Business By The Numbers

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network 'Business by the Numbers' Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves. Hunt Demarest, CPA, Paar Melis and Associates, Hunt's previous episodes HERE Business by the Numbers Podcast Show Notes Watch Full Video Episode The Brakes for Breasts initiative (00:00:01) https://www.brakesforbreasts.com/ Rich vs. Wealthy (00:03:09) The distinction between being rich and being wealthy and the financial habits of wealthy individuals. Money Mistakes and Business Finances (00:04:55) Common money mistakes made by business owners and the importance of long-term wealth building. Personal and Business Expenses (00:06:09) The impact of blending personal and business expenses and its effect on financial statements. Year-End Financial Review (00:09:14) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments. Impact of Government Programs (00:10:33) The impact of government programs on business profitability and the potential consequences of misusing funds. Business Trends and Demand (00:11:53) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry. Cash Flow Management and Reserves (00:13:59) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning. AAPEX 2024 Registration (00:17:37) https://www.aapexshow.com/ NAPA TRACS Shop Management System (00:18:47) http://napatracs.com/ Labor Rate Tracker (00:19:53) http://LaborRateTracker.com Managing Credit Lines (00:20:48) Discussion on managing credit lines, including the importance of using and managing credit effectively. Cash Management and Financial Statements (00:21:49) Insights into managing physical cash, reconciling financial statements, and the importance of accountability. Overspending and Budgeting (00:23:59) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment. Insurance and Protection (00:26:42) Importance of having the right insurance coverage and protecting assets and future liabilities. Return on Sales and Advertising (00:27:46) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment. Bookkeeping and Financial Timeliness (00:29:30) The impact of timely and accurate bookkeeping on business performance and decision-making. Cash Flow and Long-Term Planning (00:34:53) Emphasizing the importance of cash flow, reserves, and long-term planning for business sustainability and retirement. Joining a Networking Group (00:37:07) Encouragement to join a networking group and the value of continuous learning in the aftermarket industry. Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections                    

Thanks to our partners, NAPA TRACS and PromotiveMore listener questions answered! This week is all about S Corporation tax benefits, determining fair market rent when renting property to yourself, and the details of sales tax on internal transactions. Optimize your tax strategy and enhance your business operations.• Understanding the advantages and state-specific impacts of transitioning to an S Corporation.• The importance of charging fair market rent to avoid future complications when selling your business.• Clarifying the difference between sales tax and use tax for internal transactions and ensuring compliance.• Real-life examples and answers to common tax planning and business structuring questions from listeners.https://www.tn.gov/revenue/2024franchisetax.htmlThanks to our partners, NAPA TRACS and PromotiveThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio NetworkPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.In this episode of Business by the Numbers, Hunt Demarest, CPA at Paar Melis and Associates, discusses the growing trend of owner financing in the auto repair industry. With high interest rates making traditional bank loans less attractive, owner financing offers a viable alternative for both buyers and sellers.Evaluating the benefits and risks of owner financing for auto repair shops.Key considerations for sellers, including buyer types and financial stability. The importance of environmental assessments in real estate transactions. Strategies for mitigating risks and ensuring successful deals.Insights into current interest rates and market conditions for owner financing.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Jamie Hasty from Southeastern Employer Services Corporation (SESCO) joins Hunt to discuss HR and employment law topics for auto repair shop owners. Jamie provides expert advice on managing overtime, understanding exemptions, and maintaining compliance with labor laws. This conversation is essential for any auto repair business looking to safeguard against legal pitfalls and ensure proper payroll management. It includes:Important discussions on managing overtime and understanding exemptions.Practical advice on maintaining compliance with labor laws.Tips for auto repair shop owners to avoid legal issues and manage payroll effectively.https://sescomgt.com/Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Get in touch with Jamie Hasty: https://sescomgt.com/Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of Business by the Numbers, Hunt simplifies the W-4 form process for auto repair shop owners, employees, and families to avoid tax-time surprises. Whether you’re filling out your own W-4 or helping a team member, this guide makes it easy to get your withholding right.Key Sections of the W-4 Form: Learn how to correctly fill out basic information, handle multiple jobs, and claim dependents.Practical Tips for Business Owners: Get expert advice on managing withholding for yourself and your team, including special considerations for accurate tax withholding.Exemptions for Working Kids: Discover how to manage W-4 exemptions for your children to prevent unnecessary tax withholdings."Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt unravels the mystery behind the AMC and GameStop stock phenomena that has captivated the financial world.Institutional Investors: Who they are and their impact on the stock market.Private Equity Dynamics: How firms like Bain Capital manipulate markets.Short Selling: A simple explanation of this complex strategy.Public Power: How individual investors can influence stock prices.Thanks to our partners, NAPA TRACS and PromotiveNow show notes!Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Thanks to our partners, NAPA TRACS and PromotiveThis week, Hunt talks about a $40 million tax bill that teaches critical lessons on spousal tax liabilities and business strategies.Explore the "Innocent Spouse" provision and its complexities: Learn how this provision can shield a spouse from tax liabilities and why proving innocence can be challenging.Understand the tax implications of exercising stock options: Learn the complexities of stock options, including the potential for significant tax liabilities when exercising these options.Learn strategies to protect personal and business assets: Get practical advice on structuring business ownership to manage liability and safeguard your personal assets effectively.Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode, Hunt tackles the pressing issues facing the housing market in 2024, discussing the impact of interest rates and the real affordability of homes.• Interest Rates Surge: Exploring how doubled interest rates are drastically affecting monthly payments.• Affordability Crisis: Delving into how rising home prices are outpacing income growth, making home ownership a distant dream for many.• Economic Insights: Analyzing the mismatch between the growth in home prices and stagnant wage increases.• Future Risks: Assessing potential market corrections and their consequences on homeowners and the economy.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Join Hunt in this important discussion about financial planning for auto repair shop owners. This episode explores why breaking even isn't enough and how to set financial targets that ensure long-term business health and growth.• Understanding Break-even: Why merely covering costs can jeopardize business sustainability, and how to calculate real financial targets.• Strategic Planning Tips: Learn conservative financial planning techniques to safeguard your business against unexpected downturns.• Team Communication: The importance of setting clear financial goals and maintaining transparency to motivate your team.• Actionable Financial Advice: Step-by-step guidance on setting sales and profit targets based on your gross profit percentage.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

On this Episode of Business by the Numbers, Hunt reflects on his time at the STX conference in Nashville, sharing stories about the connections made and lessons learned from industry experts.• Economic News Breakdown: We get into the latest economic updates that dropped last Wednesday. Hunt breaks down what these changes in numbers might mean for your wallet and business this year, especially when it comes to interest rates.• Tax Talk and Government Spending: Hunt explains the proposed wealth tax and what the latest federal budget might mean for us. There’s a lot of talk about balancing the budget without raising taxes too much, and we'll explore what that could look like.• Capital Gains and Your Money: We take a closer look at potential hikes in capital gains taxes and how these could affect your investments and long-term financial planning.• Understanding the Numbers: Inflation, GDP... these terms get thrown around a lot. We’ll unpack what they really mean for the economy and for us as workers and business owners.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Hunt unpacks his recent experiences and learnings from the Virginia Automotive Association Conference in Hot Springs, Virginia. Joined by Jamie from Sesco, an HR expert, Hunt explores potential impacts of proposed wealth taxes and shares expert advice on how auto industry professionals can navigate current financial climates.• Conference Insights: Hunt reflects on his productive collaboration with Jamie from Sesco during the conference, promising an in-depth future episode with her to dive into HR and legal topics relevant to auto shop owners.• Wealth Tax Discussion: Hunt discusses a trending topic that stirred interest at the conference—a possible wealth tax. He debates the likelihood and implications of such a tax, referencing recent legislative attempts and public sentiment towards wealth distribution.• Financial Strategies: Learn about legal loopholes and financial strategies used by the wealthy to mitigate tax liabilities, with Hunt explaining complex mechanisms like borrowing against securities instead of liquidating assets.• Listener Engagement: Hunt encourages listener interaction by inviting questions and suggestions for future topics, underscoring the podcast’s commitment to addressing audience interests.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Welcome to this episode of "Business by the Numbers," where we dive deep into the often controversial topic of tax fairness. Join Hunt, as he explores if the wealthiest among us are really shouldering their fair share of the tax burden.• Defining 'Rich': How income levels and perceptions of wealth vary across different regions and impact tax contributions.• The Progressive Tax System: A closer look at how the U.S. tax system scales with income and what that means for the top 1% of earners.• Real Figures: We break down recent statistics to understand the actual tax contributions made by high earners.• Beyond Income Tax: Examining other significant tax obligations faced by the wealthy, including sales tax, property tax, and surtaxes.• Debunking Myths: Addressing common misconceptions about tax evasion among the wealthy and what the data really shows.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this week’s episode, Hunt gets into the financial intricacies faced by auto repair shop owners, from refinancing debts and selling shops to securing new mortgages in today’s unpredictable market. He explores the strategies and tips to steer through the banking hurdles and optimize your financial operations.