100% of business owners leave their business, either by design or due to unfortunate circumstances. The dialogue between the owner and potential successor needs to happen as soon as possible. But how do you start that conversation as an employee? In this episode, we role-play that discussion with Bob Ward, financial advisor and consultant from Wardden LLC. We also hear from James Maurer, a former service advisor and now an owner in transition, and Craig Tice, a 20-year technician looking to become a business owner. Let this episode be your blueprint to get the ball rolling.
remarkableresults.biz/a263Listen 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
Mergers and Acquisitions Explained [RR 668]
What is going on in overall Mergers and Acquisitions? What are buyers looking for? Why are so many family-owned businesses selling? All these questions and more are answered in this episode as Rick Schwartz from Schwartz Advisors makes it easy for you to understand M & A.
remarkableresults.biz/e668Listen and view episode notes
Unstoppable with Amy and Kelly Michel [RR 663]
How did two musicians turn into two automotive repair owners? What is their secret to both managing the business and staying ahead of the curve in this industry? What family members did they hire and who is lined up to eventually take over the business? All these questions and more are answered in this episode.
Amy and Kelly Michel’s husband and wife chemistry is hard to miss, we had fun and I guarantee you will ‘learn just one new thing.’ And isn’t that what it’s all about. remarkableresults.biz/e663Listen and view episode notes
Succession Strategies – A Real World Example [THA 233]
You can never start too early with succession planning. As an owner, you will either sell your business or leave your business by choice or due to unforeseen circumstances. Are you preparing for when that happens? Do you have conversations with your employees or family members about succession? Or are you coasting through the day-to-day with the mindset “I’ll get to it soon.” In this unique question and answer episode, we have a shop owner looking to retire and a CPA and a succession consultant to guide him through the process.
remarkableresults.biz/a233Listen and view episode notes
Career Upgrade: Service Manager to Shop Owner at 29 Years Old [RR 608]
In keeping with my goal to interview new shop owners and the upcoming youth of our industry. Here is an incredible story.
Our episode today a succession story from a non-family internal candidate. A trusted service manager who hasn’t even purchased her first home.
Welcome, Colleen Yarger. She trained in the hotel industry for more than 10 years and has risen through the ranks as a service manager. Amazing that this 29-year-old has taken steps to become a shop owner. Despite her young age, she doesn’t lack the talent and has been guided by former owner Mark Goldsmith who has been a great supporter of the RR podcast.
This episode shows what is possible and how Colleen seized many opportunities she had presented to her starting with my friend Maylon Newton, then with Ryan Tunison. Lots of great inspiration to see what can be possible when you capitalize on every situation presented.
The key talking points reside at remarkablersults.biz/e608Listen and view episode notes
Brainstorming on Shop Ownership – A Business Not a Hobby [RR 607]
Chris Cotton once again shares his experience on shop ownership. Chris warns that buying your first shop and or getting into business as a new auto repair shop is not a cakewalk. Just because you know stuff about cars and love working on them doesn’t make it easy. You don’t treat it like a hobby, you treat it like a business.
Strong words of wisdom from Chris warning those who venture into shop ownership must have strong financial goals to reach. You need to have a lot of brainstorming or planning sessions to come out successfully. You will not be an overnight success. A fun and fast-paced episode. Make listening to it your homework.
You can find Chris Cotton’s other episodes and the key talking points at remarkablersults.biz/e607Listen and view episode notes
THA 205 Requirements for Adding a Branch Store
Welcome to the 205th episode of the Town Hall Academy. New Year, New Challenges. Many in the industry are contemplating growth and many are thinking of selling or succession. Keep close to the insights and wisdom from your aftermarket peers, right here, who share their growth story with you.
I’m with Greg Bunch, Austin Miller, and John Manelas. Greg is the owner of Aspen Auto Clinic, Colorado. Austin Miller opened Tire Star in2011, and John owns Auto Care Plus and Euro Care Plus. Together this team has 15 branches and growing.
How many shops are enough? Is there a sweet spot? What qualities must a shop owner possess in order to successfully add a shop? What are the challenges? No doubt this group tells their tale of their initial branch store and the huge learning curve that happened with it and subsequent stores.
The key talking points from this episode are already done for you on the show notes page at remarkableresults.biz/a205.Listen and view episode notes
Thoughts from an Unprecedented Year and Looking forward to Strategies for 2021 – Bonus Episode 008
As an industry we are essential.
The strong got stronger
. Virtual online training became the norm and will become a permanent part of our training needs
. Milestones reached this year:
600th episode of Remarkable Results Radio
. 200th episode of the Town Hall Academy
. The launch of Aftermarket Weekly.com
. Launched all LIVE show broadcast on the website’s LIVE page
. Training must become part of your culture
. The value of coaching.
Networking is a must to grow and learn
. Succession planning and growth
. Embrace our youth
. Set up an apprentice program
. Reach out to a local shop and have coffee and talk.
Buying and Selling – A Tale of Two Deals [THA 199]
An episode that showcases a sale and an acquisition and the story behind these aftermarket transactions from two couples who each had a great opportunity.
Kevin and Sarah Bickford bought the Fox River Tire & Auto, Richie and Leslie Zimmerman owned and sold 3 Shops to a big box brand. The reasons and method of these two transactions will help you realize how these opportunities take an immense amount of work and maybe some luck.
