Part 2 of our labor rate discussion in the automotive aftermarket industry. Our panel emphasizes the importance of setting labor rates based on the shop’s own expenses and profitability, rather than comparing them to competitors. They also stress the need for regular labor rate increases and educating staff about the financial aspects of running a shop. They address fear and mindset issues that can affect labor rates and overall success. The episode provides valuable insights and advice for shop owners in effectively setting and managing their labor rates.
Being overbooked doesn’t necessarily equate to higher productivity or profitability. In this episode, our panel discusses the challenges and impact of being overbooked in the automotive repair industry. They emphasize the importance of understanding productivity numbers, managing customer expectations, avoiding burnout for the team, optimizing scheduling, and utilizing technicians’ strengths. Think twice before you boast about being overbooked!
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“There isn’t a technician shortage,” Said no one ever.
Please welcome our panel of guests to discuss the topic of recruiting talent with a staffing agency in the automotive industry. Shop owners Kathleen Callahan and Michelle Tansey share their experiences and challenges in finding skilled technicians and how partnering with Promotive, a full-service staffing agency, has been a game-changer for them. Joelle Pollak and Amy Gerardi, Cofounders of Promotive, discuss the process of understanding individual shop needs, sourcing candidates, and the importance of communication and partnership between the agency and shop owners.
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Is it possible to grow your shop’s revenue by $1 million? Together, our panel of marketing gurus discuss the importance of marketing for automotive repair shops and provide insights on effective marketing strategies. The panel emphasizes the need to understand the shop’s current situation and goals before developing a marketing strategy. They also discuss financial aspects, setting goals for growth, seeking advice from successful shop owners, and creating memorable customer experiences. They stress the importance of strategic and proactive marketing and financial planning to drive business growth in the auto repair industry. Remember, marketing takes time and should be trusted as a process. Always be marketing, and don’t stop when business is busy.
Do you find yourself making excuses not to hire a business coach? Tom Sciortino shares his experience with coaching and how it has helped him make changes in his business, resulting in an increase in average ticket and KPIs. He emphasizes the importance of seeking help and not waiting around for things to change, and encourages young people in the industry to seek guidance and coaching. Listen to this episode to learn how coaching can help you identify blind spots, gain a different perspective on your business, and prepare for the future.
Do you find it hard to create consistent routines that drive success? This episode discusses the importance of standard operating procedures (SOPs) and how they can help businesses achieve their goals. Our guests, Jaron Kleber, Chris Machado, and Nick Hively, discuss the positive impact of SOPs on creating a positive culture and improving the consistency of the customer experience. They also discuss the importance of engaging team members and getting their input when creating SOPs.
Dr. David Weiman discusses the concept of success and how it can hold entrepreneurs and business people back. They emphasize the importance of defining success on a personal level and not being held back by societal expectations or comparisons to others. He also touches on the importance of recognizing the value of one’s work and charging appropriately for it rather than treating it as a hobby. Dave encourages listeners to redefine their definition of success and find fulfillment in their work while also recognizing the importance of financial stability.
Dashboards are a valuable tool for businesses as they provide a quick and easy way to visualize and analyze key data and metrics in real time. Hear from two shop owners as they discuss how dashboards improve decision making, increase productivity, and enhance collaboration and accountability with your team.
Did you know 80% of small businesses do not survive the departure of the current owner? When is the right time to prepare your business for sale? The day you opened your business! How do you maximize your selling price? Is there a simple way to quickly valuate your business? Hear from 3 business coaches on the importance of properly planning your business for sale.
Recorded Live at the Transformers Summit with Nichole Bennecoff, Subie Guys, Traverse City, MI. Find out how growing her business helped reignite her passion for the industry.
Recorded Live at the Transformers Summit with Aftermarket Radio Network host, Hunt Demarest, CPA at Paar Mellis and Associates and host of the Business by the Numbers Podcast. Hunt’s firm specializes in automotive repair clients and he gives us an inside scoop on common new client questions and concerns as well as some behind the scenes about his podcast!
Join 3 shop owners as they share some great stories and wisdom about what works and what doesn’t when talking about pay. Can you show how to earn the pay they want? How can you bring the team together when there are earning discrepancies?
Hear from 3 shop owners that provide financial education for their employees. Setting our employees up for success in life goes beyond signing paychecks.
How much do you value your time? Your employee’s time? Are you making your decision on your labor rate based on data? My expert panel breaks down a mathematical and strategic way to understand the labor rate that delivers your profit goal. To view the charts and presentations my guests have prepared, make sure you head to my carm capriotto youtube channel or find the link on the show notes. Once you see the math your decision to set a profitable labor rate will be smarter and easier.
