THA 187 Labor Rates: A Function of the Business Not the Market
Labor Rates is a very touchy subject for some shop owners. It is the sacred measure that customers rate you on. If you believe that this episode is for you.
We are covering multiple labor rates, an approach to calculating your rates, and what the future holds as far as the importance that labor rates ill be to your business if not most critical already today.
If you are struggling to make money there are many areas you need to pay attention to, and most importantly your labor rate. Is your rate based on the market or on the function of your business.
The panel: Bob Greenwood, AMAM, President and of the Automotive Aftermarket E-Learning Center, Business coach, and as I like to say one of the best numbers guys in the industry. Also Business coach Brian Gillis the Cheif Strategist at You Net-Results and joining us halfway through is shop owner Bill Nalu from Interstate Auto Care in Madison Heights, MIListen and view episode notes
THA 183 Selling Your Business – The First Steps
I’m with coach and consultant Bob Ward from Warden LLC and perpetualbusiness.co, and David Justice, Coach with Repair Shop of Tomorrow. David sold His three shops and now supports shop owners to build their legacy.
You are going to find out about an exciting concept of building a perpetual business, which means it outlasts you. In essence, you prepare to sell your business the day you open, taking the stress of preparing your business for sale
The key talking points for this episode are already done for you, find them, and my guest’s bios at remarkableresults.biz/a183. These key talking points will make for a great planning agenda.Listen and view episode notes
Mike Chung is director, market intelligence at Auto Care Association. With more than a dozen years of experience in market research, Chung and his team provide the industry with timely information on key factors and trends influencing the health of the automotive aftermarket and serving as a critical resource by helping businesses throughout the supply…Listen and view episode notes
Hunt Demarest, CPA Paar-Melis. Hunt is Accredited in Business Valuation and a licensed Certified Public Accountant that has been with the firm since 2006. He specializes in business taxes, valuations, and does consult work with our clients all across the country. When he’s not in the office, Hunt enjoys spending time with his family, golfing,…Listen and view episode notes
Bill Haas, AAM, is the owner of Haas performance consulting LLC, with 40 years of experience in the automotive service and repair industry. Clients have access to Bill’s solution-based focus, expertise, unique perspectives and in-depth knowledge of the industry. Bill began his career working part-time at a full-service gasoline station in Appleton, Wisconsin. His career…Listen and view episode notes
Ron Ipach, co-founder or Repair Shop Coach, has helped over 5536 auto repair shop owners to get and keep all the top-quality customers they can handle. Marketing auto repair services are all he does. He lives, eats, and breathes it every day. He has seen, heard, and tested practically every kind of marketing there is out…Listen and view episode notes
With me is Maryann Croce from SmallBusinessvantge.com. She and her husband Tony also own Croce Transmission in Norwalk, CT. As a business owner, she can chalk up many a mistake that has turned into wisdom. She has been there and done that and shares 5 key principles to help a startup business person get ahead…Listen and view episode notes
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…Listen and view episode notes
Bob Greenwood, AMAM (Accredited Master Automotive Manager) is President and C.E.O. of Automotive Aftermarket E-Learning Centre Ltd. (AAEC). AAEC is a company focused on providing Business Management Resources and Development for the Independent Sector of the aftermarket industry. AAEC content and technology is recognized as part of the curriculum of the Fixed Operations Diploma and the…Listen and view episode notes
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…Listen and view episode notes
THA 149Top Financial Challenges to Overcome- An Owners Perspective
We’re serving up a strong discussion on Financial Challenges with me are shop owners John Long, Schertz Automotive, Schertz, TX, Tom Ham, Auto Centric, Grand Rapids, MI and Andy Massoll, Detroit Garage, Farmington, MI
You may not be surprised as to the big take-a-way from this episode. It is only logical and will have a huge impact on your business immediately. The panel agrees that your family needs to be on board with any financial decision you make in the business. You’ll get advice on what to do if you get into financial trouble, also the power of sharing your financial status with your team and if you are in financial trouble, you are not alone.Listen and view episode notes
THA 147 Overcoming Debt
A big problem for many service professionals is learning how to manage cash flow. The cash in the bank isn’t there for spending. It is generated by sales and the gross margin dollars that are earned on those sales is used to pay expenses. The remainder is profit. If cash is spent before allocations then it is very difficult to pay obligations. In many instances, loans are taken to pay bills and overspending stresses the business and the owner.
