
  • Training and Support for WickedFile Users (00:26:16) Details about the training, support, and enablement provided by WickedFile for its users.
  • Impact of WickedFile on Business Operations (00:26:57) Real-life examples of how WickedFile helped businesses identify issues such as excessive spending and theft.

Thanks to our Partner, NAPA Auto Care

Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care

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]]> Avoid These Money Mistakes! [RR 967] https://remarkableresults.biz/remarkable-results-radio-podcast/e967/ Fri, 28 Jun 2024 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/e965/

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network

‘Business by the Numbers’ Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves.

Hunt Demarest, CPA, Paar Melis and Associates, Hunt’s previous episodes HERE

Business by the Numbers Podcast

Show Notes

  • Watch Full Video Episode
  • The Brakes for Breasts initiative (00:00:01) https://www.brakesforbreasts.com/
  • Rich vs. Wealthy (00:03:09) The distinction between being rich and being wealthy and the financial habits of wealthy individuals.
  • Money Mistakes and Business Finances (00:04:55) Common money mistakes made by business owners and the importance of long-term wealth building.
  • Personal and Business Expenses (00:06:09) The impact of blending personal and business expenses and its effect on financial statements.
  • Year-End Financial Review (00:09:14) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments.
  • Impact of Government Programs (00:10:33) The impact of government programs on business profitability and the potential consequences of misusing funds.
  • Business Trends and Demand (00:11:53) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry.
  • Cash Flow Management and Reserves (00:13:59) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning.
  • AAPEX 2024 Registration (00:17:37) https://www.aapexshow.com/
  • NAPA TRACS Shop Management System (00:18:47) http://napatracs.com/
  • Labor Rate Tracker (00:19:53) http://LaborRateTracker.com
  • Managing Credit Lines (00:20:48) Discussion on managing credit lines, including the importance of using and managing credit effectively.
  • Cash Management and Financial Statements (00:21:49) Insights into managing physical cash, reconciling financial statements, and the importance of accountability.
  • Overspending and Budgeting (00:23:59) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment.
  • Insurance and Protection (00:26:42) Importance of having the right insurance coverage and protecting assets and future liabilities.
  • Return on Sales and Advertising (00:27:46) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment.
  • Bookkeeping and Financial Timeliness (00:29:30) The impact of timely and accurate bookkeeping on business performance and decision-making.
  • Cash Flow and Long-Term Planning (00:34:53) Emphasizing the importance of cash flow, reserves, and long-term planning for business sustainability and retirement.
  • Joining a Networking Group (00:37:07) Encouragement to join a networking group and the value of continuous learning in the aftermarket industry.

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network

Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX – Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR

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/

Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com

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]]> Coaches Lab: When Will Shops Stop Doing Work That They Don’t Get Paid For? [THA 363] https://remarkableresults.biz/remarkable-results-radio-podcast/a363/ Thu, 18 Jan 2024 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/a362/

It’s time to find the hidden costs of ‘busyness’ in auto repair shops. It’s not just about the work you do; it’s about the work you’re actually getting paid for. Measuring technician productivity is crucial – because if you’re not measuring it, you can’t manage it. It’s a wake-up call for shops everywhere to stop leaving money on the table.

Bill Haas, Haas Performance Consulting, Bill’s previous episodes HERE.

Murray Voth, RPM Training. Listen to Murray’s previous episodes HERE

Maylan Newton, ESI- Educational Seminars Institute. Maylan’s previous Episodes HERE

Show Notes:

  • Watch Full Video Episode
  • The Importance of Shop Productivity (00:01:41) Discussion on the significance of measuring productivity and ensuring work is paid for.
  • Challenges in Understanding Business Numbers (00:05:39) Discussion on the lack of understanding of business numbers and pricing strategies in the automotive industry.
  • Implementing Time Clock Management (00:09:12) The importance of implementing time clock management and its impact on shop productivity.
  • Setting Expectations and Accountability (00:11:14) The need for setting expectations and holding employees accountable for their performance.
  • Challenges in Coaching and Accountability (00:12:25) The difficulty in coaching individuals who resist change and accountability in their business practices.
  • Labor Rates and Coaching (00:18:40) Discussion on the impact of labor rates and the value of coaching in the automotive industry.
  • Comparing Labor Rates (00:20:17) Debate on the practice of comparing labor rates and the importance of charging enough to pay employees.
  • Technician Interviews and Billing (00:21:50) Perspective on technician interviews and billing practices, including misconceptions and lack of understanding.
  • Business Education and Financial Planning (00:26:01) Importance of business education, financial planning, and understanding where the money goes in an automotive shop.
  • Year-End Spending and Tax Strategies (00:27:16) Discussion on year-end spending, tax strategies, and the significance of paying fair taxes.
  • The value of pricing (00:35:42) Discussion on the importance of presenting value over price in a competitive marketplace.
  • The market for different pricing strategies (00:39:18) Highlighting the existence of markets for both top-tier pricing and lowest cost options, with a comparison to the tool market.
  • The challenge of selling value (00:40:10) Debating the myth of offering better value and emphasizing the importance of growth and selling maintenance services.
  • Defining fair pricing and value (00:40:40) Challenging the concept of fair pricing and discussing the perception of value in the eye of the beholder.
  • Improving customer communication and value presentation (00:41:07) Emphasizing the importance of showcasing the quality of services, such as brake jobs, and the value they provide to customers.
  • Challenges in selling diagnostic services (00:43:00) Discussion on the difficulties in selling diagnostic services and the need to shift from focusing on hours to tangible products and value.
  • Efficiency in customer interactions and value communication (00:46:12) Emphasizing the need for efficient information gathering and value communication to customers during the intake process.
  • The need to change industry mindset (00:52:07) Encouraging a shift in mindset within the automotive repair industry to drive change and success.
  • The shop’s transformation (00:54:08) Discussion on the positive changes and experiences after implementing changes in the shop.
  • Clientele shift (00:55:00) The impact of changes on the clientele and the feedback received from customers.
  • The value of preaching (00:56:06) Exploring the significance of preaching and the positive outcomes it brings in terms of leadership and company growth.
  • Reward and challenges (00:57:00) Acknowledging the challenges and rewards of making significant changes in the business.

