Retirement Plans and Profit Sharing Insights [THA 211]
Sabrina Gatewood and her husband have owned a shop since 1994. She is the bookkeeper for the shop. She does all the taxes, pays bills, etc. as well as creates paychecks. She has been a financial advisor since 2011. She helped her husband and other business owners like him to plan for retirement. She also helps with group health plans and voluntary benefits. Sabrina can also open 401K plans and simple IRAs. Listen to Sabrina’s previous episodes HERE.
Greg Skolnik is the owner of Motor Works, Inc. in Rockville, MD. He is certified as a Master Automobile Technician and holds the prestigious L-1 advanced engine performance and emission analysis certification. Greg also received his (AMAM) degree from the Automotive Management Institute. Greg has a four-day workweek and has been doing pre-scheduling for years. He is also a part-time coach for Elite World Wide. Listen to Greg’s previous episodes HERE.
Key Talking Points:
- You gotta pay attention to your peopleMost small business owners are freaking out over how much things cost
- Pay to Play
- Social security was never designed to be a retirement plan
- 401K is just one area to take care of your employees
- You don’t go to church to be converted, you go to church as a reminder!
- 88% of workers view a 401k as an important benefit in looking for a job
- You definitely need to take care of your employees, they are our bread and butterA good way to reward good employees is with benefits
- Most of the people that have been doing this for a long time are starting to wonder “how am I gonna get out of this (career or shop owner)
- How hard is it to sit down with a certified financial planner and do this?There are many options out there
- Find someone you can trust and guide you
- A standard IRA
- Put together plans to take care of your employees, it’s the right thing to do
- Offer employees a meeting with a financial advisor along with that 401k, this will show them where their money is going each paycheck
- Accountant or Financial Planner first?Both
- Safe harbor program
- Upside and DownsideDownsideCashflow is king
- Start-up admin costs
- Admin time to keep the program going
- UpsidePut away maximum amounts
- Roth IRA – tax free
- Benefits your employees
- Tax savings for shop owners
- Your investing, not paying a bill
- Saving money is not sexy, Investing is
- Your moving money from one pocket to the other
- Finding a great financial planner Usually a referral
- Final WordsSabrinaEveryone’s shop is different
- No cookie cutter approach
- Your never gonna go wrong helping someone else get what they need
- GregIt’s a spoke in a wheel
- It’s just one of the spokes
- Holidays are another spokes
- All the spokes – we put together as a package to make us more attractive to the top talent than the shop down the street
Resources:
- A special thanks toSabrina Gatewood and Greg Skolnik for their contribution to the aftermarket.
- Books Page HERE
- Listen to all Remarkable Results Radio, For The Record and Town Hall Academy episodes.
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of 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 of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
Follow the podcast on your favorite podcast listening app and always listen to learn just one thing!