25 APR 2024 · 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, https://completeautomotive417.com/, 2 locations, Springfield, MO. Listen to Carl’s previous episodes https://remarkableresults.biz/?s=%22carl+hutchinson%22 Kim Auernheimer, https://mycsauto.com/, 2 locations, TN. Listen to Kim’s Episodes https://remarkableresults.biz/?s=kim+auernheimer. Jim Fleischman, https://www.facebook.com/automotivealley/, 2 locations, Arcade and Marilla, NY. Listen to Jim’s previous episodes https://remarkableresults.biz/?s=Jim+Fleischman.
- https://www.youtube.com/watch?v=1D3DCiw2ylc
- 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...