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 aheadIt’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 coachEstablish and fund budget for annual equipment purchases
• JerryHolcomNot retired but his friends on the podcast are!
• Loves going to work at shop still
• Doug StollHad 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 HaugenSold 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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