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/

Connect with the Podcast

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-Special episode collections: https://remarkableresults.biz/collections

 

 

 

 

]]> Defining Mentoring and Its Role in Implementing Change [AW 179] https://remarkableresults.biz/remarkable-results-radio-podcast/aw179/ Sat, 14 Oct 2023 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/aw178/

Gary Gunn discusses how mentoring differs from coaching and how it can benefit shop owners in defining their own success and implementing necessary changes in their businesses. Gary shares his experience as a mentor and offers tools and strategies for shop owners to implement new ideas and overcome challenges. He emphasizes the importance of working on the business and oneself, creating a scoreboard for business performance, and understanding the true cost of doing business. Gary also explains the role of a true mentor and the value of assessments in tailoring mentoring approaches. Carm and Gary believe that mentoring can enhance the value of coaching and help shop owners gain confidence and make informed decisions.

Gary Gunn, Auto Shop Showcase

Show Notes:

  • Watch Full Video
  • The importance of mentoring for shop owners (00:01:12) Gary Gunn discusses the concept of mentoring for shop owners and how it can benefit them in achieving better lives.
  • Defining mentoring and its role in implementing change (00:05:56) Gary explains his definition of mentoring and how it involves helping shop owners implement changes that will lead to true freedom and success in their businesses.
  • The role of a mentor in addressing specific struggles (00:07:03) Gary talks about how a mentor can assist with specific challenges such as hiring, budgeting, and determining financial goals, and how their role is to help mentees become self-sufficient in these areas.
  • Implementing Ideas from Training (00:09:35) Discussion on the challenges shop owners face when trying to implement new ideas and how mentoring can help them overcome resistance and successfully implement changes.
  • Using Tools for Implementation (00:11:32) Explanation of the five tools that shop owners can utilize to implement changes in their business, including staff training sessions and staff behavior sessions.
  • Understanding the True Cost of Doing Business (00:15:02) Explanation of the concept of the true cost of doing business and how it can help shop owners analyze their financials and make informed decisions.
  • The missing piece for shop owners (00:19:05) How mentoring can complement coaching and provide shop owners with additional value and guidance.
  • Group mentoring and individual sessions (00:22:01) The different formats of mentoring, including group mentoring sessions and one-on-one sessions, based on the specific needs of the participants.
  • The concept of mentoring in the automotive industry (00:26:50) Discussion on the importance of accepting the need for mentoring and the discrepancy between appearances and reality in the industry.
  • The potential benefits of seeking a mentor (00:27:10) Highlighting the potential positive impact of finding a mentor to help individuals and businesses grow and improve.
  • The role of a mentor as a supplement to coaching (00:28:45) Explaining how a mentor can work alongside existing coaching programs to provide additional support and guidance to shop owners.

Thanks to our Partner, Dorman Products.

Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. Take the Dorman Virtual Tour at www.DormanProducts.com/Tour

Connect with the Podcast:

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-The Aftermarket Radio Network: https://aftermarketradionetwork.com

-Special episode collections: https://remarkableresults.biz/collections

]]> Dave Ramsey Financial Program [THA 300] https://remarkableresults.biz/remarkable-results-radio-podcast/a300/ Thu, 03 Nov 2022 05:15:00 +0000 https://remarkableresults.biz/captivate-podcast/a299

Hear from 3 shop owners that provide financial education for their employees. Setting our employees up for success in life goes beyond signing paychecks.