• Market Update & Interest Rates: Starting with a quick market update, Hunt discusses the current state of interest rates and how they're affecting both personal and commercial loans. Despite the unchanged rates by the Federal Reserve, the historical highs are impacting mortgage affordability and commercial borrowing costs. • Loan Acquisition Challenges: The episode sheds light on the complexities of acquiring loans in the current financial climate. Hunt discusses the often opaque criteria banks use to approve loans, offering some tips for what shop owners can do to increase their chances of securing financing.• Listener Q&A and Acknowledgments: A special thanks to listeners for their engaging questions in the previous mailbox episode. Your curiosity fuels our content, and we’re here to address your concerns, guiding you toward informed financial decisions for your auto repair shop.• Rapid Fire Tips for Financial Management: Closing the episode, Hunt offers some rapid-fire advice for managing your finances better, from understanding the nuances of loan interest rates to practical tips for ensuring your business stays liquid and prepared for any financial challenges ahead.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In the latest episode of "Business by the Numbers," Hunt tackles an intriguing question for auto repair shops: Can success be achieved without marking up parts? This concept challenges traditional profit models in the auto repair industry, sparking a discussion on how feasible this strategy actually is. This episode explores the potential shift towards labor-only profits and its impact on shop operations.• Labor vs. Parts Profits: Evaluating the potential for auto repair shops to sustain profitability solely through labor, eliminating the need for parts markup.• Customer Pricing Perception: How the shift to a labor-only model could simplify pricing discussions with customers in the digital age.• Legal and Financial Considerations: The episode explores the complexities of sales tax, state regulations, and the financial implications of a no-markup strategy.• Future of Auto Repair Industry: Encourages shop owners and mechanics to reflect on innovative practices that could redefine success and adapt to evolving customer expectations.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In the latest episode of Business by the Numbers, Hunt Demarest, CPA at Paar Mellis & Associates, tackles your top questions on taxes, accounting, and navigating government policies for small businesses. This episode explores how recent government actions like the budget deal affect your business, alongside evergreen topics like:• Paying Yourself: What's the best way to balance salary and dividends, especially considering different business structures like S corporations and sole proprietorships?• Succession Planning: How can you smoothly transfer your business to a family member, weighing the pros and cons of stock vs. asset sales?• Accounting Methods: The real impact of choosing between accrual and cash accounting for your business's financial health.• Overtime Calculations: Navigating the complexities of overtime pay, focusing on the nuances of bonuses in your payroll.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt takes a deep dive into the hot-button issue of price increases within the auto repair sector. He offers a nuanced examination of vendor pricing, market dynamics, and the psychological elements of setting rates in your business. With examples from real-life scenarios, this episode is a treasure trove for auto repair shop owners striving for balance between profitability and customer loyalty in today’s volatile economic climate.• The Psychology of Pricing: Unpacking the reaction to vendor price increases and what it reveals about our own pricing strategies.• Market Dynamics: Exploring the balance between cost, value, and competition in the auto repair industry.• Strategic Decision-Making: How to navigate the complexities of pricing decisions to ensure business growth and sustainability.• Real-Life Examples: Actual examples from a shop owners' group debate to illustrate broader industry challenges.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

What if there's a fire in your shop? An oil spill? A natural disaster or God forbid, a death? How do you prepare for that? Well, This week, Hunt talks about preparing for the unexpected:Vision Expo: Hunt shares experiences and insights from attending the Vision Expo in Kansas City, emphasizing the importance of community and industry events.Importance of Preparedness: The significance of being ready for unforeseen incidents, such as theft or natural disasters, affecting auto repair shops.Insights from Roundtable Discussions and Classes: Valuable lessons from discussions and classes, including managing risks and implementing preventive measures.Understanding Insurance Coverages: The necessity of comprehending what business insurance covers, identifying coverage gaps, and making sure you have comprehensive protection.Preventive Measures Against Risks: Steps to minimize risks associated with fires, accidents, and other potential threats to auto repair shops.Contingency Planning: The need for having a solid contingency plan to tackle unexpected situations effectively.Financial Readiness and Strategic Planning: Emphasizes the role of financial preparedness and strategic planning in fostering long-term success and stability for auto repair shop owners.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode, Hunt sits down with Jay Huh, a down-to-earth auto repair shop owner from North Carolina who's also a skilled public speaker, coach at Shop Fix, and even a pilot. Jay spills the beans on how he landed a speaking gig at the VISION Hi-Tech Training Expo with just a month's notice and why he's all in on making the auto repair industry better for everyone. His real talk and practical advice are not just about fixing cars but fixing the business side of things too.Here's a quick rundown of what Jay shares:• Passion Over Profit: Jay opens up about his journey from the brink of personal and professional disaster to finding his purpose in the auto repair world. He's all about giving back, stressing that making a profit shouldn't be a taboo topic.