The key talking points from this episode, they are already done for you. Go to the show page at remarkableresults.biz/a199.Listen and view episode notes
Life After Succession – Randy Pickering [RR 576]
Family businesses can survive the generations, needless to say, you’ve got to do a lot of things right. It’s the culture, discipline, and the brand that gives the necessary template for a successful transition.
Today we welcome Randy Pickering, legacy owner of Pickering’s in Lakewood, CO. Pickerings is an amazing company that is transitioning into the 5th generation, Randy’s two sons. That is a rare thing.
To help gain their independence Randy says his sons both wanted to join a 20 group of their own and opened their 2nd store to scale up for a solid exit plan. Randy shares his newfound life after leading Pickerings in Lakewood, CO.
Find the show notes at https://remarkableresults.biz/e576.Listen and view episode notes
THA 190 Succession with an Internal Candidate
In keeping with my goal to keep the succession theme burning as we face the reality that many of you need to retire and sell your business and many of you would like to become business owners.
This episode reveals a transaction with two internal non-family successors. Bob Ward anchors this episode as he helped orchestrate this transaction.
I’m with business owner Steve LaFleur from Prescott Import Car Service and one of the internal co-buyers, Dave Mendez. Dave has worked for Steve for 10 years.
This very candid conversation will help move your succession plans forward and you can get all the key talking points from this episode at remarkableresults.biz/a190. These key talking points will make for a great planning agenda.Listen and view episode notes
THA 188 – Succession with a Family Member
Family succession can be different than selling to a non-family member, yet many components of a transaction are similar. Jessica and Ron were very forthcoming and business coach Dave Justice helped shape the plan.
The panel: Ron Tinner, owner of Sparks Tire and Auto, along with his daughter Jessica Carrino. Jessica will become the owner, and they share their story about making a family transaction work. David Justice from Repair shop of Tomorrow is their business coach.
Succession is one of the hottest trends in our industry. So many want to retire, pass the business on to family or sell to a team member. Selling to another shop owner or group is also in the cars. We can’t talk about this enough.
For the key talking points, audio and video go to remarkableresults.biz/a188.Listen 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
A Simple Letter of Intent Transformed an Employee Into the Shop Owner [RR 551]
Let’s welcome Terica Buckner. She worked for 21 years at Hawthorne Auto Clinic, Portland, OR. She was offered the chance to purchase the shop and took over ownership 2 years later in January 2020. A really good example of good succession planning. The previous owner wanted to retire and Terica wrote a letter of intent wanting to purchase the shop. She had the experience in many different roles in the business along with established relationships with the employees and customers.
Terica continues working with passion in the automotive industry and is excited to now be in the position to set new standards in an ever-changing field, especially with the current challenges COVID-19 presents.
Find the key talking points for this interview with Terica Buckner at remarkableresults.biz/e551.Listen and view episode notes
Before joining ATI, Geoff Berman worked in his family business for 16 years and had realized that the changes I wanted to make in the business were never going to happen under the current leadership. I hit the lottery when I found ATI. Now I can influence many businesses, not just the one I work…Listen and view episode notes
Greg Bunch is the owner of Aspen Auto Clinic, a five-location automotive and service business in Colorado. Greg started his passion for cars at 15 when he began rebuilding a 1966 Volkswagen Bug. Greg has moved from a Volkswagen mechanic to ASE Master Technician, to Management, to starting his shop 18 years ago in his…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
Mike McGroarty has been an auto care professional for over 35 years. He grew up in the family business working for his father. After graduating from trade school in 1982, Mike leased his own Shell auto care center. In 2002 Mike sold his auto care center and purchased land and built his own 6,000…Listen and view episode notes
Rick Schwartz is co-founder and CEO of Schwartz Advisors LLC, a mergers and acquisition advisor and management consulting firm to the automotive and heavy-duty transportation industry. Prior to forming Schwartz Advisors, Rick’s career included senior executive leadership positions in sales, marketing, and finance. At Schwartz Advisors, Rick has advised private equity firms, aftermarket management teams and…Listen and view episode notes
Donny Seyfer the executive officer of NASTF (National Automotive Service Task Force) and Partner in Seyfer Automotive in Wheatridge, CO. Listen to Donny’s previous episodes HERE. Jeremy O’Neal President and lead sales trainer for Advisorfix, began his career as a Service Adviser and moved into Service Management at the dealership level for VW, Audi, and Porsche. He consistently…Listen and view episode notes
Panel: Rachael Wacha, City Auto Repair, Gainsville, FL Kate Jonasee, K-Tech, Sebastopol, CA (MSO) Donnie Hudson, Troy Auto Care, Troy, MI (MSO) Jeremy Winters, Service Manager at Weavers Auto Center, Shawnee, KS Talking Points: Kate’s big thing was the improvement in her company culture and the psychology of herself as a leader was impactful. Rachael, getting…Listen and view episode notes
Mark Roberts is the owner of Roberts Properties, Inc, Managing Partner of Total True Automotive dba Schertz Auto Service, Craftsman Building and Renovation LLC. He is also partnered with a Local Custom Home builder. Mark is also the former owner of Auto Collision Works. He grew up in Schertz and has been a resident since…Listen and view episode notes
John Burkhauser is currently employed at BOLT ON TECHNOLOGY as the Director of Education, a job that allows him to use a lifetime of learning experience day in and day out. John dreamed of being a meteorologist but found out college wasn’t for him. When his car failed the state inspection, that was the day his…Listen and view episode notes