THA 141: Selling Your Business – Valuation Strategies

THA 141 Town Hall Academy on Selling your Business – Valuation Strategies

This episode on ‘Selling your Business – Valuation Strategies’ will provide a great lesson on tactics to obtain a great value for your business. The caveat is that you need to have a successful business and we do discuss some strategies on how to make that happen.

I’m delighted to have Greg Bunch, owner of Aspen Auto Clinic a five-store operation in Colorado Spring, CO and the President of Transformers Institute that provides proven strategies to transform your business, Bob Ward from Wardden, LLC believes that a Perpetual Business is profitable and sustainable without you as you prepare for sale or succession and Joel Zaleski a partner at Cardinal Brokers.

This panel will inform you as we continue an important industry discussion on succession and business valuation. There are many misnomers about what can I sell my business for. If you’ve never done the research you’ll find out it is much different than what you may want for your business. You’ve got to have something to sell to a potential buyer. If your only real asset if location, you could do well, however you need much more than that if you want to sell and retire after years of hard work.

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RR 467: Servando Orozco on Franchising

Servando Orozco – A Franchising Business Template for the Aftermarket

Servando Orozco, CEO and founder of Orozco’s Auto Service owns a four-store operation based out of Long Beach, CA. Franchising is nothing new to business or even in the aftermarket. Listen to Servando explain his passion for his franchise model and the value he is offering.

Servando shares his goals on his franchise model, how it can help a struggling shop owner and also create a pathway for succession for just about to retire shop owners.

Have you ever thought about doing what you love and have your franchisor guide you with systems, training, and marketing? Then listen intently. This concept may be a big part of our future.

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THA 131: Preparing Your Shop For the Next Five and Ten Years

THA 131 The Future – Preparing Your Shop For the Next Five to Ten Years

What is your future? Have you planned it? What are you doing to ensure your success in the next 5, 10 or 15 years? If you do nothing you get what you currently have and that may not sustain you to far into the future.

Your panel: Kelli Weatherby, co-owner, with husband Lee, in Accurate Automotive, Inc. in Mesa, AZ., Bill Nalu, owner of Interstate Auto Care, Madison Heights, MI and AJ Nealey, Nealey Auto Service, Edgewater MD. This diverse group has some similar yet some different strategies for their future. It is so refreshing to hear the dialogue and then compare their tactics to your current or long term plans.
We are in a dynamic industry that is in a heightened change curve. Keeping up at all levels will bring you spoils. And keeping your eye on your business with the future in sight is an important responsibility you have to your employees and your family.

We talk BHAG’s, Debt, Branches, Succession, Training, refinancing, and SWOT among others.

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RR 454: Danny Durbin – Integrating the Third Generation

Danny Durbin – Integrating the Third Generation

Danny Durbin is the second generation owner of Durbin Auto Parts, in Prattville, AL. He is now integrating the third generation into the business. You’ve heard the stats about the third generation? Only about 12% survive.

You decide, but I believe Danny has the right strategy to defy the survival statistics. He knows the procedure and the adaptations it takes for the survival of the generations (having been there done that). Danny is planning to pass the torch to his son, however, he decided that Andrew first needed to work outside the business.

You will benefit from this story as many service professionals are family businesses. Find out the core values needed and the mindset of what it takes to keep the family business afloat for many years to come.

Danny is an active member of the Automotive Aftermarket Association (AAAS) and holds a seat on the Board of Directors.

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THA 128: Valuing and Positioning Your Business For Sale

Are you ready to sell your business? Do you know how to prepare? Is it a buyers market or a seller’s market? Do you understand some of the financial principles that drive a transaction? About 50% of you will be impacted by this discussion in the near future.

We cover a large swatch of ground as we talk about the incredible opportunity for sellers as the industry consolidates, getting your financials right, processes, leases, and the all-important EBITDA number.

The panel includes three members of Cardinal Brokers: Norm Gaither, Dennis McCarron, Joel Zaleski and a shop owner who recently sold his business Jeff Pohlman Retired from Jeff Pohlman Tire a 5 Locations operation.