Watch the Episode on YouTube

John Gustafson, Gustafson Brothers, Huntington Beach, CA. John’s previous episodes HERE

Russell Crosby, Russ’s Wrench Auto Repair, Clinton, NJ. Russ’s previous episodes HERE

Shawn Gilfillan, Automotive Magic, Kenvil and Lake Hopatcong, NJ. Listen to Shawn’s previous episodes HERE

Key Talking Points

  • Orientation at John’s shop- offer to sponsor each team member’s membership in the Dave Ramsey personal financial series if they choose to participate. John also offers whiteboard sessions to team members or groups of team members on Business Math and another session on Personal Math. The personal math includes the team member on the whiteboard listing their assets, liabilities, after-tax spendable income, expenses, cash flow either pos or neg, 6-month reserve, and investment savings buckets.
  • Mentor/mentee thought process- the owner is the mentor
  • Lunch and learn with financial advisors, mortgage broker etc
  • $100 a month invested at 25 years old, by the time you retire it will be about 1,000,000
  • Getting the partner/spouse involved is key
  • Transparency with business financial numbers
  • Employees sharing with others how the Dave Ramsey Progam has helped
  • The stress that is lifted when you can create your budget to be workable
  • Social media impact- keeping up with the jones’
  • Getting ahead of debt with the debt snowball- paying off debt in order of smallest to largest. When the small debt is paid in full, you roll the minimum payment you were making on that debt into the next smallest debt payment
  • Educating the younger generation- setting their future in a positive direction

Connect with the Podcast

Aftermarket Radio Network

Subscribe on YouTube

Visit us on the Web

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Buy me a coffee

Important Books

Check out today’s partners:

Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com

 

 

 

Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com

]]> Why Can’t Every Shop Owner Be Profitable? [RR 682] https://remarkableresults.biz/remarkable-results-radio-podcast/e682/ Fri, 08 Oct 2021 05:15:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=37017

Scott Wheeler, President of Automotive Consultants Group, Inc. (ACGI) is a shop management expert in the transportation industry, with over forty years’ experience in the automotive, trucking, heavy-equipment, marine, motor sports, and defense aerospace industries. He holds numerous ASE credentials, including two Master’s Certifications, and has experience working in every position from Tech, Fixed Operations Director, and Mechanical Engineer. Scott has authored five books for the automotive industry and continues to write, consult, and speak professionally at major industry events throughout the U.S. and Canada. He has been a regular featured consultant/contributor to Ratchet+Wrench Magazine, Auto Inc., and Canadian Tire magazine with articles relating to topics such as technician compensation programs, understanding production capacity, and how to maintain passion for your automotive repair business, among others. ACGI continues to consult and mentor clients throughout North America.

Listen to Scott’s previous episodes HERE

Key Talking Points

  • “How to Make Money (& Stay Sane) in the Automotive Service Industry”- Chronicles “Bob” a fictitious character. Effective labor rate, marketing and advertising in 21st century. Charts and graphs included. Policies, procedures, job descriptions. 
  • What are your goals? Why are you in the industry? “What’s in it for me?”
  • Are you willing to listen? Try new things? Change? 
  • Change triangle- the center is change, outside points are commitment, plan and action. 
  • “Why when how to” with financials 
  • “All business is, is a math problem”- understanding the numbers, understanding benchmark (labor gross profit margin, parts margin etc) 
  • Ego factor- what is your break-even point is? Do you rate how well your month went by how much money is in your checking account? 
  • Holding someone accountable- clear set goals and expectations
  • CPA using Quickbooks- Quickbooks isn’t geared towards automotive
  • Make sure you set your shop management software to your set gross profit matrix for parts and labor
  • Production incentive for technicians and service advisors- it should be easy to calculate. Is it based on working 40 hours or meeting/beating time guide? Consider individual compensation plans. Find one that motivates your employees. 
  • Raising effective labor rate
  • Automotiveconsultantsgroup.com

Connect with the show:

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Important Books

Check out today’s partners:

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.

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com/carm

Aftermarket Radio Network

]]> Guest Host Charlie Marcotte and Virtual Shop Tour at Repair One [AW 059] https://remarkableresults.biz/remarkable-results-radio-podcast/aw059/ Sat, 26 Jun 2021 05:15:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=36216

  • Guest host, Charlie Marcotte, American Pride Automotive, 4 Locations serving the Virginia Peninsula. Spoke about Profit First.
  • Virtual shop tour with Brenda O’Neal from Repair One Automotive, The Woodlands, TX
  • Trivia Challenge: In What Year Did the US have 1,000,000 registered cars?

 

Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. By always innovating, Dorman has led the way in growing the aftermarket. Here you will see a few examples of a Dorman OE Fix. An OE FIX is a Dorman repair solution you can’t get from the original equipment manufacturer. It means they found a situation where they believe the OEM wasn’t giving repair professionals what they wanted, so we fixed it. Everything Dorman does is centered around providing customer value, both in the quality of products, and the creativity of solutions. Our engineers and designers go out of their way to save repair technicians time and save vehicle owners money. Want to really go under the hood? Take the Dorman Virtual Tour at www.DormanProducts.com/Tour

]]> Where the Money Goes – The $100 Lesson [THA 210] https://remarkableresults.biz/remarkable-results-radio-podcast/a210/ Thu, 11 Feb 2021 05:15:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=33791

Patrick McHugh always tinkered with ‘stuff’. His dad bought an ’85 BMW. They learned all about that car together. A friend, Eric, had a lift and was a BMW person who helped Patrick and his dad learn everything about the CAR.