• Work-Life Balance: He dives into how he restructured his business to not only be more profitable but to also have time for what matters most — family. Jay is proof that you can have your cake and eat it too, running a successful shop without sacrificing every waking moment at work.• Financial Savviness: With a straightforward chat about managing finances, from rebate checks to navigating economic uncertainty, Jay offers his two cents on keeping your shop afloat and thriving, no matter what the market throws at you.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week on Business by the Numbers, I want to talk shop and share insights that hit close to home for every garage owner out there. Today, I’m talking about an often overlooked aspect of your business - the true cost of inaction. Not just the dollars and cents you count every day, but the opportunities you might be missing out on. • The Hidden Expenses: The not-so-obvious costs tied to decision-making in your shop. From choosing between internal work vs. retail work to the long-term effects of quick fixes• Opportunity Cost Explained: Ever wondered about the cost of sitting on your couch instead of grabbing that $100 helping a buddy out? Opportunity Cost: It's all about what you're missing out on by choosing one option over another.• Real-life Examples: From loaner cars to hiring decisions, I aim to illustrate how overlooking opportunity costs can have a tangible impact on your bottom line.And hey, if you're hitting up Kansas City for Vision 2024, swing by and say hi. I'll be there, ready to chat and share insights in person. See you out there!Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode, we dive deep into the world of mortgages with Pat McCormick, a seasoned expert from McCormick Mortgage Services.As we explore the complexities of the current mortgage landscape, including fluctuating interest rates and the outlook for future homebuyers, Pat offers invaluable insights that could impact everyone from first-time buyers to seasoned investors. Whether you're contemplating a new home purchase or seeking strategies to navigate the mortgage market, this discussion sheds light on the most pressing questions in today's economic climate.• Understanding Interest Rates: Pat shares his perspective on the recent surge in mortgage rates, the factors influencing these changes, and what it means for the average homebuyer. Despite the challenges, there's a silver lining as rates begin to show signs of improvement, potentially signaling a more favorable buying season ahead.• Strategies for Homebuyers: With many potential buyers on the sidelines due to uncertainty in the market, Pat emphasizes the importance of strategic planning. He discusses the impact of the Federal Reserve's decisions on mortgage rates and offers advice for those looking to navigate the current environment.• The Future of Mortgage Rates: Delving into the complexities of how mortgage rates are determined, Pat explains the relationship between Federal Reserve actions and the mortgage market. He provides predictions on rate movements and strategies for buyers to consider in anticipation of future rate cuts.• Advice for Self-Employed Borrowers: Recognizing the unique challenges faced by self-employed individuals in securing mortgages, Pat offers targeted advice to improve eligibility and optimize financial profiles for loan approval.https://mccormickmortgageservices.com/[email protected] to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

As tax season 2024 unfolds, many entrepreneurs find themselves grappling with previous years' unpaid taxes, alongside the looming obligations for the current year. This episode gets into practical solutions for managing tax debt, with real-life advice and expert insights to navigate this challenging aspect of business ownership.• Understanding Your Options with the IRS: Setting up a payment plan with the IRS is the most common recourse for those unable to pay taxes in full. Learn about the prerequisites, process, and potential pitfalls. How does the IRS view income versus payroll tax debts? What are the crucial differences that could affect your business?• The Truth About Offers in Compromise: Offers in Compromise (OIC) might seem like a silver bullet for tax woes, but they're often misunderstood and not as easily attainable as advertised. I I try to demystify OICs, outlining the qualifications, processes, and the reality behind settling tax debts for "pennies on the dollar." Why are these offers rarely the best solution for most taxpayers?• Practical Tips and Real-World Strategies: Beyond understanding IRS mechanisms, this episode provides actionable advice for managing and potentially settling tax debts. From negotiating with state tax authorities to leveraging existing assets and income for a better outcome, learn strategies that could save your business significant amounts of money and stress.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this week’s episode of Business by the Numbers, Hunt welcomes Mike Edge from Tread Partners, a fellow podcaster from the Gain Traction Podcast. The dialogue explores the symbiotic relationship between tire sales and auto repair services, emphasizing the strategic value of incorporating tire sales into auto repair shops' service offerings.Why Sell Tires in Auto Repair Shops? Discover why even repair shops traditionally not focused on tire sales should consider offering tires to their customers. Mike Edge shares insights on how selling tires isn't just about the transaction; it's about fostering long-term, loyal customer relationships. This segment explores the concept that selling tires can be a gateway to securing a customer's business for all their vehicle maintenance needs over the next three to five years.Operational Insights and Strategies: Learn from the practical experiences and strategies of shop owners who have successfully integrated tire sales into their business model. This part of the discussion sheds light on operational considerations, such as space management, inventory selection based on local demand, and the logistics of tire delivery and installation. It also addresses