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RR 448: Larry Dragan – Life After Selling My Business – Lemon Law Expert Witness, Certified Mediator and Appraiser

Larry Dragan – Life After I Sold My Business – Lemon Law Expert Witness, Certified Mediator and Appraiser

Larry Dragan is the 2nd generation owner of Stan’s Garage founded in 1941 at Dearborn Heights, Mi. He sold his ownership to his son, Scott. He now serves as its chairman of the board. He is a member of ASA, ASE Blue Seal and IAAA (International Automotive Appraisers Association).

Larry got involved during the ’90s in the mediation of problem vehicles and served on the arbitration boards for both Chrysler and Ford. Larry still provides many services nationwide including expert witness services, Lemon Law cases, pre-purchase inspections, automotive appraisals, automotive mediation/ umpiring and automotive business coaching and development.

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RR 429: Family Succession Part 2 – Parents on their Daughters Succession Plan

Family Succession Part 2 – Parents on their Daughters Succession Plan

Welcome to the second installment of Family Succession. Learn how parents mold and develop their children to take the helm of the company after they retire. Hear the discipline, methods and strategy each owner is using as they embark on this important journey of succession.

I’m with Judy Zimmerman Walter, a second generation owner of Zimmerman’s Automotive; Jim Paiva, Owner of Elite Auto Repair; and Jeff Matt, owner of Victory Auto Service and Glass. They are the proud parents of Jacqui Hower, Carly Paiva, and Lauren Anderson of Family Succession Part 1, Episode 401.

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RR 423: Shop Talk 10 – Sold My Business – What’s Next?

Shop Talk 10 – Sold My Business – What’s Next?

Listen to former shop owners talk about their decisions and what they are doing now. Most importantly they suggest that you plan ahead for your future. We also get into the future as they see it.

My guests for Shop Talk 10 are veterans and influencers in our industry. Ron Haugen, a consultant, a teacher and a former shop owner from Westside Auto Pros in Des Moines; Dick Jobe, owns machine head, a metal art maker and a former shop owner of Downtown Import Service popularly known as Dr. Volvo; Doug Stoll, former owner of Susquehanna Auto Clinic and The Auto Clinic and co-founder of Vision, a part-time business coach and Jerry Holcom, co-founder of Vision, president of Midwest Auto Care Alliance and owner of S & S Service in Kansas. Our only non-retiree!

Remember the ability to think about or plan the future with imagination and wisdom is the very definition of what we aim not just for business but for our professional growth as well. What’s next for you!

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RR 407: Dennis Montalbano: He Survived a Heart Attack and Stroke and so Did His Business!

Dennis Montalbano: He Survived a Heart Attack and Stroke and so Did His Business!

This isn’t the first episode I’ve done on having a health scare. Think about it. The interviews I’ve done lived through their health challenge and are now advocates on what you need to do to help survive your business and also to lead a healthier life. Yes, easier said than done, but if I continue to tell these stories maybe we’ll save one or two business out there and even get you to live a long and happy life.

No doubt eating, exercise, and stress play a big part. I know there is no stress working in or building your business.. As I say that with my tongue firmly planted in my cheek. We are in a high-stress industry and that, of course, is a leading contributor to heart and stroke.

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RR 401: Family Succession Part 1 – Our Future Female Shop Owners

Family Succession Part 1 – Our Future Female Shop Owners

We are talking to three millennial ladies who are geared for the succession of the family business. Many of our aftermarkets family businesses want to retire knowing that the business they have built is in safe hands, is moving forward and continues to succeed. Grooming a family member to become the CEO is a big decision and challenging journey.

Our guests are young and energetic female successors; Carly Paiva from Elite Auto Repair, in Warwick, RI, Jacquie Hower from Zimmerman’s Automotive in Mechanicsburg, PA, and Lauren Anderson from Victory Auto Service and Glass in Minneapolis. They understood very well the stakes and the responsibilities. They are not shying away and have shown maturity above their young age.

Carly Paiva has been actively participating in service advisory classes to better herself, Jacqui Hower recently graduated from Northwood and Lauren Anderson is finding ways and solutions to better equip her staff for success. The energy and passion of these three must make their parents proud.

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RR 397: Acquisition Integration – A Look Inside a New Location Transition

Acquisition Integration: A Look Inside a New Location Transition

Mike Allen, a General Manager Telle Tires and Auto Centers tells of his first-hand experience integrating a recent acquisition. This episode will show you the processes of transition and the sensitivities in customers, people, and brand when acquiring new shops.

