Seller Beware [THA 304]
Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake.
Watch Episode HERE
Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast
Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast
Show Notes:
- Succession plan for Riverside Automotive- Matt buys out the current owner
- Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and ‘gift tax.’ Explains his team could get this deal done for around $40,000
- Hunt Demarest- aggressive salespeople will pray on the owner’s goals, insecurities and dreams with pressure behind it.
- The importance of valuations from someone that is versed in the automotive industry.
- Seller and buyer have to be on the same page with transparent communication
- What is your relationship with your banker?
- Be mindful of the opinions you are getting and who you are sharing information with
Connect with the Podcast
Check out today’s partners:
Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com
Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com
