Did you go into business planning to build a multi-million dollar “product” you could sell? When it comes to auto repair, this is rarely the case. Most of the shop owners I work with started their shop as technicians with a desire to do a better job than the guy they worked for. Often, they…
What’s the biggest gamble you can take as a shop owner? Since Las Vegas is the mecca of gambling, I decided to study two famous Vegas acts, to get the answer. First, there’s Siegfried and Roy. They were stage magicians who were known for performing with lions and tigers. They decided not to hire other…
After many months of struggle, “Mark” was finally turning the corner. The year was 2012 and he was the owner of a Midas in the Midwest. Making payroll wasn’t a problem, and he was no longer consumed with the concept of cost-cutting. Mark believed that time was on his side and confident of the direction…
During my days as a district manager, I had the opportunity to witness the building of several new locations. The builders would arrive on-site and we would review the drawings. I could see how many bays we would have, the layout of the customer waiting area, and total facility square footage. As I observed, I…
Are you on the fence about replacing yourself in the business? This topic reminds me of an encounter I had with a shop owner named “Chuck” back in 2009. After several years of struggle, he had grown his business to where he could finally pay himself without having to invest his own money to pay…
A 2018 study by Northwestern Mutual found that one in three Americans have less than $5,000 in retirement accounts. 33% of baby boomers, those closest to retirement age, have less than $25,000 in retirement. The statistics are no better for small business owners. A 2017 Manta survey found that 36% of small business owners surveyed…
Imagine me pulling up to your shop in a shiny, black, 2018 Mercedes Benz CLS 550 Coupe. It’s fully equipped to include the 8-cylinder engine, 18-inch aluminum wheels, leather bucket seats, a sunroof, and the leather-upholstered dashboard. As we begin to discuss the car, our conversation shifts to my warranty coverage. “So, what does your…