Aug 31, 2022
Michael McGregor is Managing Director at Focus Investment Banking. His experience includes fifteen years of advising on business transfers, capital raises, and management buyouts for middle market businesses. He has been a founder or co-founder of three automotive-related businesses. Michael is author of the book Buy, Build, Fix, Sell, which helps tire and service dealers build better businesses and get maximum value when they decide to sell.
In this episode…
If you own a tire and auto repair shop and are planning to retire, have you thought about a succession plan? Are you thinking about selling the business? There are often lots of matters to get in order before selling which shouldn’t be overlooked. What’s your exit strategy? Check out this episode of Gain Traction for some valuable advice!
Many tire and auto repair shop owners plan to sell their shop when they’re about to retire, but many don’t realize everything they need to do to make it profitable. According to Michael McGregor, author of Buy, Build, Fix, Sell, when planning to sell, shop owners need to make sure their shops are maximally profitable. This includes documenting expenses and making sure their pricing is right to earn a reasonable profit.
In this episode of Gain Traction, Mike Edge sits down with Michael for a conversation about the important matters that should be addressed before tire and auto repair shop owners consider selling their businesses. They also discuss the importance of marketing the business, how much of the budget should be dedicated to marketing, and the best methods to reach the right customers. Michael says a shop’s clean and updated appearance is a big part of marketing. Don’t miss it!
Here’s a glimpse of what you’ll learn:
- Michael McGregor shares how he broke into the automotive industry by selling coupons door-to-door
- The number one thing prospective tire shop sellers should focus on
- Where tire dealers should be spending their marketing dollars
- What made Michael decide to write Buy, Build, Fix, Sell
- The career milestone Michael is most proud of
- Why the Grateful Dead is Michael’s favorite rock band
Resources mentioned in this episode:
- Michael McGregor on LinkedIn
- Focus Investment Bankers
- Michael McGregor’s Articles on Modern Tire Dealer
- Independent Tire Dealers Group
- Grateful Dead
- Mike Edge on LinkedIn
- Tread Partners
Sponsor for this episode...
This episode is brought to you by Tread Partners.
At Tread Partners, we provide digital marketing for multi-location tire dealers and auto repair shops.
By using our strategy, branding, and marketing services, we help shops sell more tires and put more cars in bays.
We’ve helped companies like Action Gator Tire, Colony Tire and Service, and Ulmer’s Auto Care Center bring extreme growth in paid leads, ROI, and searches.
So, what are you waiting for?
Visit www.treadpartners.com or email info@treadpartners.com to learn more.