At 15 years old he started working in an airport, doing odd jobs, to earn credits to learn to be a pilot. He soloed at 16 years old. The day before college he got his pilot’s license

Patrick attended Purdue University where he studied aeronautical technology. He kept flying and earned his instrument license and became an instructor. He loves to teach.

As fate would have it, he became a pilot upon college graduation from Trans State Airlines a regional carrier for United. He was based in Richmond Virginia. With normal pilot downtime, he continued to tinker with BMW’s.

He discovered that being a pilot was not for him, so he went into avionics and shade tree work at home. There were too many cars in the driveway, so he had to decide to stop or go into business.

Bimmer Rescue was created in 2008 in Richmond Virginia and generates a big portion of its business through referrals. They earn their business through their professional service and attention given to each customer.

Patrick’s goal is to develop a relationship with BMW, Mini, Audi, and Volkswagen owners that allows them to get the maximum amount of value from their vehicle rather than buying a new one. Listen to Patrick’s previous episodes HERE.

Key Talking Points

  • What drove you to do this?Covid has created some tough times at our shop
  • Being transparent
  • Where does the money go when a customer pays
  • Showed his employees where the money goes, some were shocked
  • Concerned that his employees had a ‘gold mine’
  • Is there a prerequisite to do this exerciseYour books have to be legit
  • You gotta have Quickbooks or other accounting software
  • Can’t inflate your numbers or cooking your books
  • You want to use accurate good data or it won’t work
  • Profitability for DummiesOnce I dived into my numbers and understand each one, it’s changed my business and changed my life
  • Most people are not super great with money
  • Profit and Loss StatementEach envelope is a cost on where expenses go on $100 repair billParts Cost
  • Labor
  • Owners Pay
  • Marketing
  • Sales & Support Costs
  • Other Expenses
  • Rent
  • GM and Sales Support
  • Credit Card fees
  • Training & Professional Development
  • Insurance
  • Customer Transportation
  • Sublet
  • Utilities
  • Net Profit means to me…Security
  • Livelihood
  • Growth
  • Disaster
  • Salary Increases
  • New Equipment
  • Safety
  • Do this exercise once a year
  • Respecting the return on sales numbers.

Download slides used in the presentation. Click Here.

Resources:

Facebook   Twitter   Linked In   Email

Mobile Listening APP’s HERE

Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE.

Buy Carm a Cup of Coffee 

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com

This episode is brought to you buy Shop Marketing Pros. Your guides are Kim and Brian Walker with a rich history as shop owners and industry veterans. When someone searches for a shop, who are they finding? Your competitors? It should be you! The good people over at Shop Marketing Pros know how to drive website traffic and make Google work for you! www.shopmarketingpros.com

]]> Survival Tactics – Covid-19 with Chris Cloutier and Dennis McCarron [RR 521] https://remarkableresults.biz/remarkable-results-radio-podcast/e521/ Mon, 23 Mar 2020 16:00:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=31377

Chris Cloutier is co-owner of Golden Rule Auto Care in Dallas Texas and CEO of Auto Tex Me. He spent many years in the software industry developing solutions for companies like Southwest Airlines, and Wyndham Intl. He’s worked for companies that understood the marriage of service and software, and have applied it in an effective way. Chris has his ASE C1: Automobile Service Consultant Certification Test (C1). He brings the business side to the business and his brother Pat brings the Braun. Chris is also a musician. Hear Chris’s previous episodes HERE.    Autotex.me website HERE.

Dennis McCarron

Dennis started his career Bridgestone/Firestone working in various sales and management level positions prior to leading the national retail management training programs. Most recently, Dennis was the Executive Director of Dealer Strategic Planning Inc. (DSP 20 Group), providing coaching and consulting services to its members.

With over 25 years of experience in the tire & automotive industry, Dennis is a seasoned professional with vast tire and auto service industry experience. He is also a featured columnist for Modern Tire Dealer, “Business Insights”

Dennis continues to teach workshops around North America to tire dealers from financial acumen to behavioral selling and leadership and coaching skills. Hear Dennis’s previous episodes HERE.

