Business By The Numbers

Seller Beware [THA 304] - Remarkable Results Radio Podcast

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Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake.
Watch Episode HERE
Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast
Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast
Show Notes:
  • Succession plan for Riverside Automotive- Matt buys out the current owner
  • Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and 'gift tax.' Explains his team could get this deal done for around $40,000
  • Hunt Demarest- aggressive salespeople will pray on the owner's goals, insecurities and dreams with pressure behind it.
  • The importance of valuations from someone that is versed in the automotive industry.
  • Seller and buyer have to be on the same page with transparent communication
  • What is your relationship with your banker?
  • Be mindful of the opinions you are getting and who you are sharing information with


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      Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com
       
       
       
       
      Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com
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