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
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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!Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes
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.Listen and view episode notes