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We’ve all heard inflation is up 8%, as of this broadcast, but when you walk through the grocery stores and sit at a restaurant, it sure seems like it’s a lot higher … don’t you agree? As prices continue to jump, what are we doing as an industry to adjust? And why are so many shop owners worried to raise their labor rates? My panel includes 2 shop owners and an auto shop bookkeeper with a wide-open discussion about labor rates, parts pricing, and even employee retention in the age of rampant inflation.
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We know transparency with our people is important, but what does ‘sharing your numbers’ really mean? Are you explaining the backstory behind those numbers and how it affects the business, and most importantly, your employees? My guest Tim Shaffer simplifies the numbers side of the business and areas in your point of sale system that you might be overlooking.
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Where did you learn about finances? Did you learn it from your parents? Finances are one of the most important elements in our lives, yet most of us never really understand it or discuss it with our spouses or employees. Listen to 3 shop owners that make finances a part of the conversation in their business and for their people.
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How to Pass a Wage and Hour Audit from DOL [RR 704]
When was the last time you thought about your business being audited? The proverbial ‘Hi I’m from the government and I’m here to help!’ type of audit. Well, they are very real and we hear of stories and fines that get levied because we are not paying attention to specifically wage and hour laws. If you thought about it more often, you would be taking all the precautions to avoid penalties and fines. This episode is all about an audit and how to play by the rules. Don’t wait until the department of labor calls, take action to ensure your business is conforming to the law.
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Do You Have Financial Peace of Mind? [RR 690]
This episode highlights Bill Haas’s ASTE training class titled “Advanced Financial Strategies for Peace of Mind.” Do you go to bed at night with your head spinning, thinking about numbers, finances, profit and stability? Bill discusses simple financial tactics to ease that worry and stress. Stop hiding behind the phrase “I’m not a numbers person” and start taking control of your numbers.
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Why Can’t Every Shop Owner Be Profitable? [RR 682]
Too many business owners are silently struggling and think they are the only ones. Or maybe they do want to elevate their business to the next level but have been stuck in the day to day…that leads to month to month and then year over year struggle. Before you know it, the only thing progressing forward is time. And the only constant is change. In this episode Scott Wheeler highlights the key foundations needed for a successful automotive business. He also references his book “How to Make Money (& Stay Sane) in the Automotive Service Industry” which reads like a blueprint for your business, full of charts, graphs and formulas.
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I never thought I’d ever be doing a tribute like this for a good friend, Bob Greenwood. His passing really hit me as it did for so many others. You can’t help but realize we lost him way too early in his life. His mission wasn’t close to being done.
If you ever heard Bob Greenwood’s passion for this industry you know that he held high hopes for the future success of the independent aftermarket. His passion for making this great industry a profession instead of a trade was one of his biggest talking points (a signature of his) where ever and whenever he had a chance to pontificate.
I reflect on a few of Bob’s accomplishments, some of the thirty-three episodes he contributed to and I welcomed some friends to share their memory of Bob.Listen and view episode notes
Profit Strategies with Natalie Paris [RR 679]
The financial numbers of any business tell an important story. But how many owners know how to read their financial statements correctly? Do you know your breakeven point for your business? Do you review your cash flow monthly? In this episode, Natalie Paris from Three Rivers Bookkeeping shares the importance of the dynamics of a good bookkeeper, your CPA and your business coach to keep your business on track for success
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Advancing the Aftermarket.
Of late there has been a lot of dialogue around my circles about being paid for the value you give and bring to your customer. I recently saw a survey of shops whose sales averaged $750,000 yet their net operating profit was only 2%. That is only a $15,000 average net operating income before tax. This troubling stat begs the question: How do you continue to invest in the business and even provide a living wage for you and your team at that level of profit? remarkableresults.biz/b010Listen and view episode notes
Succession Planning Blueprint [RR 677]
Succession Planning: We can’t talk about it enough. I like doing shows on this topic because we have thousands and thousands of shop owners who can benefit from this wisdom. The average shop owner doesn’t think about preparing for his or her exit until they’re ready to exit, and by that time it is often too late to prepare the business for a successful sale that may garner a top asking price. In this episode, Bryan Stasch, the Vice President of Program and Content Development for the Automotive Training Institute (ATI) defines a clear blueprint for your business. He talks about getting you ready, the shop ready, how you derive a sale price and what does walk away money look like. When should you start to put all this together? NOW, even if you don’t plan to retire for years to come.
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I Want $1 Million For My Business [THA 240]
In this episode, my panel will be dissecting a pertinent issue when it comes to selling any business, which is wanting more than it is worth. Many have worked for years and want to get 1 million for their business.
As a business owner, you’ve been painting a very specific picture in your mind about retirement. Where you’ll live, what you’ll be doing, and most importantly, what will your nest egg look like. Too often your ideal price tag does not line up with the bottom line financials of your business and its true market value and what the buyer is willing to pay. And, if you’re a buyer, how do you bridge that gap from want to real value? The panel rolls up their sleeves and discusses both sides of buying and selling a business.
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