Brandon Ludwikowski, Midwest Performance Cars, Chicago and Northbrook, IL.
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- Attitude is Key (00:02:12) Brandon emphasizes the importance of having a positive attitude in the face of challenges and setbacks.
- Providing the Right Tools and Knowledge (00:03:19) Brandon discusses the need for owners to provide technicians with the necessary tools and knowledge to perform their job effectively.
- Finding the Best Training Sources (00:04:51) Andy explains how he identifies knowledge gaps in his team and seeks out the best training sources to enhance their skills and capabilities.
- Using a dashboard for learning and improvement (00:09:10) Discussion about the usefulness of a dashboard in identifying areas for improvement.
- Dealing with overconfidence and ego in technicians (00:09:42) The challenges of working with technicians who believe they know everything and the importance of leaving ego at the door.
- Considering succession planning and bringing on an ownership team. (00:11:01) The reasons behind bringing on an ownership team, including geographical considerations and planning for the future.
- The journey to becoming part owners (00:17:56) Brandon discusses the process of becoming a part owner of Midwest Performance Cars and the decision-making involved. Andy describes the complementary skills and characteristics of the three owners: Chris, Ryan, and Brandon.
- Future plans and ownership transition (00:24:34) Andy explains the terms of the deal, including the timeline for the owners to fully pay for their shares and the possibility of Andy staying on as an advisor.
- The importance of balance sheets (00:31:46) Andy explains the importance of understanding balance sheets and how they show the true worth of a business.
- Teaching finance to the team (00:34:02) Andy discusses how he teaches finance to his team, emphasizing the importance of understanding numbers and making informed decisions.
- Transitioning from a single owner to a business owner (00:34:24) The conversation shifts to the challenges faced by single owners and how they can start transitioning to becoming successful business owners.
- The balance sheet and cash flow statements (00:34:40) Explanation of the importance of understanding balance sheets and cash flow statements for business owners.
- The benefits of having a coach (00:36:17) Discussion on the positive impact of having a coach for business owners.
- Transitioning to a business mindset (00:37:08) The importance of shop owners understanding the business side of their industry and becoming businessmen, rather than just shop owners.
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