Talking Points:

  • “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” ― G. Michael Hopf 
  • We are in hard times and it should create hard and smart people.
  • We need to think about the future and cash reserves
  • Many businesses that were on the brink of closure will find this pandemic their end
  • We are living in a history class
  • We’ve gotten away from saving money. We are living paycheck to paycheck and for businesses, a zero cash position will not help the business sustain
  • Chris was having a great first quarter vs 2019
  • The economy will slow down
  • Tell your people that times are uncertain.Communicate with your people and customers
  • Have plans for short, medium and long term
  • Money needs to keep coming in
  • If it stops employment cannot be sustained
  • Don’t panic
  • Use your logic mind to make decisions not your anxious or emotional mind
  • Know your numbers. This is the time to know your numbers and how to adjust them. 
  • Review all expenses and categorize or prioritize them. Necessary and not necessary
  • Closing can help preserve cash to help you re-start to inject business with cas
  • Offer your customers a touchless experience, text to pay, DVI reports. Customers may not want to spend money, especially with layoffs
  • You’ve got to set up stages of plans. It may get worse than better. PLANS NEED TO BE FLUID
  • We need to have a one month, two month, three month plan. Maybe even longerCreate a ‘What If’ scenario on a spreadsheet
  • It should change often depending on sales and the condition of the marketplace and government-mandated rules
  • Pay attention to your business and the marketplace
  • On average a typical shop is only putting 3¢ of every dollar sold into net profit.
  • Every $1 of expense cut goes into net profitLook at every line item
  • Talk to your landlord
  • Your biggest asset is your employees. Cut other costs and your people lastHours or positions must be the last to be cut
  • “I give my employees too many chances. I love my employees.” Gary Vaynerchuk 
  • Create a video with your smartphone that shows the precautions you are doing
  • Offer a touchless transaction
  • Assure your customer that you are protecting them and your team
  • You are an essential service. Tell them
  • You have power as a small business owner to change

CDC.Gov/coronavirus/

Resources:

  • Thanks to Chris Cloutier and Dennis McCarron for their contribution to the aftermarket’s premier podcast.
  • Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
  • Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser and many more. Mobile Listening APP’s HERE
  • Find every podcast episode HERE.
  • Every episode segmented by Series HERE.
  • Key Word Search HERE.
  • Love what we do? Buy Carm a cup of coffee HERE.

Be socially involved and in touch with the show:

Facebook   Twitter   Linked In   Email

Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE.

Buy Carm a Cup of Coffee 

NAPA AutoCare’s recent partnership with CarVantage gives your AutoCare Center an easy way to take advantage of telematics, increasing customer retention and boosting customer spend. You provide customers with a CarVantage sensor that plugs into their vehicle and connects via Bluetooth to their smartphone. Then you set up automated marketing campaigns that target customers based on their vehicle’s next maintenance interval, for example, or whenever a check engine light is detected. That gives customers peace of mind and the best experience in the market. They also love CarVantage because it’s free to them. A special offer only for NAPA AutoCare Centers lets you give CarVantage a try at a very affordable price. And it includes free sensors. Other plans and enhancements are also available.

Learn more about CarVantage and the hundreds of other benefits NAPA offers. Talk with your servicing NAPA store or visit www. NAPAAutoCare.com

]]> Covid-19 Think Tank Panel Discussion for Unprecedented Times [Bonus 05] https://remarkableresults.biz/remarkable-results-radio-podcast/b05/ Sun, 22 Mar 2020 05:15:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=31372

This is a bonus episode number 5 and a replay of a CarmCast I did this past week. Because we are in unprecedented times I decided to release this special CarmCast as a podcast of a Covid-19 Thinktank from March 18th.

For many aftermarket professionals, you’ve prepared for an event like this. Your disaster plan may have not been completely defined as a ‘pandemic’ where the government-imposed restrictions, but you’ve planned for a rainy day disaster. You’ve kept an amount of cash in a separate account to help sustain the business for months of possible disaster. You’ve improved your processes and systems and removed yourself as the centerpiece of your business. You delegated your people to run the business.

For many small shop owners, you’ve learned how to implement smart practices and holding yourself accountable. You’ve joined networking groups, maybe even hired a coach to bring business acumen to your world.

If you’ve done a lot to become a better marketer and leader you’ll be OK. If not, it is not too late. There is some good business advice in this episode, that if you implement it you will come out the other side of this Covid-19 challenge.

The essence of the over 745 podcast episodes from all our show formats is to build a strong business. The messages are spot on and for many influential.

Keep in mind it is still not too late to do the right things for your family, employees, business and customers. If there is anything I can do to help you … like find a peer network, talk to a friend, find a coach join an association …. reach out to me carm@remarkableresults.biz.

With me in this think are two shop owners, a technician/manager, a business coach and an IT specialist on a think tank format.

You’ll value this discussion with Dwayne Myers, Greg Buckley, Matt Fanslow, Danny Sanchez and Bob Greenwood. …. and my pledge to keep you flowing with thoughts and ideas from your fellow colleagues continues.

Please listen to learn just one thing and then implement it.

Resources:

  • Thanks to Bob Greenwood, Dwayne Myers, Matt Fanslow, Greg Buckley and Danny Sanchez for their contribution to the aftermarket’s premier podcast.
  • Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
  • Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser and many more. Mobile Listening APP’s HERE
  • Find every podcast episode HERE.
  • Every episode segmented by Series HERE.
  • Key Word Search HERE.
  • Love what we do? Buy Carm a cup of coffee HERE.