The panel for this Town Hall Academy includes Kim Walker from Shop Marketing Pros and former shop owner, AJ Nealey from Nealey Auto Service, Edgewater, MD and Tom Lambert owner of Shadetree Automotive. They each have a story on how to manage or eradicate debt, grow sales and scrutinize expenses. Knowing your financial states including Profit or Loss Statement and most importantly your Balance Sheet will help. Knowing what your metrics or tolerances of spending and cash management will lessen your dependence on borrowing and putting your company in harm’s way.Listen and view episode notes
RR 471: Vin Waterhouse on Intensive Labor Rates and Financial Benchmarks
Are you aware that you are selling fewer parts? Do you understand that the hours of diagnostic work you do does not reflect the typical parts sales per hour that your financial business model has generated in the past?
So what you say. Ouch! The wrong attitude. You are bleeding to death and the math exists to prove it. You must pay attention to having an intensive or recovery labor rate. In this episode with legacy aftermarket coach and trainer, Vin Waterhouse, we get into the power and value of benchmarks and how to calculate a recovery labor rate.
If you are not happy with your net operating income (your bottom line) vs the hard work and time you spend at your business, then Vin may just help you formulate some next very important moves you need to make, so your financial strength improves.
Vin Waterhouse is President and Founder of The Waterhouse Group, an automotive Accounting, Training, and Coaching.Listen and view episode notes
FTR 065 Bill Haas – Never Let a Third Party Influence Your Profit StructureListen and view episode notes
Implementing Profit First – Shop Owners Thrilled With Results
This episode will change your thinking as it relates to a new profit discipline and cash management. I know you know that cash is king in any business, so start being a better manager of it.
Listen in on Danielle Bohlmann, owner with husband Brett in Highway 7 Service Center, Newell, IA, Kenny Wedow from Fine Tuned Auto, Broomfield, CO and Chris Cotton, Certified Profit First Professional from AutoFix SOS coaching company and a former shop owner.
They nailed the benefits of a strong and disciplined cash management system. Both these shop owners say they are in a better place because of implementing Profit First. Danielle and her husband Brett always plowed all their money back in their business. Now hear what they are doing and are better for it.Listen and view episode notes
RR 445: Chris Cotton – Certified Profit First Professional
My guest Chris Cotton is a Certified Profit First Professional and a business coach. He helps shop owners understand the fundamentals of money and the decision making behind it. He helps us manage our cash and how to set aside money obligations.
Chris’s AutoFix SOS coaching company is one of the select few consulting firms, nationwide, that has achieved certification in Profit First. His experience as a former shop owner relates to the struggles of shop owners to maximize their profits.
If you have ever wanted to know where your money goes, ever had a tough time paying your bills, meeting your tax obligations or ever held cashing your paycheck because you knew it will bounce; this podcast is for you.Listen and view episode notes
New Aftermarket Measurement – Cost Per Billed Hour
I’m with Bob Greenwood, President, and C.E.O. of Automotive Aftermarket E-Learning Centre Ltd. We are discussing how cost per billed hour affects the site’s total efficiency in maximizing net profits.
This episode tackles measuring your site’s efficiency with cost per billed hour as a new aftermarket measurement to maximize your net profits. The calculation reflects on all aspects of your labor rate, workflow, charging for diag time, and other critical performance metrics.
