RR 423: Shop Talk 10 – Sold My Business – What’s Next?
Ron Haugen – Sold his business Westside Auto Pros, Des Moines, IA. Ron is consulting and teaching.
Dick Jobe – Former shop owner, Downtown Import Service. He was known as Dr. Volvo. He now owns Machine Head and he is making metal art.
Doug Stoll – Retired. Past owner of Susquehanna Auto Clinic and The Auto Clinic. Now a part-time coach for Elite Worldwide. A co-founder of Vision.
Jerry Holcom – President of Mid West Auto Care Alliance (MWACA) and owner of S & S Service in Kansas City, MO. A co-founder of Vision.
Key Talking Points
Succession plan- need to plan aheadIt’s worth what it’s worth- business is worth cash flow not assets
Common mistake- last 5-6 years of owner’s career they do not want to spend money/send employees for training. Declining business because they are not aggressively growing it and subsequently will not worth as much when want to sell
You’re either going to die or retire- be in control of your retirement, plan when and set yourself up for life after business. Don’t let a life event plan it for you.
Future in industry Cost of business increasing
More specialization due to technology
Business coachEstablish and fund budget for annual equipment purchases
JerryHolcomNot retired but his friends on the podcast are!
Loves going to work at shop still
Doug StollHad a goal to retire at 50. He made that goal. Sold business in 2003
Business coaching part-time
Dick Jobe“Dr Volvo”
Before sold business went back to school and got a degree in machine tool technology and advanced welding
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