the challenges and benefits of balancing tire sales with high-margin service work, ensuring shops can maintain profitability while enhancing customer satisfaction and retention.Navigating Equipment and Supplier Relationships: For shops considering entering the tire business, this section provides valuable advice on selecting the right equipment and building beneficial relationships with tire wholesalers and distributors. It emphasizes the importance of investing in high-quality, reliable equipment to streamline operations and enhance service quality. Mike also highlights the critical role of choosing a supportive wholesaler, one that not only offers competitive pricing but also provides exceptional service, ensuring shops can meet their customers' needs efficiently and effectively.Realities of the Tire Business With Hunt Demarest of Paar, Melis & AssociatesThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this week’s episode of "Business by the Numbers," Hunt unpacks the key lessons from Bill Perkins' "Die With Zero." The discussion is not just about the book, but also about how to smartly plan your finances and life. He also talks about seeing retirement as more than just a financial goal. It's a chance to do what you love and enjoy the fruits of your labor.Rethinking Retirement Worries: We challenge the common fear of not having enough money in retirement. Using real-life examples, we show why this fear might be bigger in our heads than in reality.Time vs. Money: A big part of the talk is about understanding the true value of your time. It's about how you should see your time as money, especially when planning for the future.Knowing Your "Number": We stress the importance of figuring out how much money you actually need to enjoy life without financial stress. This includes a look at how to plan, save, and invest wisely.Spending Smarter in Retirement: We discuss why people often end up saving more than they need and how spending tends to go down as you get older.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of "Business by the Numbers," Hunt talks about the essential process of setting and achieving business goals for 2024. Drawing from his teaching and podcasting background, he emphasizes the importance of a structured approach to establish clear, actionable goals. He underscores the necessity of living and operating deliberately, setting stretch goals, and adapting strategies based on last year's outcomes.• Strategic Goal Setting: Understanding why and how to set deliberate goals, avoiding ad-hoc outcomes, and aiming for specific targets like increased sales or better time management.• Business by Design: Emphasizing the role of entrepreneurs in shaping their business’s future, whether it’s scaling to $35 million or maintaining a modest $35,000.• Evaluating Paths Based on Past Performance: Deciding on business strategies based on last year’s results—either fine-tuning an existing model or changing direction.• Stretch Goals and Realistic Expectations: The importance of setting high but attainable goals, understanding that a goal is a target, not a guarantee.• Practical Examples: Illustrating goal setting with a standard goods shop, discussing realistic financial targets, and managing production and net income effectively.• Inflation and Pricing: How to handle inflation in pricing strategies, ensuring your business stays financially healthy without compromising on profit margins.• Demand vs. Supply in Business: Balancing the internal capabilities of your team (supply) with the external demands of the market to meet your business goals.• Effective Tracking and Review: Monitoring production hours and assessing the effectiveness of marketing strategies to ensure alignment with business goals.Hunt emphasizes living deliberately, setting ambitious goals, and regularly monitoring your progress. He highlights the importance of planning and adaptation in achieving business success.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of "Business by the Numbers," Hunt takes a look at the current state of government spending, the intricacies of the debt ceiling, and how this affects businesses and taxpayers.• Current State of Government Spending and Debt Ceiling: The ongoing negotiations and potential outcomes if a spending deal isn't reached.• Impact on Businesses and Taxpayers: Important fiscal policies like the Child Tax Credit, Employee Retention Tax Credit, and R&D Credit, and how they affect U.S. businesses and individual taxpayers.• Political Dynamics and Future Projections: Analyzing the political landscape, including key figures and parties, and predictions on the government's fiscal direction.• Practical Implications and Advice: Hunt’s insight on navigating the uncertainties in government policies and their impact on financial planning and business strategiesThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week on Business by the Numbers, Hunt explores the complexities of charitable contributions in tax season:• Understanding Charitable Contributions: The critical differences between cash and non-cash donations, and their respective impacts on tax returns.• Navigating Deductions: Learn about what qualifies as a deductible charity, including the specifics of GoFundMe contributions and the importance of fair market value in non-cash donations.• Business Donation Myths Debunked: Uncover common misconceptions about business-related donations, from vehicle repairs to furniture and equipment, and how to accurately claim these on taxes.• Tax Season Strategies: Gain valuable insights into the proper documentation and reporting strategies for maximizing your deductions and staying compliant.• Expert Advice and Resources: Benefit from expert advice and learn how our partners contribute to making informed financial decisions.