Be socially involved and in touch with the show:

Facebook   Twitter   Linked In   Email

Join the Ecosystem – Subscribe to the INSIDER NEWSLETTER HERE.

Buy Carm a Cup of Coffee 

 

]]> THA 150: Three Financial Challenges – Coaches Perspective https://remarkableresults.biz/town-hall-academy/a150/ Thu, 19 Dec 2019 05:15:00 +0000 https://remarkableresults.biz/?post_type=captivate_podcast&p=28637

David Justice has been an auto care professional for over 30 years. He grew up in the family business working for his father. At, a young age David purchased his father’s business and went on his own. Over the years David had multiple Shell Gas stations. Find David’s other episodes HERE.

Cecil Bullard is President of the Institute for Automotive Business Excellence. He is a trainer and business coach in the automotive aftermarket working closely with service professionals. Previous episodes featuring or mentioning Cecil, click HERE.

Maylan Newton from ESI – Educational Seminars is a business coach, trainer and industry speaker. Maylan is no stranger to the podcast having paid it forward on two episodes … 108 and 140. He is a much sought our speaker at industry events in the US and Maylan will speak at this year’s Automechanika among others. Find Maylan’s other episodes HERE.

Key Talking Points:

 

  • Labor rates will make the biggest impact on the shop
  • This can be the hardest to understand and manage
  • Understand the KPIs behind productivity
  • You’ve got to understand your labor costs
  • Like effective labor rate
  • Shop owner has to overcome the emotional part of the money to raise the hourly rate
  • Customers are not affected by this
  • Only the shop down the street who is trying to stay under you by $10
  • Attorney’s charge $700 an hour. We do things as difficult as they do
  • Become a businessman and stop making emotional decisions
  • We need to get paid for what we know
  • If you had a slow week it is not because you have a high labor rate. It usually has nothing to do with what you charge.
  • Too many shop owners manage their cash from a general fund
  •  A high percent of Profit and Loss statements are incorrect
  • Managing the business through the numbers are foreign to many shop owners
  • It is dramatic to see what real earnings can do for a shop
  • Implementation is the key. Accountability drives change and success
  • Money is not made by fixing cars. It is made by the pencil.
  • Understand your self-worth
  • The appliance repair person charges $300/hour with no scan tools. We pay the bill because we don’t have the time
  • If you understand your business (have business sense) automotive repair is a great industry to be in
  • How many owners have not cashed a paycheck. That is a signal that you don’t even have a job but a hobby.
  • Being productive and profitable does not necessarily equate to labor rate. There is so much more to improved profitability
  • Go to classes and learn about the financial side of your business
  • If you don’t actually implement what you learn you’ll have wasted your time and money
  • Average $700K sized shop is leaving $140K on the table
  • Consider twenty groups and the knowledge sharing through peers
  • When your business runs well it is life-changing. When you’re struggling the stress is terrible and life is not good.
  • 99% of the coaches teach the same thing. It is the implementation that differentiates.
  • We work on high tech vehicles and run our business in a low tech fashion
  • The power in observing other businesses and attempt to understand how they run and make money. YOu will learn something that makes you and your business better.
  • Many shop owners are prideful and keep digging a deeper hole
  • You must admit you don’t know it all and that is OK. It is time to learn a new way to do things. Change must be implemented. Stop struggling and get help.
  • Hire someone to hit you over the head and push you into a more profitable business and therefore a happier life. It is fun to WIN
  • Why do some shop owners excel?
  • Pride put on the shelf. Learned. 
  • Ego is killing the majority of shop owners. They do not want to share their failures because they pretend they don’t have them
  • Fear makes you stupid.
  • Farmer are rich in their harvest time and poor when the crops are growing
  • They make better decisions when they are harvesting and bad decisions during lean times
  • A perfect analogy for our industry
  • Book mentioned by Maylan: Your Broke Because you Want to Be by Larry Winget https://amzn.to/2r6buK0 on Books page HERE.  
  • We create our own problems. We advertise price. We are a high tech business and we need a lot of training and equipment to do that.
  • A Ford F150 has more lines of code than a Dreamliner Airplane
  • There is a value in fixing a car correctly
  • We are $100 behind a labor rate curve
  • We cannot pay techs a starting wage of $14 – $16 an hour.
  • We cannot be afraid to make tough decisions. Successful people fail forward and then try again
  • Failure helps you learn
  • You should charge by the job not by the hour or by part
  • Is service a better word than labor?
  • Learn as much possible, learn the numbers and implement and if you need an accountability partner to move you then do that. Make you the best you can be
  • Your labor rate must go up at least the cost of living every January

 

Resources:

  • A special thanks to David Justice, Cecil Bullard, and Maylan Newton for their contribution to the aftermarket.
  • Books Page HERE
  • Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.

