Episode 67 – How a Financial Assessment Process Works Part 5: Family Considerations and Family Succession
We’re now halfway through this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast. For Part 5, I discussed the value of having the family involved in planning for the future of the business and why family meetings are vital. I talked about: (03:42) The first step in planning for […]
Don’t Eat the Bear in One Bite: Planning Your Future in Steps
A recent conversation with a shop owner reminded me of one of the biggest mistakes the vast majority make when planning their future. Bob started his shop over 30 years ago and built a successful business. He was now looking to eventually transition to the next phase of his life. He thought he has successors […]
Episode 66 – How to Prepare Your Family Business for the Fourth Quarter with Nicholas Niemann
When it comes to family businesses, continuity is key. And no one knows this better than the business owner who is looking to transition out of their business. Whether it’s due to retirement, health concerns, or simply a desire to move on to something new, exiting a business can be complex and emotionally draining. Fortunately, […]
Episode 65 – How a Financial Assessment Process Works Part 4: Why Developing Culture Within Your Business Matters
As we continue on the fourth of this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast, I shared why culture is vital and how it contributes to increasing the value of any business. Also, I discussed succession development and employee retention, which are essential parts of exit planning for […]
Episode 64 – Which Business Structure is Right For You – S Corp or C Corp? with Stuart Sorkin
Choosing the right business structure can be overwhelming for most business owners. That’s mainly because not everyone has a background in accounting or tax law. And it’s no surprise that there is often some confusion about what S Corp and C Corp mean, their benefits and disadvantages, and what factors should be considered in choosing […]
Episode 63 – How a Financial Assessment Process Works Part 3: The Importance of a Value Drivers Report
We are now in the third installment of this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast. In this episode, I discussed the importance of identifying value divers and exit objectives for the family business. One of the important aspects of my financial assessment process is to consider the […]
Episode 62 – What Leadership in the Automotive Industry Looks Like With Dan Ryan
Many people who own automotive repair businesses started out as technicians. They may be excellent at repairing cars but they have no experience leading a team of people. As a result, they may not be aware of the various strategies that good leaders use to motivate and inspire their employees. And without proper guidance, business […]
Episode 61 – How a Financial Assessment Process Works Part 2: Know What Your Business is Worth
A couple of weeks ago, I shared with you the first of an eight-part series where I was invited as a guest for the Virtual U.S. Financial Advisors podcast. Basically, I gave the audience an idea of how I identify my client’s major wants, needs, and concerns through my financial assessment process. In this second […]
Valuable Insights From an Industry Disruptor with Frank Terlep
Several disruptive trends are affecting the auto repair industry today. With the rapid advances in automotive technology, the challenges it presents are poised to transform the industry for decades to come. So, the question arises, “how can an auto repair shop owner ensure their business survives and thrives in the future?” Frank Terlep, CEO […]
Episode 60 – What Collision Shop Owners Should Know About Employee Retention Credits (ERC) with Ray Roth
A lot of businesses all over the world have been hit hard by the pandemic and the collision industry is no exception. With a lot of us working from home, people were driving less and there has been a significant decrease in the number of car accidents. As a result, many shops were forced […]