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this year's first episode, join CPA and racing enthusiast Hunt Demarest as he explores the intersection of race car enthusiasm and savvy business tactics. We're tackling the complex world of race car expenses and their tax implications:New Year's Goals: Discover Hunt's unique blend of personal and professional resolutions.Racing vs. Accounting: A deep dive into the cost-effectiveness and passion behind racing and its comparison to accounting.Debunking Tax Myths: Learn the truth about race car expenses and tax deductions.IRS Perspectives: Understand the fine line between hobby expenses and legitimate business costs.Audit Insights: Real-world stories from IRS audits related to race car expenditures.Expert Strategies: Practical advice for race car owners on aligning their hobby with business and tax regulations.Audit Preparedness: Tips on documentation and audit defense strategies."Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this year-end episode of 'Business by the Numbers,' Hunt gives a comprehensive overview of the latest financial updates and what to expect in 2024. Dive into topics like the Federal Reserve's decisions, ERTC updates, and new tax laws with insightful analysis. Federal Reserve Insights: Discussion on the Federal Reserve's recent meeting and its implications for interest rates in 2024. Inflation and Economic Trends: Analysis of current inflation trends and predictions for the coming year. ERTC and IRS Updates: Latest information on the Employee Retention Tax Credit and IRS processing updates. 2024 Tax Law Changes: Insights into expected tax law changes and their impact on businesses. FinCEN Reporting Requirements: Overview of the new FinCEN Beneficial Ownership Information Requirements. Credit Card Processors' Class Action Settlement: Information about the recent class action lawsuit settlement involving credit card processors. The Future of Credit Card Fees: Predictions and insights into the potential changes in credit card processing fees.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this week’s episode of Business by the Numbers, Hunt explores strategies for providing employee benefits in a tax-efficient manner. He navigates the complexities of allowances and reimbursements to benefit both your business and your team.• The Tax Differences Between Allowances and Reimbursements: Understanding the tax implications for employees and the cost-saving benefits for businesses.• Strategic Financial Management: Practical advice on offering vehicle-related and other expenses as tax-free reimbursements.• Legal Compliance and Best Practices: Ensuring adherence to tax laws and the importance of accurate documentation in reimbursement processes.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this week’s episode, Hunt introduces his new book, "Wrenches to Write Offs," offering essential tax tips for repair shop owners. This book combines fundamental tax knowledge with practical strategies for smarter business operations.• Book Launch: Introduction of "Wrenches to Write Offs," a guide simplifying taxes for repair shop owners.• Availability: Details on purchasing options, including Amazon's hard copy and Kindle versions, and a free PDF version on the official website.• Community Impact: All proceeds from the book sales (if you choose to buy through Amazon) are donated to charity, supporting the industry and providing educational scholarships.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of "Business by the Numbers," Hunt explores the critical topic of health insurance for small businesses. Listeners will gain valuable insights into navigating the complexities of health insurance options, managing costs effectively, and understanding the legal and financial implications of providing health benefits in a small business setting.• Exploring Health Insurance Options for Small Businesses: Whether you're currently offering health insurance or considering it, Hunt discusses the challenges and misconceptions surrounding group health plans, individual plans, and the impacts of policies like Obamacare on small businesses.• Practical Advice on Managing Health Insurance Costs: The episode offers insightful strategies on handling health insurance costs, including the benefits of high deductible health plans and Health Savings Accounts (HSAs). It also touches on the use of Professional Employer Organizations (PEOs) as a cost-saving measure and navigating the intricacies of state-specific insurance regulations.• Compliance and Financial Considerations: Get expert insights on the legal and financial aspects of providing health insurance, including IRS rules, non-discriminatory practices, and the real cost comparisons between group and individual plans. This episode is essential for small business owners seeking to make informed decisions about health insurance while staying compliant and financially prudent.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt sits down for an insightful Chat with Joelle Pollak to talk about how Promotive is tackling staffing shortages in the automotive aftermarket, offering innovative solutions for shop owners.Expert Take on Recruitment Challenges: Dive into the complexities of hiring, focusing on the crucial balance of pay, benefits, and shop culture in attracting and retaining top talent.Promotive's Strategic Approach: Learn about Promotive’s unique strategies in talent retention and their collaboration with technical schools to address the technician shortage.Streamlined Staffing Solutions: Explore how Promotive’s comprehensive services simplify the recruitment process, saving time and efficiently matching shops with ideal candidates.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Hunt explores the crucial differences between shop management software and QuickBooks, focusing on the impact on parts margin. This episode is a must-listen for shop owners and financial managers seeking clarity and efficiency in their business operations.• Dual Bookkeeping Explained: Unravel the reasons behind running two sets of books and its effect on your financials.• Real-Life Client Case: Learn from a client's experience with discrepancies in parts margin between shop management systems and QuickBooks.• Strategies for Financial Accuracy: Gain insights into aligning financial data across platforms for precise tracking and profitability.