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Forecasting Your Future [RR 826]

Carm Capriotto, AAP — Fri, 24 Feb 2023 05:15:00 +0000

The future is here, consolidation is already happening. The middle-level shops will now be at the bottom end of the bell curve. What are the trends at the OEM level? Is Uber/Lyft the fleet of the future? What is the outlook of the changing service aftermarket? Recorded Live at the 2022 Institute Summit, Michael Smith, Brian Bates, and AJ Nealey discuss the future; it is happening sooner than we think.

Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE

Brian Bates, Eagle Automotive Service, Littleton, CO, 9 locations. Brian’s previous episodes HERE

AJ Nealey, Nealey Auto Service, Edgewater, MD. AJ’s previous episodes HERE

Show Notes

Trends- what’s happening at the OEM level? What are the automotive companies doing now and what are they planning to do? How fast they’re planning to do it?
What they do now is what we will experience three to five years down the road.
Dealership service department- struggling to retain and hire technicians
As a manufacturer, dealerships are a necessary evil in their world because they have to have somebody distribute the parts, distribute the cars, interact with the customers, etc.
Car buying experience- is the salesperson/car lot necessary?
Do we have an opportunity to manage/repair fleets? Imagine Uber and Lyft are the fleets of the future.
The emotion is the connection- how do we accept self-driving vehicles? Your identity?
There’s a global movement around ESG, Environment, Society, and Governance. And the concept of it is to have this green movement, which is being sold through the media.
If the auto companies can have their way and they dominate all of it, the connectivity, the autonomous, if they have control of all that at the auto company level, they estimate it’s a 34 billion a year profit for the automotive industry versus if they lose touch with this and Uber’s shared mobility and all this gets distributed, 5 to 6 billion a year in profit.
Baby boomers want out of the industry- buyers market for shop
In the future, there will be fewer competitors who are bigger. And more sophisticated, and many of the marginal shops will have been long gone. The middle-level shops will now be at the bottom end of that bell curve. And so the whole industry has taken giant leaps forward beyond where we’ve been before.
2017-250,000 shops. 2022-127,400 shops
What is the value of your shop? How can you create as much value for your business as possible?
Find your Purpose.
Build a company that has value, and that value has to be built around people
What do you want to do in the next two to five years?
You have to put a team in place that has value to somebody coming and wanting to acquire your business.
The most important part of this is who you bring on board and inspiring them and leading them.
“Impacting lives by inspiring values”
Give back to the people, community, and business
Get out of your comfort zone and make those changes

Thanks to our Partners, AAPEX and NAPA TRACS.

Set your sights on Las Vegas in 2023. Mark your calendar now … October 31 – Nov 2, 2023, AAPEX – Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM

NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at NAPATRACS.com

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Preparing For The Next Five Years [RR 778]

Carm Capriotto, AAP — Fri, 09 Sep 2022 05:15:00 +0000

If only we had a crystal ball to peak at the next 5 years. As a shop owner, you might still be booked out 2-3 weeks, but with gas prices, inflation, the great resignation, interest rates, and new and used car costs, what do you need to pay attention to in the short term to continue to be profitable and relevant?

Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast

Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast

Joe Marconi, Executive Council Member, Elite Worldwide. Joe’s Episodes HERE.

Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE

Jaron Kleber, National Sales Manager, Repair Shop of Tomorrow

Key Talking Points

Your employees should be your greatest strength. Invest in THEM to secure their future and the future of your business. Connect the dots with their goals and the company’s goals. Don’t ignore the people in your shop. Don’t get complacent.
Productivity, efficiency, and effective labor rate are the 3 most important numbers in your business
Systems, operations, and procedures. SOPs will set you free! Important to train the whole team on “what right looks like” so that everyone is rowing the boat in the same direction. It’s not about the one, it’s about the all. TEAMWORK makes the dream work.
The automobile service industry is undergoing a literal revolution. The boomers are increasingly aging out, the number of independent competitors is shrinking fast, being a future top-shop will require much more business sophistication in the future, and the third-party investor feeding frenzy has begun. Smart owners need a strong business strategy, steeped in their legacy and exit strategy, to lead through these changes rather than just playing catch-up.
Baby boomers retiring- 80-85% aren’t worth making a private equity investment
Shop owners coming from outside the industry- thinking from a business perspective
Elevating the industry through training and coaching
Profit vs cash- cash brings personal spending habits into play, preserving cash
Will it slow down? It matters what you do during the good times that will help you survive the bad times. Don’t let car count carry you. Redefine who you are and honed in

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Set your sights on Las Vegas in 2022. Mark your calendar now … November 1-3, 2022, AAPEX – Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM/WEBINAR.

Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com

The Extreme Value of a ‘SWOT’ for your Business [THA 283]

Carm Capriotto, AAP — Thu, 07 Jul 2022 05:15:00 +0000

How often are you checking on the overall health of your business with your team members involved? Are you identifying and working on the strengths, weaknesses, opportunities, and threats, known as SWOT? How do you start a SWOT analysis? What are the benefits? How do you find your blindspots? Does knowing your SWOT give you a competitive advantage? My panel takes a deep dive into the value of SWOT and shares their own experiences.

Watch the Episode on YouTube

Brian Bates, Eagle Automotive Service, Littleton, CO, 9 locations. Brian’s previous episodes HERE

Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE

Bill Van Hoose, General Manager, Eagle Automotive Service, Littleton, CO, 5 locations

Key Talking Points

SWOT Analysis is just one component of a comprehensive approach to continuously reassessing and improving a company’s structure, performance & results over time. SWOT is Step #1 in a 5-step value building cycle – As-Is discovery, To-Be future, gap analysis, gap closure, and begin again.
Strengths & Weaknesses are INTERNALLY-focused and Opportunities & Threats are EXTERNALLY-focused.
Path to Mastery – Achieving mastery requires continuous assessment & development; SWOT plays a crucial role
A comprehensive (breadth) SWOT analysis examines ALL value-levers & business functions.
A deep-dive (depth) SWOT analysis includes an alignment-assessment for each lever & function, from vision down through deliverables & success metrics.
People do business with people
Consider doing a SWOT post Covid
Starting- pick 1 problem area first, you will uncover other problem areas naturally. Remove your arrogance during the process. Add humility. Ensure your team is aligned with your culture, business and SWOT. It is a collaborative effort to improve, you are not assigning blame.
Implementing SWOT with a qualified moderator to dig deep, unveil blindspots and ask the hard questions
“What’s your legacy? What is your exit strategy?” Have the end in mind. What is your value proposition?

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More Time. More Profit. Shop-Ware Shop Management getshopware.com

Workplace Motivation [THA 260]

Carm Capriotto, AAP — Thu, 27 Jan 2022 05:15:00 +0000

It’s easy to discuss culture and workplace motivation, everyone understands people want to work in a positive environment. But did you ever stop to think about what truly motivates people? Guess what, it is unique to each person. Do you understand the tangible goals for each individual in your business based on what motivates them personally? Spoiler alert, money isn’t the main motivator for people.

Watch Episode on YouTube

Brian Bates, Eagle Automotive, Based in Littleton, CO, MSO 4 shops

Michael Smith, Managing Partner, Herzberg Smith and Co

Casey McGowan, Casey’s Independent, Vancouver, WA

Key Talking Points

Not just about the pay- ask during the interview, what is your end goal? What is their vision? Is it aligned with your vision?
Setting achievable goals & staying focused on the results- baby step goals, don’t dangle a carrot and keep moving it
People leave jobs because of the environment
Hungry, humble, and smart- hunger is either innate or note
Career pathing with people on your team is highly motivational and a good way for them to stay centered
Humans are only truly motivated intrinsically (from within). Motivation- defined as the internal energy to make a change or achieve a goal, it does not come from external factors, influences or forces. What are the needs of the individual? And what motivates them?
3 stages everyone innately yearns for physical needs, psychological (belonging to the group, team environment, self-esteem), self-fulfillment (finding meaning in what you do). Salary only covers physical needs.
These truths begin to reveal the reasons why incentive pay plans, performance bonuses, perks, increased status, etc. are only marginally-effective human influencers. Bonus programs don’t change behaviors.
Apprentice, journeyman, master- each needs different goals
Discovering motivation- “How are you? How are we? How am I?”
“The Power of the Other” 4 corners of communication- disconnected, false sense, toxic level, celebrate victories/challenge you/console/ask how they can help.

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