Mike was recently involved in integration of one of Telle Tires most recent acquisition. This 10 stores 77-year-old legacy company has been on an acquisition path. Mike Allen talks about how he has lead one particular integration for the Telle family.

Aftermarket Professionals and Shop Owners will find this episode useful if they plan to expand and acquire shops. We can never say that there will be no risks with integrations but Mike’s wisdom will help you understand the excitement, opportunities, and challenges that come with growth.

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RR 388: Re-Inventing You! A Personal Story Of Prolific Change.

Re-Inventing You! A Personal Story Of Prolific Change.

Carlo Sabucco from Sils Complete Auto Care Centre, a successful 8 bay shop on the east side of Oakville, Ontario.

This is episode offers some in your face and blunt stores about failure, adversity and managing your ego to get to the next level. You cannot be successful in the changing aftermarket if you do not have the CEO mindset. Your thought process should match the level that you want to be at. There is no downshifting gears when you are climbing a mountain.

Carlo offers one of the most transparent interviews I’ve ever done on the podcast. He shares his romance of selling his business and then he said no. That experience rejuvenated him and allowed him to re-invent his mission and vision about his business and the industry.

One of Carlo’s personal disrupters in his business in 2019 is to take his entire staff to Vision KC. He knows that the future will be shaped by what we do today. Too many shop owners ask for help but never implement. He says they’ll be left behind.

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RR 373: Shop Talk 5 – Retired and Still Helping the Industry

Shop Talk 5 – Retired and Still Helping the Industry

The Roundtable consists of Gary Summerfield, Don Griffin, and Tommy Kendall.

Gary and Don are retired shop owners, who are now landlords and Tommy is still contributing to the industry as a part-timer. They share wisdom of the ages.

Learn how their collective mindset helped transform the shops that they have operated throughout the years. We talk about training, technician pay and paying it forward.

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RR 370: Darren Garlock Treating Company Culture and Customer Retention Alike!

Treating Company Culture and Customer Retention Alike!

Darren Garlock along with his brother Dan are the owners of Silver Lake Auto & Tire Center a multi-shop organization headquartered in Oconomowoc, WI. Like so many Darren started his career in the shop pushing brooms, pumping gas and washing cars.

An early adopter of DVI, Darren explains how he and Dan split their responsibilities and how family, values, culture, and customer all intercede to form a cohesive unit that exemplifies their success. It’s a win-win strategy that needs to be applied to all aftermarket shops.

Learn how they are investing in their people, customers and giving back to their community.

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RR 365: Reto Filli. Shop Owner Sold His Business and Became an E-Myth Business Coach

Shop Owner Sold His Business and Became an E-Myth Business Coach

Reto Filli came from Switzerland and is a trained mechanic. He and his wife ran a successful Auto Repair business for over 26 years that he sold and retired from.

His business took off when he read the E-Myth Revisited from Michael Gerber. He never looked back and he is now enjoying his next career as a E-Myth Business Coach.

We cover concepts of the E-Myth, preparing your business to sell, stop being a know it all, and apprentice programs that are needed to move our industry forward to recruit your youth into our trade.

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THA 082: Acquisition Strategies

Acquisition Strategies

This a perfect bookend episode that connects with Town Hall Academy Episode 075. There we talked ‘Am I ready for my second branch?’

The Panel includes multi shop owners, with growth plans; Greg Bunch, from Aspen Auto Clinic, Colorado Springs and Denver, CO, Greg is also the CEO of Transformers Institute, Dwayne Myers, Dynamic Automotive, Frederick, MD, and Brian Sump, Avalon Motorsports, Denver, CO.

The key talking points are already done for you, sitting on the show notes page at remarkableresults.biz/a075; use them as a to-do list. Just a few highlights: negotiations, scouting leads, approaching owners, financing and a lot more. Another power packed aftermarket lesson for the forever student.

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THA 075: Am I ready For My Second Branch?

Is there another branch location in your plans.

Have you ever thought of growing your brand into other communities? There is an art and science to intelligent growth. According to this Academy panel, it is not an easy task. You can choose an acquisition or open a brand new location.

The Panel includes multi shop owners Greg Bunch, from Aspen Auto Clinic, Colorado Springs and Denver, CO, Dwayne Myers, Dynamic Automotive, Frederick, MD, and Brian Sump, Avalon Motorsports, Denver, CO. They all have additional growth plans.

