THA 141 Town Hall Academy on Selling your Business – Valuation Strategies
This episode on ‘Selling your Business – Valuation Strategies’ will provide a great lesson on tactics to obtain a great value for your business. The caveat is that you need to have a successful business and we do discuss some strategies on how to make that happen.
I’m delighted to have Greg Bunch, owner of Aspen Auto Clinic a five-store operation in Colorado Spring, CO and the President of Transformers Institute that provides proven strategies to transform your business, Bob Ward from Wardden, LLC believes that a Perpetual Business is profitable and sustainable without you as you prepare for sale or succession and Joel Zaleski a partner at Cardinal Brokers.
This panel will inform you as we continue an important industry discussion on succession and business valuation. There are many misnomers about what can I sell my business for. If you’ve never done the research you’ll find out it is much different than what you may want for your business. You’ve got to have something to sell to a potential buyer. If your only real asset if location, you could do well, however you need much more than that if you want to sell and retire after years of hard work.Listen and view episode notes
Fundamental Communicating and Selling. Is Face To Face Communications Gone?
Guests Dr. John Passante is a legacy automotive aftermarket Human Resource Professional and President/CEO of the Organizational Development Group. He is an adjunct professor at the University of the Aftermarket, listed in Who’s Who in Training and Development and in the Automotive Hall of Fame. John is also an Executive Coach to many aftermarket leaders.
Rob Tinson has held key sales and marketing roles in the industry. Rob is Director of Sales for North America at Schrader TPMS Solutions a leading manufacturer of Tire Pressure Monitoring Systems, a part of Sensata Technologies.
Do you understand the basics of communicating and selling? Learn the intricacies of creating a partnership before making a sale. Understand the importance of humanizing a lot of things which were oversimplified by the use of technology.
Life works better when we communicate either using tech or better yet face to face. (Do you remember how to do that?) Communication is very important because it is where we build trust and credibility and how partnerships are built.Listen and view episode notes
THA 130 Service Advisor Role Play
My guests are role-playing these three situations: #1: Brakes- the client knows what is wrong and the car has been inspected somewhere else, $2: Oil change- just looking for a price and #3: The Check Engine Light is on – how much to replace the catalytic converter?
My panel includes Rena Rennebohm CEO of Empowered Advisor, Dave Nelson From Antero’s Automotive, Greenwood Village, Colorado and RJ Milnes from DK Automotive Repair, Antioch, CA
Let features and benefits be the service advisors strong tools and during a call, you are interviewing the customer and they are interviewing you, both looking for a good fit. If cheep is what they want and you can’t deliver you’ve learned.
THA 129 Customer Financing Options
What options do you have to help your customers with credit choices. There are many vendor credit options to choose from and they are great. Maybe you don’t use them, maybe you should. No one wants a customer to walk out on a major purchase especially safety related. This session is here to help you capture more of the big-ticket jobs.
You just may hear a financing option idea or two that you’ve never considered. And that is exactly what we do here, push the envelope on strategies and ideas to help you grow as a leader and build your business.
Hear about the acceptance rate of vendor finance programs and a few creative ideas on how to lock in customers with a pre-payment plan. Ever do a comparison of buying new or used vs fixing the vehicle that needs all the work? Have you ever heard of the M & D loan? You are about to.Listen and view episode notes
Are you ready to sell your business? Do you know how to prepare? Is it a buyers market or a seller’s market? Do you understand some of the financial principles that drive a transaction? About 50% of you will be impacted by this discussion in the near future.
We cover a large swatch of ground as we talk about the incredible opportunity for sellers as the industry consolidates, getting your financials right, processes, leases, and the all-important EBITDA number.
The panel includes three members of Cardinal Brokers: Norm Gaither, Dennis McCarron, Joel Zaleski and a shop owner who recently sold his business Jeff Pohlman Retired from Jeff Pohlman Tire a 5 Locations operation.Listen and view episode notes
Jonnie Wright – Customer Service: What Are The Three Things You Want To Get Better At
Keeping customers satisfied is what most businesses strive for and it is what keeps them coming back.
