Posts Tagged ‘Succession Planning’

RR 429: Family Succession Part 2 – Parents on their Daughters Succession Plan

Family Succession Part 2 – Parents on their Daughters Succession Plan

Welcome to the second installment of Family Succession. Learn how parents mold and develop their children to take the helm of the company after they retire. Hear the discipline, methods and strategy each owner is using as they embark on this important journey of succession.

I’m with Judy Zimmerman Walter, a second generation owner of Zimmerman’s Automotive; Jim Paiva, Owner of Elite Auto Repair; and Jeff Matt, owner of Victory Auto Service and Glass. They are the proud parents of Jacqui Hower, Carly Paiva, and Lauren Anderson of Family Succession Part 1, Episode 401.

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RR 423: Shop Talk 10 – Sold My Business – What’s Next?

Shop Talk 10 – Sold My Business – What’s Next?

Listen to former shop owners talk about their decisions and what they are doing now. Most importantly they suggest that you plan ahead for your future. We also get into the future as they see it.

My guests for Shop Talk 10 are veterans and influencers in our industry. Ron Haugen, a consultant, a teacher and a former shop owner from Westside Auto Pros in Des Moines; Dick Jobe, owns machine head, a metal art maker and a former shop owner of Downtown Import Service popularly known as Dr. Volvo; Doug Stoll, former owner of Susquehanna Auto Clinic and The Auto Clinic and co-founder of Vision, a part-time business coach and Jerry Holcom, co-founder of Vision, president of Midwest Auto Care Alliance and owner of S & S Service in Kansas. Our only non-retiree!

Remember the ability to think about or plan the future with imagination and wisdom is the very definition of what we aim not just for business but for our professional growth as well. What’s next for you!

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RR 407: Dennis Montalbano: He Survived a Heart Attack and Stroke and so Did His Business!

Dennis Montalbano: He Survived a Heart Attack and Stroke and so Did His Business!

This isn’t the first episode I’ve done on having a health scare. Think about it. The interviews I’ve done lived through their health challenge and are now advocates on what you need to do to help survive your business and also to lead a healthier life. Yes, easier said than done, but if I continue to tell these stories maybe we’ll save one or two business out there and even get you to live a long and happy life.

No doubt eating, exercise, and stress play a big part. I know there is no stress working in or building your business.. As I say that with my tongue firmly planted in my cheek. We are in a high-stress industry and that, of course, is a leading contributor to heart and stroke.

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RR 401: Family Succession Part 1 – Our Future Female Shop Owners

Family Succession Part 1 – Our Future Female Shop Owners

We are talking to three millennial ladies who are geared for the succession of the family business. Many of our aftermarkets family businesses want to retire knowing that the business they have built is in safe hands, is moving forward and continues to succeed. Grooming a family member to become the CEO is a big decision and challenging journey.

Our guests are young and energetic female successors; Carly Paiva from Elite Auto Repair, in Warwick, RI, Jacquie Hower from Zimmerman’s Automotive in Mechanicsburg, PA, and Lauren Anderson from Victory Auto Service and Glass in Minneapolis. They understood very well the stakes and the responsibilities. They are not shying away and have shown maturity above their young age.

Carly Paiva has been actively participating in service advisory classes to better herself, Jacqui Hower recently graduated from Northwood and Lauren Anderson is finding ways and solutions to better equip her staff for success. The energy and passion of these three must make their parents proud.

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RR 397: Acquisition Integration – A Look Inside a New Location Transition

Acquisition Integration: A Look Inside a New Location Transition

Mike Allen, a General Manager Telle Tires and Auto Centers tells of his first-hand experience integrating a recent acquisition. This episode will show you the processes of transition and the sensitivities in customers, people, and brand when acquiring new shops.

Mike was recently involved in integration of one of Telle Tires most recent acquisition. This 10 stores 77-year-old legacy company has been on an acquisition path. Mike Allen talks about how he has lead one particular integration for the Telle family.

Aftermarket Professionals and Shop Owners will find this episode useful if they plan to expand and acquire shops. We can never say that there will be no risks with integrations but Mike’s wisdom will help you understand the excitement, opportunities, and challenges that come with growth.

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RR 388: Re-Inventing You! A Personal Story Of Prolific Change.

Re-Inventing You! A Personal Story Of Prolific Change.

Carlo Sabucco from Sils Complete Auto Care Centre, a successful 8 bay shop on the east side of Oakville, Ontario.

This is episode offers some in your face and blunt stores about failure, adversity and managing your ego to get to the next level. You cannot be successful in the changing aftermarket if you do not have the CEO mindset. Your thought process should match the level that you want to be at. There is no downshifting gears when you are climbing a mountain.

Carlo offers one of the most transparent interviews I’ve ever done on the podcast. He shares his romance of selling his business and then he said no. That experience rejuvenated him and allowed him to re-invent his mission and vision about his business and the industry.

One of Carlo’s personal disrupters in his business in 2019 is to take his entire staff to Vision KC. He knows that the future will be shaped by what we do today. Too many shop owners ask for help but never implement. He says they’ll be left behind.

