Get registered for the ASTA Expo 2025 at the Raleigh Convention Center: https://geni.us/ASTA2025

Don't get to the end of this year wishing you had taken action to change your business and your life.
Click here to schedule a free discovery call for your business: https://geni.us/IFORABE

Don't miss an upcoming event with The Institute: https://geni.us/InstituteEvents2025

Shop-Ware gives you the tools to provide your shop with everything needed to become optimally profitable.
Click here to schedule a free demo: https://info.shop-ware.com/profitability

Make sure you mention: CTISUMMER to get FREE data migration!

If you're ready to make a real change in your shop's success, join Shop Marketing Pros' Plan With the Pros workshop this October to connect with them and other shop owners. You'll leave with your entire year for 2026 planned out.

Click here to register: https://geni.us/PlanWithThePros

Shop owners, are you ready to simplify your business operations? Meet 360 Payments, your one-stop solution for effortless payment processing.

Imagine this—no more juggling receipts, staplers, or endless paperwork. With 360 Payments, you get everything integrated into one sleek, digital platform.

Simplify payments. Streamline operations. Check out 360payments.com today!

In this episode, Lucas Underwood welcomes Laura Gay and Chad Smith of Consolidation Consultants to delve into the intricacies of selling collision shops. Laura underscores the vital importance of obtaining a proper business valuation before selling, cautioning shop owners about the sale's potential financial complexities and tax implications. Chad Smith shares his rich experience, emphasizing the need for shop owners to prepare for business consolidation well in advance and to prioritize maintaining a competent, fully-staffed team to enhance the shop's appeal to consolidators. The discussion concludes with Lucas sharing a personal anecdote highlighting the necessity of a well-thought-out exit strategy. 

00:00 Shop owner buys equipment from failing business.
06:39 Business owners must prepare and avoid neglecting management.
11:33 Owners have different ways of managing businesses.
18:20 Consolidators seek large, profitable, fully-staffed shops.
21:38 More focus on employee-centric integration is essential.
28:47 Shop owners getting unsolicited business offers.
32:21 Understand key financial implications before selling the business.
39:09 Technicians' high wages lead to disloyalty and layoffs.
48:07 Passion for technical work led to business success.
50:21 Resistance to retooling creates industry education disparity.
57:33 Initially sold to avoid work, but returned.
01:00:18 Business owners should plan for emergencies.