The Perfect Second Location - Greg Buckley [RR 785]
Episode 785 •
4th October 2022 • Remarkable Results Radio Podcast • Carm Capriotto, AAP
00:00:00
00:51:00
Shownotes
Sometimes the best opportunities happen when you’re not even looking for it. Greg Buckley wasn’t searching for a second location, but a gold mine fell on his lap for the taking. The business he purchased was run as a hobby without any records. Find out how and why Greg took on this second location, 85 miles away from his 1st location.
Greg Buckley, owner of Buckley’s Auto Care in Wilmington, and Millsboro DE. Greg’s previous episodes HERE.
Key Talking Points
- The second location has 2000 square foot apartment above the shop- 85 miles from the original location
- Booming growth in Delaware
- “It’s not where the puck is, it’s where the puck is going to be”
- Homework- worked for a week with the owners, asked for P & L sheets, taxes etc
- 3 part deal- 450K for real estate property, 113K for equipment, 227K for goodwill. Hold mortgage for 7 years. Went to the settlement with 40K
- No records- customers, parts, work orders are estimates only then disappeared with no final invoice
- Paying employees- the pressure is on the owner to provide opportunities for them to succeed
- LSD (lower slower Delaware)- adjusting to the different timelines with parts availability and customers have a slower timeframe to get their vehicles back
- Challenges- seeing cars with cheap part repairs, introducing DVI’s to customers
- ARO- close to 1K
- Run your business as a business, not a hobby