Listen to the story of customer service from Jonnie Wright. Jonnie owns The Buyosphere. Jonnie and I get into a very deep conversation on customer service, generations, the future of phone skills, secret shopping, and reviews. Later in the episode, you will learn that the most important customer becomes the one you wListen and view episode notes
Aaron Shaffer Wants The Service Professional to Consider Selling Premium Products For All the Right Reasons. Pick Replacement Parts That Best Serves the Intended OE Performance of the Entire SystemListen and view episode notes
Barry Barrett – Book Review – Never Split The Difference by Chris Voss
Barry reviews and shows the principles of the book by Chris Voss and Tahl Raz called “Never split the difference – Negotiating As If Your Life Depended On It”.
Barry covers the premise of the book that builds a foundation for negotiation on the basis of understanding the other party through empathy and active listening skills.
Barry does a good job summarizing the book and bringing its principles to an aftermarket perspective.Listen and view episode notes
Turn Phone Price Shoppers into Customers
We bring light to the service adviser/manager position as the toughest job in the company. It is very possible that your caller may not be looking for a price because they don’t know what else to ask. We talk about getting your value story told and the power of the smile among about a dozen other great lessons from this episode. It is suggested to get in your appointment making mode every time the phone rings.
On the Academy panel is Emily Sundstrom, Service Manager at Valley Auto Electric from Covington, WA and Business Coach Bill Haas, AAM from Haas Performance Consulting.Listen and view episode notes
Service Talk Part 1 – The Center of the Hub: Customer – Technician – Owner
Service advisors are the liaisons between the customer, technicians and the owners. Their job is one of the most important in the aftermarket service industry.
Trust and Communications are the keys to building a relationship with your customer. Trusting your tech is also critical to building a strong relationship.
We talk female service advisors, curb appeal, the disadvantage of being a former technician and how to get the owner to make the SA the point person, among other topics.
I’m so glad to welcome Racheal Barraclough, Service Manager at Amton Auto & Truck, Chris Johnson, Service Manager at Total Automotive, and Nick Herberger, Service Manager at Scruggs Automotive.Listen and view episode notes
What Happens When a Technician Becomes a Customer for Automotive Repair.
Pete Meir, Director of Training for the UBM Advanstar Automotive Group, which includes Motor Age magazine, wrote a story “When a Technician Becomes a Customer for Automotive Repair Service.” You can only imagine the implications and ramifications this implores.
When Pete needed tires for his truck he became a customer. He was not delighted with the service he was given and it drove him to write about it. He may have never written it if he had a satisfying and complete service experience. It’s tough to be in this industry and not judge your own personal experiences and standards against all others.
Training and Customer Service are the very processes that needed improvement and constant adjustment to meeting trends and everyday situations. Having this can equip a technician and service adviser in most decision making situations.Listen and view episode notes
Low Hanging Financial Fruit That Will Improve Your Profits
The cost of doing business rises each year. Net profits that are necessary to move your business forward are challenged each day.
Our panel talks about the value of inspections on your sales, association membership, and billing for all parts and fluids used on a repair. We get into some cost savings ideas and using the power of a company credit card to help with training costs.Listen and view episode notes
Looking To Get Out? Candid Talk on Succession Planning.
Cecil Bullard joins Carm Capriotto for this interview at ATE in Seattle. A very special interview with a deep conversation on succeeding your business. Statistics reveal that the average shop owner is in their late fifties. A quality succession plan can take 5 to 8 years.
There are many great pieces of advice and wisdom discussed including family issues, what happens after I sell, what place does your ego have in the transaction, and when do you become a coach and not dad.
For non-family transactions, there is some wise advice on structuring a deal. Cecil gives a blueprint on the steps to building a succession plan.Listen and view episode notes
The Rule of Holes: Know When To Stop Digging
Knowing your break-even point — the point at which total cost and total revenue are equal is important to running a business. It is not just good enough to reach your daily break even, you must exceed it if you are to stay in business.
Knowing the break-even point is helpful in deciding gross margin on parts, labor rates, setting sales budgets and preparing a business plan. If you do not reach your daily break-even then there is a great chance that you had a loss of profit for the day.
This episode provides a worksheet download for calculating break-even. The numbers will come from your financial statements. Your accountant can also provide them. The key to knowing your break-even set the tone when you are reaching for your profitable sales goal. You’ll know what the minimum excepted number is without digging yourself into a hole.Listen and view episode notes