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Today on Business by the Numbers, Hunt explores key strategies for enhancing business success through effective team management and development, as well as the long-term benefits of strategic employee management and development for sustained business success.• Strategic Value of Team Retreats: Insights into how team retreats and paid time off (PTO) contribute to employee satisfaction and business growth.• Collaboration in a Hybrid Work Environment: Adapting to modern work models and the importance of in-person collaboration for team dynamics.• Investing in Employee Well-being and Training: The critical role of continuous training and employee appreciation in boosting productivity and profitability.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Today, Hunt unpacks the groundbreaking verdict against the National Association of Realtors that's shaking up the real estate worldShow NotesVerdict Breakdown: What the NAR ruling means for future home sales and industry reforms. Commissions in Question: Insight into how the lawsuit may dismantle traditional commission structures. Industry Impact: From $1.8 billion judgments to the potential restructuring of real estate giants. Market Evolution: The shift toward transparency and fairness in real estate transactions. Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Today on Business by the Numbers, Hunt compares a 5-year equipment lease to a 5-year bank loan to help you understand the financial and tax impacts of each option. He explains:• Different lease types and their impacts. • Case Study: Toyota Corolla: To buy or lease? Tax angles: full deduction for loans vs. lease payment deductions.• Why Lease? What are the Structures, benefits, and pitfalls of leasing? He also talks about the allure of leasing luxury cars, like why cars like BMW are commonly leased.• Business Equipment Leasing: Short-term vs. long-term: which to choose?• Equipment Choices: Alignment rack decisions: purchase, finance, or lease?• Interest Rates: Transparent bank rates vs. vendor lease mysteries.• Maximizing Loan Benefits: Early payoff = more savings.• Navigating Today's Finance: Adapting to soaring interest rates and market shifts.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week on Business by the Numbers, Hunt gets into business valuation: from tangible assets to the nuances of reputation and team value, all underlined by real client stories. Every business has value, and understanding it is pivotal for both sellers and buyers. Adapt and strategize for the future by exploring:• Valuation Nuances: Beyond the typical metrics, understanding true business worth.• Client Spotlight: Challenges of valuing businesses with unique personal touches.• Reputation & Team Value: A deep dive into the weight of a good reputation and a skilled team, as well as the impact of long-standing positive reviews.• Business Relocation: The challenges and strategies involved.• Team Dynamics: Unpacking why a skilled team can be the prime motivator for buyers.• Pricing Considerations: The balance and challenges of pricing strategies.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of Business by the Numbers, Hunt explores the world of renewable energy incentives and tax credits. From solar panel tax credits to the latest in EV charging station incentives, he breaks down some key points to help you make informed decisions for a greener future.• Solar Panel Tax Credits: Explore the benefits of solar panel tax credits for both residential and commercial properties, including how to claim them on your tax return.• Return on Investment (ROI): How to calculate the ROI for solar panel installations, considering factors like tax savings, utility bill reduction, and state-specific credits.• EV Charging Station Tax Credit: Discover the newly introduced tax credit for commercial EV charging stations, with insights into eligibility and potential revenue streams.• Geographical Limitations: Be cautious of geographical restrictions and utility company approvals when planning solar panel and EV charging station installations.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week on Business by the Numbers, Hunt explores if EVs are transport's future or a subsidized industry.Manufacturers' stance: e.g., Toyota's hybrid focus and a breakdown of the 2023 credit rules: Differences in dates, base vs max credits, and the significance of kilowatt hours, as well as insight into the business strategies of major players like Rivian and Tesla.Shift from kWh focus to U.S. sourced minerals & battery components, with clarifications on "Made in America" vs. "Final Assembly in America.” Hunt also explores vehicle eligibility criteria, credit restrictions, income & MSRP limits, and unique rules for used vehicles.Hunt talks about 2024 changes, such as the immediate benefits and strategic considerations if you’re thinking of buying EV. He also talks about the importance of doing your own research & where go to do it! Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Today on Business by the Numbers, Hunt talks about potential government shutdowns. He discusses why we're here, including the Ukraine funding and the political spending tug-of-war.• How can the wobbly government budget mess with our day-to-day? The ups and downs of the fiscal year and why getting those 12 funding bills passed is like herding cats.• Real Talk: If things go south, how bad can it get for our government workers and contractors? And what does it mean for the rest of us – not just in the U.S. but globally too?• Hunt also talks about projections regarding federal debt. He’ll break down some of the numbers, chat about the "now or never" vibes, and why October can be a financially volatile month.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week in "Business by the Numbers," Hunt explores the vital role of insurance in safeguarding businesses against unexpected challenges. Through real-life cases, Hunt emphasizes the importance of tailored coverage and proactive communication with insurance agents.• Insurance Misconceptions: Not all "basic" coverage is sufficient.