You will get a solid overview of growing your location count from the panel who have already made a ton of mistakes. Learn from them and take their wisdom to account in your growth plans.

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RR 326: Sherri Stock from InMotion Auto Care

Five Years A Shop Owner and a Succession Plan in Place.

The secret to success, according to Sherri Stock is doing the right thing for the right reasons. No matter for your team members or your customers she is passionate to always treat people well.

Sherri Stock from InMotion Auto Care in Lincoln, NE has worked at dealerships for over 25 years and had the opportunity of a lifetime to go into business for herself. She shares some early strategies that has set up her succession plan.

We talk with the Sherri Stock, the ASA Midwest Service Facility of the Year 2017, about the power of a strong business culture, technician pay, business coaches, vendor partners and her commitment to technician training.

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RR 325: Cecil Bullard on Succession Planning

Looking To Get Out? Candid Talk on Succession Planning.

Cecil Bullard joins Carm Capriotto for this interview at ATE in Seattle. A very special interview with a deep conversation on succeeding your business. Statistics reveal that the average shop owner is in their late fifties. A quality succession plan can take 5 to 8 years.

There are many great pieces of advice and wisdom discussed including family issues, what happens after I sell, what place does your ego have in the transaction, and when do you become a coach and not dad.

For non-family transactions, there is some wise advice on structuring a deal. Cecil gives a blueprint on the steps to building a succession plan.

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THA 057: Your Profit & Loss Statement. Learn it. Love it.

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.

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THA 052: Lessons I Learned When I Sold My Shop

Lessons I Learned When I Sold My Shop

Three former shop owners tell their story on selling their business. With Margie van Lierop, Formerly of Beach Cities Garage in Laguna Hills, CA; Scott ‘Gonzo’ Weaver formerly of Superior Auto Electric, Tulsa, OK (You also know Scott from Gonzo’s Tool Box) and Dave Winters formerly of Swedish Automotive in Seattle, WA, share their experience.

Among the talking points, confidentiality, transparent and normalized profit and loss statement, valuation, business broker, asset values, being a landlord and eventual tax liability, among others.

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RR 267: Brian Bates from Eagle Automotive

Your Business Model Needs to Be Fluid and Flexible as Tech and Business Transformations Abound.

Brian Bates from Eagle Automotive in Littleton, CO is a multi-store operation where the strength of his business culture and leadership is based on firm values and integrity.

Brian points out that leaders are not born and being a great leader can be learned. Studying leadership is your most important role as a business owner. You must learn how to be a great leader. He’s built his business based the relationship he has with his team and how they function as an organization. He says, “Customers can feel that.”

An early adopter of Digital Vehicle Inspections a member of the NAPA advisory team and his local Business Development Group has helped influence his business success.

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THA 026: Succession Planning – The Next Generation Entrepreneurs

Are Your Succession Plans Solid? Are You Ready To Leave Your Business To The Next Generation?

Bob Ward from Wardden LLC and former shop owner Russel Andrew bring a few building blocks of succession to the Academy. The message is strong: you need to start NOW to plan on getting your business to succeed without you.

Seventy percent of business owners in the next 20 years will depart their business in many different ways if there is no planning. They must nurture and retain their key leaders and motivate them.

Owners struggle emotionally about leaving their business; because they started with nothing and there is a big attachment to their successes over the years. Owners must think about the joy of leaving their business and seeing their legacy to continue.

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THA 012: What Keeps You Up at Night?

What Keeps You Up At Night? Is a metaphor on what we are concerned with as the world changes at unprecedented speeds.

You need to get out ahead of change and set the vision for your company. Paying attention to every business opportunity and challenge along with technology, business culture and finding and keeping good people helps you sleep well. The occasional 2 AM get up ‘thought’ just may signal an important strategy to pay attention to.

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RR 233: Brian Weeks from atc AutoCenter

How can a Re-Branding Strategy Create a Total Make-Over for this Family Business and Prepare for Market Growth.

Brian Weeks and his brother Chris from atc AutoCenter in Augusta, GA bought out their Dad in 1999 and worked hard in the family transmission business. Their story is typical until they both realized that their current business model was under stress. They needed to make changes to allow them to grow and meet market demands.

Brian shares the re-branding story, and how he and his brother made the bold moves to work on their business instead of in it.

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