Important note for this episode. Since Bob is demonstrating his strategy and findings through formulas we decided to record the video of this episode so you can see how Bob arrives at the conclusion to his formulas. You can find the video version on the show notes page at remarkableresultsradio.com/e424 or on my Carm Capriotto youtube channel.Listen and view episode notes
Mike Michalowicz – Making Your Profitability a Habit
What is profit? It is the difference between the amount earned and the amount spent. Mike Michalowicz tells you that you subtract profit from sales and then learn to manage your expenses. Therefore Sales – Profit = Expenses. We discuss Mike Michalowicz great book ‘Profit First’.
Mike will give you his innovative processes on profitability. He will provide insights on understanding the core principles and processes of financial gain. It will also shed light on cash flow management system, revenue, support network, profitability, efficiency, and the 5 core fundamental accounts you need to work your business from.
The episode is painting vivid pictures of how profitability works on the business canvas. It will open your mind to systems and processes to make profitability a habit. I urge you to read Mike’s Book Profit First, cover to cover. You can find it on the books page on the website.Listen and view episode notes
Charging What We Are Worth
We talk professional courtesy, labor rates, training, having the right value proposition for your customer so you can charge accordingly, the labor rate spread in our communities, and why you shouldn’t be afraid to charge what you are worth. You’ve invested a lot in your business and need to be paid for this. Listen to why confidence in your skills and abilities will help you charge accordingly.
With me on this Academy panel is Tom Palermo, Preferred Automotive Specialties, Philadelphia, PA and former NAPA ASE Technician of the year in 2015, David Justice, President Repair Shop Of Tomorrow, Asset Management Technology and Mark Colaw, Seymours’ Garage, San Antonio, TX and founder of Carfest.Listen and view episode notes
Low Hanging Financial Fruit That Will Improve Your Profits
The cost of doing business rises each year. Net profits that are necessary to move your business forward are challenged each day.
Our panel talks about the value of inspections on your sales, association membership, and billing for all parts and fluids used on a repair. We get into some cost savings ideas and using the power of a company credit card to help with training costs.Listen and view episode notes
For The Record. Maylan Newton. Pay attention to your numbers.Listen and view episode notes
Shop Owners Must Do’s: Daily Actions that Matter: Why Routine Matters.
We had a very deep discussion on critical daily actions that will keep your business compliant and running smoothly. You’ll walk away with a strong sense of discipline in building a daily task list that you stick with. Without proper planning and a strong checklist, that you are accountable for (or that you delegate), too many slips through the cracks and eventually crashes into your well-intentioned routine.
Bambi Crozier wife and co-owner with Neil Crozier, of Car Clinic in Lowell, AR, Mark Goldsmith Mark’s Independent Service in Chatsworth, CA and Rick White Rick is President and Lead Coach for 180BIZ bring their great insights on the importance of planning to be a strong business leader and watchdog.Listen and view episode notes
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
Find A Blue Print Outlined For Finding Success If You Are Going To Open An Automotive Aftermarket Service Repair Shop.
There is some secret Sause shared here including a few preferred methods on how to start, setting up your spending plan, how important location is and the need to know the demographics of that local community. Is the income level such that money can be spent on vehicle service and maintenance?
We talk financial, (knowing your numbers) debt, cash flow. All very important parts of a CEO’s responsibility. May great technicians, who are unemployable, strive to start their own business because they want to do things their way. Most find out it is not an easy task. There are responsibilities beyond financial and cash flow like, marketing, the tax man, HR laws and that is just the tip of the iceberg.
This panel does a great job of explaining the challenges you’ll need to deal with, so you can find your successes sooner rather than later. It is a slow process, but success shouldn’t take years to achieve.Listen and view episode notes
The Power Center of your Business is in the Back Office.
In this Part One Amy Mattinat, Jacquie Walter Hower, Maryann Croce and Kim Auernheimer discuss controls, operations and accounting/finance.
Highlights: Cash accountability, bank statements, trust and verify. The three stages of a business and the power of communication. With good systems, you can find where any breakdown occurred. Also discussed is team buy-in, QuickBooks, keeping good records, budgeting and cash flow.Listen and view episode notes