When Your Shop Is Worth Much More Than You Thought
Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.
Passing The Baton: Creating An Exit Strategy
Whether you are nearing retirement or have decades left, there’s no time like the present to begin forming your exit strategy. Knowing well in advance what it is you plan to do with your business when you retire will help you get the business in top shape to garner a high selling price as well as minimize the tax impact of passing the shop to family members. It also ensures you’re prepared in the event of a health emergency, should one unfortunately arise.
Top 10 Reasons Shops Don’t Sell
Many auto service shop owners and tire dealers have focused their lives on growing and developing their businesses. When life happens – time for retirement, moving on to another career opportunity, family or health issues – a seller can find that a huge gap exists between what they had hoped the business was worth and what a buyer will actually pay for it.
Increase Your Shop’s Financial Performance To Boost Its Market Value
There are many factors at play when determining the right time to sell your business. Each business and each owner is unique. The timing of a business sale is critical because putting a business on the block at the wrong time can result in a significantly lower selling price.
Buying And Selling: A New Generation Of Buyers
“As long as I can remember, ever since I was a kid, I always wanted to be my own boss,” was the remark made by new business owner Dallas Griswold when asked what had made him decide to buy his own business. Nothing can better define the entrepreneurial spirit than that simple response, which really tells the whole story.
The Sellability Score In Action
The “Sellability Score” has become an integral tool in my business in assisting a potential aftermarket business seller in answering crucial questions such as: If you wanted to, could you sell your business today for a number that you’d be happy with? Is there anything that you could be doing each day to make your business more valuable?
Insider Tips About SBA/Bank Financing When Selling Your Shop
As a shop owner contemplating the sale of your business, understanding the elements of bank financing is key to ensuring you will maximize the sales price and minimize the process time.
Car Care Council Women’s Board Names Vonda Lee The 2015 Auto Care Woman Of Excellence
The Car Care Council Women’s Board (WB) recently announced that Vonda Lee, director of retail and special markets, Beck/Arnley, is the 2015 recipient of the Auto Care Woman of Excellence award. Lee will be presented with the award at the WB press conference and reception at 4 p.m. on Tuesday, Nov. 3 at the Sands Expo, room No. 310 during AAPEX in Las Vegas.
Thwarting Cyber Attacks In The Digital Age
No company of any size is truly safe from those seeking to access customer and company data. And, if a large, multi-billion dollar corporation’s systems are vulnerable to attack, then surely a local retailer – like an auto repair shop – can easily fall victim. Luckily, there are many ways to protect your business against data breaches and hacking, from computer security tactics and software programs to employee education and even insurance policies.
Buying/Selling An Aftermarket Business
Many shop owners with whom I interact who are considering the sale of their businesses, or at least planning ahead for that inevitability, have gained the very valuable knowledge that, regardless of whether transitioning the business to a family member, employee or outside buyer, it is important for the seller to focus on making the business as sellable and valuable as possible for as long as possible.
