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

Ron Haugen – Sold his business Westside Auto Pros, Des Moines, IA. Ron is consulting and teaching.

Dick Jobe – Former shop owner, Downtown Import Service. He was known as Dr. Volvo. He now owns Machine Head and he is making metal art.

Doug Stoll – Retired. Past owner of Susquehanna Auto Clinic and The Auto Clinic. Now a part-time coach for Elite Worldwide. A co-founder of Vision.

Jerry Holcom – President of Mid West Auto Care Alliance (MWACA) and owner of S & S Service in Kansas City, MO. A co-founder of Vision.

 

Key Talking Points

  • Succession plan- need to plan ahead
    • It’s worth what it’s worth- business is worth cash flow not assets
    • Common mistake- last 5-6 years of owner’s career they do not want to spend money/send employees for training. Declining business because they are not aggressively growing it and subsequently will not worth as much when want to sell
    • You’re either going to die or retire- be in control of your retirement, plan when and set yourself up for life after business. Don’t let a life event plan it for you.  
  • Future in industry
    • Cost of business increasing
    • More specialization due to technology
    • Consolidation
  • Business coach
    • Establish and fund budget for annual equipment purchases
  • JerryHolcom
    • Not retired but his friends on the podcast are!
    • Loves going to work at shop still
  • Doug Stoll
    • Had a goal to retire at 50. He made that goal. Sold business in 2003
    • Avid golfer
    • Business coaching part-time
  • Dick Jobe
    • “Dr Volvo”
    • Before sold business went back to school and got a degree in machine tool technology and advanced welding
    • www.machineheadkc.com– mentor interns and help them grow
    • Started making artistic work
  • Ron Haugen
    • Sold business in September 2018
    • Business coaching part-time and living the dream in Mexico

Resources:

  • Thanks to Jerry Holcom, Doug Stoll, Dick Jobe and Ron Haugen for their contribution to the aftermarket’s premier podcast.
  • Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
  • Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.

 

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About the author, Carm Capriotto, AAP

Carm is the founder and host of the Remarkable Results Radio Podcast; the only one of its type in the automotive aftermarket. Carm calls on his 35 years’ experience in the aftermarket to bring engaging stories from his guests.

Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.

As host, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ path to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.