Ep 55 - Coaching Call #10 | Your Property is Your Most Valuable Asset

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Confessions of a Shop Owner

Mike Allen

62 episodes

11 hours ago

Confessions of a Shop Owner is hosted by Mike Allen, a third-generation shop owner, perpetual pot-stirrer, and brutally honest opinion sharer. In this weekly podcast, Mike shares his missteps so you don’t have to repeat them. Along the way, he chats with other industry personalities who’ve messed up, too, pulling back the curtain on the realities of running an independent auto repair shop. But this podcast isn’t just about Mike’s journey. It’s about confronting the divisive and questionable tactics many shop owners and managers use. Mike is here to stir the pot and address the painful truths while offering a way forward. Together, we’ll tackle the frustrations, shake things up, and help create a better future for the auto repair industry.

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Entrepreneurship

Business,

Management

Ep 55 - Coaching Call #10 | Your Property is Your Most Valuable Asset

Confessions of a Shop Owner

57 minutes

1 week ago

Ep 55 - Coaching Call #10 | Your Property is Your Most Valuable Asset

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In this episode, Mike Allen and Matt Lofton evaluate property values and location choosing for automotive repair shops. Matt gives tips on assessing both leasing and purchasing options, saying it's important to look at environmental inspections to avoid costly site contamination issues. Together, Mike and Matt break down how to quickly run the numbers on a new shop – from demographic analysis and competitive research to calculating realistic revenue projections based on shop capacity.

Timestamps:
00:00 Choosing a Business Location is Crucial

05:27 Building Investment Due Diligence

07:56 Renovation Challenges and Parking Plans

12:48 Commercial Property Appraisal and Inspections

15:35 Soil Testing and Abatement Costs

18:59 "Essential Due Diligence for Buyers"

23:33 Creative Lease Negotiation Strategies

24:39 Lease Agreements with Conditional Terms

28:33 Impact of Gentrification on Leases

32:17 Landlord Intentions and Investment Strategy

35:36 Local Demographic Analysis Strategy

37:39 Assessing Location Viability

43:43 Competition and Location Assessment

45:49 Maximizing Building Productivity Feasibility

50:13 "Rent Budget and Growth Constraints"

52:33 Managing Building Costs and Overheads