The Perfect Second Location – Greg Buckley [RR 785]
Sometimes the best opportunities happen when you’re not even looking for it. Greg Buckley wasn’t searching for a second location, but a gold mine fell on his lap for the taking. The business he purchased was run as a hobby without any records. Find out how and why Greg took on this second location, 85 miles away from his 1st location.
Greg Buckley, owner of Buckley’s Auto Care in Wilmington, and Millsboro DE. Greg’s previous episodes HERE.
Key Talking Points
- The second location has 2000 square foot apartment above the shop- 85 miles from the original location
- Booming growth in Delaware
- “It’s not where the puck is, it’s where the puck is going to be”
- Homework- worked for a week with the owners, asked for P & L sheets, taxes etc
- 3 part deal- 450K for real estate property, 113K for equipment, 227K for goodwill. Hold mortgage for 7 years. Went to the settlement with 40K
- No records- customers, parts, work orders are estimates only then disappeared with no final invoice
- Paying employees- the pressure is on the owner to provide opportunities for them to succeed
- LSD (lower slower Delaware)- adjusting to the different timelines with parts availability and customers have a slower timeframe to get their vehicles back
- Challenges- seeing cars with cheap part repairs, introducing DVI’s to customers
- ARO- close to 1K
- Run your business as a business, not a hobby
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Learn more about NAPA AutoCare and the benefits of being part of the NAPA family by visiting www.NAPAAutoCare.com
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!