Facebook   Twitter   Linked In   Email

Subscribe to a mobile listening app HERE

Thanks to Shop Ware and Jasper:

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at shop-ware.com

This episode is brought to you by Jasper Engines & Transmissions. When a car’s engine or transmission fails, it’s not the end of the road. A re-manufactured drive-train product from Jasper Engines & Transmissions will give your car a new lease on life. JASPER has over 2000 Associates, three manufacturing facilities, two distribution centers, and 45 branch offices across the country. They’re all working to produce, transport and deliver the perfect product. That’s what they do best… keep customers happy. Visit jasperengines.com

]]> THA 149: Top Financial Challenges to Overcome – Shop Owner Perspective https://remarkableresults.biz/town-hall-academy/a149/ Thu, 12 Dec 2019 10:12:33 +0000 https://remarkableresults.biz/?p=27465

 

Andy Massoll second-generation owner from Curt’s service in Oak Park, Michigan was featured in episode 29. He and his dad Curt build their 15,000 sq ft dream shop in 2012 and you can hear about all the Green Capabilities of his shop in episode 29. His main location focuses on specialized services such as European, Asian, hybrid and fleet. Andy recently opened his first branch with a partner in a more rural setting. He and his partner Jim were consulting for the business but decided to buy it instead. He is also a member of CCPN and ASA. Andy’s previous episode HERE.

John Long started to gain more interest in vehicles and just after his 21stbirthday he accepted a position working at National Tire & Battery as a service advisor.  He knew nothing about tires or vehicle systems and how they worked, but he learned as much as he could.

In 2005, John and his wife decided it was time for a move. He arrived in San Antonio late on a Friday night after driving 24 hours straight and interviewed with Mark Roberts on Saturday morning.  Mark hired John, and for the next several years he helped grow the new mechanical repair shop business. Listen to John’s previous episodes HERE.

Tom Ham, with the help of his wife Deb, is the creator and owner of Automotive Management Network a 12,000 plus member website dedicated to the exchange of vehicle service management information. Tom got his start in the auto service industry pumping gas in the late ’60s. Tom and his wife operate Auto Centric, an import specialty shop in Grand Rapids, MI. Tom and Deb have five children including two sons and a daughter who served in the Iraq War as U.S. Marines.  He writes extensively on industry topics.  Discover Tom’s previous episodes HERE.

 

Key Talking Points:

  • Big take-a-way is Budgeting and the Profit First Strategy
  • Create a budget on every category of the business and share it with your people. They need to know of the entire plans for revenue, margin, and costs in the business
    • A budget needs to be in-depth
    • A budget is not a saving plan but an earning and spending plan
    • Tom Ham: An oversimplified 25/25/25/25 budget plan. Simply put of your sales you can allow 25% for payroll, 25% Expenses, 25% for Parts, 25% for profit. 
  • Dave Ramsey financial goals will help your people live within their income
  • Long-range goal: Will the shop run without you.
    • Make the plan and work the plan
    • Set yourself up to succeed
  • You should not get yourself into debt as you grow your business
  • The family must be on the same page on how you spend money. What is your incoming and live within your means.
    • Spend less than what you take in both personal and business
  • Money needs to be there for investment in technology, tools, equipment
    • Can’t spend what you don’t have
    • Must budget: set aside money for every aspect of the business
    • Monies/funds available must be earned through running a great business
  • Andy and Tom are in a twenty-group. This really helped them focus and grow their business
  • There are two different types of shop owners as it relates to increasing labor rates
    • One’s that will immediately change their labor rate
    • Other, will worry and labor over the decision
  • Managing your profitability and running a successful business allows you to may a great wage to your team and keep them.
  • Many techs turned business owners manage their business by what is in the bank.
    • The worse way to manage
  • Andy suggests ‘reverse engineer’ your cash. Allocate taxes, payroll, profit and so on.
  • The book Profit First will help. Find it HERE.
    • Podcast episodes on Profit First HERE.
  • Rarely businesses will go out of business if they have high prices
  • Never borrow to pay parts bill. This shows that your core fundamentals are broken.
    • Use debt to grow the business
  • If you are in trouble paying your bills. Suggestions:
    • Find an accountability partner. Admit you need help. Can help you and give you guidance
    • Stop the bleeding. Not hard to find areas that are bleeding money
    • The family must be on boards (spouse)
  • Learn to be uncomfortable as you learn. Get out of your comfort zone
  • If you are struggling you are not alone
    • Ask for help
  • Don’t let finances scare you, however, you must learn
    • Get educated, get help
    • Don’t just keep track of what you want, you must look at every performance indicator and find ways to improve them
  •  Be content with where you are and also be aggressive in going forward.
    • If you are not content figure out what doesn’t make you content

Resources:

  • A special thanks to Andy Massoll, Tom Ham, and John Long for their contribution to the aftermarket.
  • Books Page HERE
  • Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.

