Time To Expand Your Business?

Time To Expand Your Business?

With today's uncertainty, and with all the restraints that lenders have put into place, this still may be the best time for you to expand your business. It's during these times that many of your competitors will struggle, hunt for a way out, and find that there are no buyers.

By Bob Cooper

With today’s uncertainty, and with all the restraints that lenders have put into place, this still may be the best time for you to expand your business. It’s during these times that many of your competitors will struggle, hunt for a way out, and find that there are no buyers. When you come across these shop owners, you will typically find that most will have at least some assets, some will have a good location and an assumable lease, and some will have a good-sized customer base. Regardless of whether you take over their operation, or just buy the assets and customer database, the key is to provide them with the assurance that their customers will be well taken care of, and that they will be paid fairly for whatever you purchase .

If you decide to start scouting for the right opportunity, you should first check with your vendors, because as suppliers, they are generally the first to know about shops that are struggling. In addition to locations that are in specific communities, you should look for shops that have a reputation for charging a fair price for their services, and treating their customers well. Otherwise, you’ll end up buying a business that has a customer database full of the wrong people.

When the economy is good, and businesses are doing well, the price for a business will always be higher. With today’s uncertain times, you have a rare window of opportunity to expand, which you may very well never see again.      

For additional help building a more successful auto repair business, learn more about the 1-on-1 coaching and customized action plan offered through the Elite Coaching Program.

You May Also Like

BendPak Founder Don Henthorn Passes Away

Grew company from small machine shop to global leader in car lifts and garage equipment.

Don Henthorn, owner and founder of BendPak Inc., peacefully passed away at home Thursday, March 28, at the age of 85. Under his leadership, BendPak has grown from a small machine shop to one of the world’s leading manufacturers of car lifts and automotive service equipment.

Management and operations of the privately owned company are unchanged. 

ASE Practice Tests Available Online

You can get a good idea of what to expect by adding the official ASE practice tests to their study plans.

AACF Celebrates 65 Years Serving the Aftermarket

AACF will be announcing more details about this commemorative fundraiser April 1st.

Auto Care Association Launches REPAIR Act Video

The goal is to emphasize the need for federal REPAIR Act legislation, according to the Auto Care Association.

Valvoline Celebrates Female Service Center Employees

Valvoline is launching a social media campaign led by its female experts who are sharing automotive preventive maintenance tips to promote accessible vehicle care for all.

Other Posts

ASE Education Foundation, Goodguys Continue Partnership

Goodguys is one of many industry relationships the foundation has developed to help solve the technician shortage.

BorgWarner Announces Plan to Reduce Supply Chain Emissions

A partnership with Manufacture 2030 will support BorgWarner in reaching its Scope 3 emissions reduction goal.

Mevotech Releases 237 New Chassis, Control Arm, Wheel End Parts

The release boosts coverage for domestic and import passenger vehicles, pickup trucks, SUVs and EVs up to model year 2023.

MEMA Celebrates 120th Anniversary

MEMA said the milestone “underscores the association’s enduring legacy and its pivotal role in advancing the future of mobility and the interests of vehicle suppliers.”