So You Think You Want To Open Your Second Location? [THA 377]
Episode 377 •
25th April 2024 • Remarkable Results Radio Podcast • Carm Capriotto, AAP
00:00:00
00:51:16
Shownotes
Thanks to our Partner, NAPA TRACS and AutoFix Auto Shop Coaching
Industry shop owners discuss the challenges and strategies of opening and managing a second location. They explore the motivations behind opening additional shops, touching on wealth building, seeking new challenges, and planning for retirement. Carl Hutchinson emphasizes the importance of providing a growth path and career opportunities to attract and train the next generation of industry professionals. The conversation highlights the complexities of scaling a business and the need for strong leadership, financial planning, and a commitment to developing talent within the industry.
Carl Hutchinson, Complete Automotive, 2 locations, Springfield, MO. Listen to Carl’s previous episodes HERE
Kim Auernheimer, CS Automotive, 2 locations, TN. Listen to Kim’s Episodes HERE.
Jim Fleischman, Automotive Alley, 2 locations, Arcade and Marilla, NY. Listen to Jim’s previous episodes HERE.
- Watch Full Video Episode
- Behind the Scenes: New Shop Retrofit/Remodel with Carl Hutchinson [CC 097]: https://remarkableresults.biz/remarkable-results-radio-podcast/cc097/
- Store two considerations (00:01:01) Discussion on the importance and reasons for opening a second store, including financing and marketing efforts.
- Finding the second location (00:02:52) Panelists share their experiences in finding and choosing the location for their second store.
- Preparation and challenges (00:09:33) Challenges and preparations for operating a second location, including policies, procedures, and staffing.
- Systemizing and structuring (00:12:29) The importance of systemizing and structuring operations for a second location, as well as the challenges and preparations involved.
- Transition and training (00:15:14) Discussion on transitioning and training staff for a new location, including the use of a shop management system.
- Reflection and passion (00:17:32) Reflecting on the passion and effort required to start and grow a business, including the challenges of expanding to multiple locations.
- Store Number Two Challenges (00:17:56) Challenges of opening a second store, losing customers, ordering parts, and managing separate entities.
- Inventory and Supplies (00:20:14) Challenges in stocking inventory and supplies for a new store, unexpected expenses, and the importance of thorough planning.
- Financing and Cash Flow (00:24:43) Discussion on financing options, including seller financing, bank loans, and personal investment, and the impact of COVID-19.
- People Problems and Leadership (00:29:17) Dealing with turnover, hiring challenges, and the importance of finding the right people for leadership roles.
- Grooming and Growing Store Two (00:32:45) Balancing time and effort between store two and store one, empowering vice presidents, and the changing role of the company president.
- Building an MSO (00:34:48) Discussion on the motivations for building a multi-shop operation, including retirement planning, challenges, and personal growth.
- Creating Career Paths (00:41:26) The importance of creating a career path for the younger generation, fast-tracking growth, and training and educating employees.
- Valuing and Acquiring Businesses (00:47:31) Challenges in valuing and acquiring businesses, including the impact of market competition and the importance of assessing profitability.
- Equipment and Location Considerations (00:49:29) Discussion on starting from scratch, acquiring equipment, and the significance of location and infrastructure.