• In-Depth Case Studies: The consequences of being underinsured.• Specialized Insurance: Highlighting umbrella insurance and Employment Practices Liability Insurance (EPLI).• The biggest takeaway? Regularly review and adjust policies to match your business's evolving needs.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:IRS is upping their fines if you don't disclose all funds, even the legit ones.IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle."The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention.The ERTC program's end is in sight, with some parts set to phase out soon.Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-prosThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, dive into proactive tax management. Whether you're wrapping up extended returns from 2022 or gearing up for the next tax year, now's the time to strategize. Hunt unpacks essential insights:• Tax Extensions: Can they shield you from audits?• Working with Accountants: Understand reasonable expectations and collaborate effectively to plan your taxes for the coming year.• DIY Tax Forecasting: Tools to craft a ballpark tax estimate for next year, plus ways to refine those figures.• Estimated Tax Payments: Not mandatory, but Hunt reveals why they're a wise move.• Tax Myths Demystified: Learn the facts to minimize tax liabilities and debunk some fairly common misconceptions.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week on Business by the Numbers, Hunt discusses the challenges in a multi-service auto repair business, focusing on misconceptions about profitability. He analyzes a Trucking Business and the power of accounting such as:  Understanding direct, labor, and overhead costs. The role of accounting tools in revealing true financial insights and evaluating hidden and opportunity costs. The pivotal decision to shut down an unprofitable transport sector leading to growth inthe primary business. An accountant's role in providing clarity and empowering business owners to makeinformed choices.Thanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comIt’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

The comprehensive Automotive Industry Benchmark Report is now live! Want the full details? Dive in at www.paarmelis.com.• Decoding Top Shops: How did we determine the crème de la crème of automotive shops? Today, Hunt sheds light on the meticulous methodology behind it. Is it about the sales charts, workforce strength, or the footprint in community welfare? Learn which set of metrics defined success.• The Stark Contrast: Hunt explores the big differences between the top-performing shops and the ones that aren’t performing as well. Learn the reasons behind these disparities and get ready to be surprised by the findings!• Metrics that Matter: Technician productivity. Compensation structures. Overall efficiency. How do these parameters influence the success trajectory of a shop? Delve deep into the data-driven insights and conjectures drawn from the numbers.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Do you recall episode 49, about the Automotive Industry Benchmark Report? Well, its release is fast approaching! Today, Hunt goes deeper into the origins of the report, the questions posed, and a sneak peek at some (surprising) discoveries.Nuanced relationships, direct or inverse, between different variables and metrics in the automotive industry.Linking Labor Rate and Profit: One key highlight from the report is the insight on the Overall labor rate and its correlation with profit. Were there notable differences between different locations?Sales vs. Profit Growth: We also explored a vital question: Is there a direct link between escalating sales and an increase in profit as a percentage of sales? Our findings might surprise you.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt talks ROTH Retirement:• What is the difference between a ROTH IRA and a ROTH 401K? What are the benefits and drawbacks to each? • How does taxation differ based on age? If you are over versus under 50 years old, how does this affect contributions? • How do personal goals and tax rates affect which retirement account makes the most sense? • If you have kids, how can you help them by starting a ROTH IRA while they are young and how can this impact them later? Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of Business By the Numbers, Hunt discusses the topic of credit card processing fees and their impact on business. • Should businesses pass on these fees to customers? • Consider the customer's experience and the potential backlash of charging credit card fees. • Potential changes being debated in Congress that could affect credit card processing fees and rewards programs.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

In this week's episode of Business by the Numbers, Hunt sits down with the knowledgeable Matt Fanslow (“Diagnosing The Aftermarket A-Z” Podcast) to candidly discuss the journey of buying his boss' shop such as:• Roadblocks in the Buying Process:• Influence of External Parties on Behaviors and Relationships• Personal and Financial Ramifications of Buying Your Boss' Shop: Explore the risks involved as Matt recounts his own experiences and lessons learned.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Last episode, I talked about factors that play into calculating customer acquisition cost for your business. This week, I'll explore how you can figure out what an appropriate acquisition cost is for your shop. As usual, it's not a one-size-fits-all answer, but I’ll talk about a few factors that can help you decide: • Advertising Spend as a Percentage of Sales: Many successful businesses allocate around 6% of their sales for advertising purposes, but does this apply to all shops?• How much free demand does your shop have? From physical visibility to word-of-mouth, what kind of factors to consider when determining how much advertising you need to do.• Understanding how customer retention and loyalty relate to customer acquisition cost, especially from the perspective of Average Repair Order (ARO)Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here