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.
remarkableresults.biz/e704Listen and view episode notes
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.
remarkableresults.biz/e690Listen and view episode notes
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.
remarkableresults.biz/e682Listen and view episode notes
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
remarkableresults.biz/e679Listen and view episode notes
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.
remarkableresults.biz/e677Listen and view episode notes
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.
remarkableresults.biz/a240Listen and view episode notes
Guest host shop owner Charlie Marcotte, from American Pride Automotive, 4 Locations serving the Virginia Peninsula. Virtual shop tour with Brenda and her son Riley O’Neal from Repair One Automotive, The Woodlands, TX. The Trivia Challenge: In What Year Did the US have 1,000,000 registered cars?Listen and view episode notes
THA 210 Where the Money Goes – The $100 Lesson
How many times do you get a great idea on an exercise you can share with your team …. one that helps your people respect and understand the costs of running a business? My guest Patrick McHugh and I will show you a fun and profound exercise on what happens to a $100 transaction … exactly where the money goes. Welcome to the 210th episode of the Town Hall Academy.
It is important that your people get a chance to see your Profit and Loss Statement, but for many, it will be a very difficult learning curve. We have a very simple way to do it that will make respecting margin, costs, and net profits in a whole new way.
This exercise will change the way you and your people look at the numbers and what it takes to grow a strong and profitable business.
My guest today is Patrick McHugh from Bimmer Rescue in Richmond, VA. and we have a story for you! This episode’s key talking points are already done for you at remarkableresults.biz/a210.Listen and view episode notes
THA 206 Proof of Concept
The pandemic was the test of preparedness, fortitude, leadership, nerves, among others. Our topic “Proof of Concept” is the story behind the strong getting stronger.
The leaders who listened and implemented the strategies being served up by the industry pundits especially coaches over the last 3 to 4 years found themselves in a good place. You’ve heard them enforce on the podcast, … essential tactics like strong business culture, a commitment to training your team, firing non-productive or toxic employees, DVI, Cloud-based software, text to pay and the list goes on like strong leadership. Smart Marketing. Managing KPIs, Good financial statements, building processes, and systems, Etc, etc. In essence, the strong found their pandemic recovery easier than others. That is what we are talking about today: ‘Proof of Concept’
Joining me is Chris Cotton, AJ Nealey, and Michael Gallini. They all agree that they are in a better spot because they implemented and worked the strategies and tactics that the industry is known to create success and sustainable profits. Glad you are here, Let’s Talk About It.
The key talking points from this episode are already done for you on the show notes page at remarkableresults.biz/a206.Listen and view episode notes
Four Ways to Generate Income Using ESBI with Gerry Frank [RR 587]
Gerry Frank, a business coach, and shop owner share Robert Kiyosaki’s famous CashFlow Quadrant in an easy to swallow and digestible way.
It has 4 quadrants and abbreviated as ESBI. He is correlating the ESBI approach to stages in the aftermarket. The stages are Employee, Self-employed, Business Owner, and Investor which relates to an individual starting himself as a technician becomes a shop owner and eventually, becomes an investor.
Find the key talking points, Gerry Frank’s bio, and links to his previous episodes at remarkableresults.biz/e587Listen and view episode notes
CARES ACT and PPP Update with Hunt Demarest [THA 196]
I’m with Hunt Demarest CPA in this Payroll Protection Program or PPP update.
Hunt says that there is a document that says the deadline for PPP forgiveness is October 31, 2020. That is not true and Hunt explains. If you did get PPP funds there is a deadline to apply for forgiveness and he shares the timing on that. If you got an EIDL loan that must be paid back. Check with your banker or accountant. Don’t ignore it.
Hunt provides some tax consequence talk, but more importantly, you need to work with your banker, accountant or tax preparer to be sure you are compliant with the law i
Hunt is from Paar Mellis an accounting firm that exclusively works with aftermarket shop owners. Hunt has contributed in past episodes and he always offers great advice. Nothing in this episode is to be construed as gospel. You must do your own research and consult with your own professionals.
If you want the key talking points from this episode, they are already done for you. Go to the show page at remarkableresults.biz/a196.Listen and view episode notes
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 of the…Listen and view episode notes
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.
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.
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 firstname.lastname@example.org.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