Facebook   Twitter   Linked In   Email

Subscribe to a mobile listening app HERE

Thanks to Shop Ware and Jasper:

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at shop-ware.com

This episode is brought to you by Jasper Engines & Transmissions. When a car’s engine or transmission fails, it’s not the end of the road. A re-manufactured drive-train product from Jasper Engines & Transmissions will give your car a new lease on life. JASPER has over 2000 Associates, three manufacturing facilities, two distribution centers, and 45 branch offices across the country. They’re all working to produce, transport and deliver the perfect product. That’s what they do best… keep customers happy. Visit jasperengines.com

]]> THA 147: Overcoming Debt https://remarkableresults.biz/town-hall-academy/a147/ Thu, 28 Nov 2019 10:14:00 +0000 https://remarkableresults.biz/?p=27298

The Panel:

Kim Walker from Shop Marketing Pros is a social media expert. Kim’s experience includes a school counselor and teacher. Her husband Brian, started his own shop while he was a Mercedes technician in North Carolina. Then asked Kim to leave her school job and join his service business. Then for specific reasons left to go back home to Louisiana. It was almost destiny that they engaged with Shop Marketing Pros. As a former shop owner, Kim’s advice and expertise on social media is perfectly matched because she’s been there and done that.

She is on the Car Care Council’s Women’s Board, an ATI and Management Success Graduate, and their shop was a Motor Age Top Shop winner two years in a row. Their shop experience is without question, so when she talks about social media as it relates to the automotive service professional, she has the experience that matters. Look for Kim’s other episodes HERE.

Tom Lambert, owner of Shadetree Automotive. Tom Lambert got his start right at home. His dad and uncles always had projects going on in the home garage. During the summer vacation, his dad would have Tom remove engines from the vehicles that were being sent to the local machine shop for rebuilding.

In the past three and a half years, Tom and his dad have made strategic adjustments in the business. They are now a $2.5 million dollar a year shop with 10% annual growth and profitability. They continue to improve every day. Tom says he has the best team and a strong culture. In January 2017 Tom bought his dad completely out of the business.

Tom struggled for many years because he had lost his passion for the auto industry. After receiving all the guidance and coaching over the past few years, he is rejuvenated and has more passion than ever and is currently doing everything he can to pay it forward to other local shop owners. Tom’s previous episodes HERE.

AJ Nealey got the mechanical bug at a young age playing with Legos. The bug quickly escalated to wrenching on his own car in high school, to his first full-time job as a technician and also to a racing career.

He started Nealey Auto Service, Edgewater, MD, out of his one bay garage in 2011 after his racing career came to an end. After he married his wife, Stephanie, in 2014. AJ and Stephanie decided to focus all energy and resources to grow Nealey Auto Service. It all started with taking RLO Training’s Guerilla Shop Management course. Since then, they have grown to a 9 bay facility with 8 employees and have increased sales a total of 1172% since then. Listen to AJ’s previous episodes HERE.

 

Key Talking Points:

  • Allow your story to be your story. No shame.
  •  Understand your problem and admit it
  • Don’t get behind on taxes.
  • Debt Snowball – Dave Ramsey’s Financial Peace University
  • Make the hard decisions. Downsizing may be a gift. 
  • There is always a way out. It might not be the most pleasant. 
  • Really know your financial numbers
  • Really know the difference between your management numbers and your ownership numbers (understand the balance sheet)
  • Goal setting around $$ in the bank and debt reduction rather than income.
  • You can get into debt because of the lack of clear goals and plans. 
  • Be sure you have a good CPA
  • Have a smart board of directors. For many in the industry, their 20 group serves this purpose of accountability and comparison
  • Why did you get into debt in the first place?
  • “Profit First” banking as a tool to help with debt reduction
  • Proper forecasting is crucial with good/better/best scenarios
  • Increased sales can help your expense issues if you are controlling your expenses Increased revenue will still not always fix an expense issue…but only enhance it. Don’t spend the increased gross margin dollars
  • We tend to spend money we have available but is allocated to other obligations especially if all the monies are in one bank account
  • Sometimes we need to make lifestyle changes that fix our bad habits
  • Just because you have a business doesn’t allow you to swipe your credit card anytime you want
  • Shop owners need to remember to be nice to themselves. Quit pricing not to be profitable. 
  • Some of your fires may not be fires if you put some thought to it.

Resources:

  • A special thanks to Kim Walker, Tom Lambert, and AJ Nealy for their contribution to the aftermarket.
  • Books Page HERE
  • Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.

Facebook   Twitter   Linked In   Email

Subscribe to a mobile listening app HERE.

This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at shop-ware.com

This episode is brought to you by Jasper Engines & Transmissions. When a car’s engine or transmission fails, it’s not the end of the road. A re-manufactured drive-train product from Jasper Engines & Transmissions will give your car a new lease on life. JASPER has over 2000 Associates, three manufacturing facilities, two distribution centers, and 45 branch offices across the country. They’re all working to produce, transport and deliver the perfect product. That’s what they do best… keep customers happy. Visit jasperengines.com

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