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RR 373: Shop Talk 5 – Retired and Still Helping the Industry

Shop Talk 5 – Retired and Still Helping the Industry

The Roundtable consists of Gary Summerfield, Don Griffin, and Tommy Kendall.

Gary and Don are retired shop owners, who are now landlords and Tommy is still contributing to the industry as a part-timer. They share wisdom of the ages.

Learn how their collective mindset helped transform the shops that they have operated throughout the years. We talk about training, technician pay and paying it forward.

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RR 370: Darren Garlock Treating Company Culture and Customer Retention Alike!

Treating Company Culture and Customer Retention Alike!

Darren Garlock along with his brother Dan are the owners of Silver Lake Auto & Tire Center a multi-shop organization headquartered in Oconomowoc, WI. Like so many Darren started his career in the shop pushing brooms, pumping gas and washing cars.

An early adopter of DVI, Darren explains how he and Dan split their responsibilities and how family, values, culture, and customer all intercede to form a cohesive unit that exemplifies their success. It’s a win-win strategy that needs to be applied to all aftermarket shops.

Learn how they are investing in their people, customers and giving back to their community.

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RR 365: Reto Filli. Shop Owner Sold His Business and Became an E-Myth Business Coach

Shop Owner Sold His Business and Became an E-Myth Business Coach

Reto Filli came from Switzerland and is a trained mechanic. He and his wife ran a successful Auto Repair business for over 26 years that he sold and retired from.

His business took off when he read the E-Myth Revisited from Michael Gerber. He never looked back and he is now enjoying his next career as a E-Myth Business Coach.

We cover concepts of the E-Myth, preparing your business to sell, stop being a know it all, and apprentice programs that are needed to move our industry forward to recruit your youth into our trade.

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THA 082: Acquisition Strategies

Acquisition Strategies

This a perfect bookend episode that connects with Town Hall Academy Episode 075. There we talked ‘Am I ready for my second branch?’

The Panel includes multi shop owners, with growth plans; Greg Bunch, from Aspen Auto Clinic, Colorado Springs and Denver, CO, Greg is also the CEO of Transformers Institute, Dwayne Myers, Dynamic Automotive, Frederick, MD, and Brian Sump, Avalon Motorsports, Denver, CO.

The key talking points are already done for you, sitting on the show notes page at remarkableresults.biz/a075; use them as a to-do list. Just a few highlights: negotiations, scouting leads, approaching owners, financing and a lot more. Another power packed aftermarket lesson for the forever student.

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THA 075: Am I ready For My Second Branch?

Is there another branch location in your plans.

Have you ever thought of growing your brand into other communities? There is an art and science to intelligent growth. According to this Academy panel, it is not an easy task. You can choose an acquisition or open a brand new location.

The Panel includes multi shop owners Greg Bunch, from Aspen Auto Clinic, Colorado Springs and Denver, CO, Dwayne Myers, Dynamic Automotive, Frederick, MD, and Brian Sump, Avalon Motorsports, Denver, CO. They all have additional growth plans.

You will get a solid overview of growing your location count from the panel who have already made a ton of mistakes. Learn from them and take their wisdom to account in your growth plans.

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RR 326: Sherri Stock from InMotion Auto Care

Five Years A Shop Owner and a Succession Plan in Place.

The secret to success, according to Sherri Stock is doing the right thing for the right reasons. No matter for your team members or your customers she is passionate to always treat people well.

Sherri Stock from InMotion Auto Care in Lincoln, NE has worked at dealerships for over 25 years and had the opportunity of a lifetime to go into business for herself. She shares some early strategies that has set up her succession plan.

We talk with the Sherri Stock, the ASA Midwest Service Facility of the Year 2017, about the power of a strong business culture, technician pay, business coaches, vendor partners and her commitment to technician training.

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RR 325: Cecil Bullard on Succession Planning

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.

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THA 057: Your Profit & Loss Statement. Learn it. Love it.

The Power of Strong Financial Statements

No question that knowing the value of your Profit and Loss Statement helps you grow a strong, viable and profitable company. Many shop owners have not gotten intimate enough with the value of their financial statements.

The episode with Maryann Croce from Croce Transmissions in Norwalk, CT, Mark Roberts from Schertz Auto Service in Schertz, TX and Bob Greenwood, AMAM, president of Automotive Aftermarket e-Learning Center show the power of an accurate P & L.

We also talk about the Balance Sheet and the extreme value in accurate finical statements if you are going to sell your business or buy one. Also discussed is where on the P & L is it indicated that you can afford raises and that your emotions will try to override the numbers, because they tell the real story.

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THA 052: Lessons I Learned When I Sold My Shop

Lessons I Learned When I Sold My Shop

Three former shop owners tell their story on selling their business. With Margie van Lierop, Formerly of Beach Cities Garage in Laguna Hills, CA; Scott ‘Gonzo’ Weaver formerly of Superior Auto Electric, Tulsa, OK (You also know Scott from Gonzo’s Tool Box) and Dave Winters formerly of Swedish Automotive in Seattle, WA, share their experience.

Among the talking points, confidentiality, transparent and normalized profit and loss statement, valuation, business broker, asset values, being a landlord and eventual tax liability, among others.

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