Business By The Numbers

Hunt delves into the critical topic of calculating customer acquisition cost and understanding its intricacies. • Defining the A+ Customer: How the type of customer plays a significant role in determining acquisition cost. Learn about factors that influence this cost and how identifying your ideal customer can optimize your marketing efforts.• The popular adage of "good, fast, or cheap - pick two" and how it pertains to your business. I'll talk about strategies to assess which approach aligns best with your advertising goals.• The Power of Source Reporting: highlighting the significance of source reporting in your advertising campaigns. Understand how accurate data about your ad sources can greatly impact the direction and success of your ad spending, enabling you to optimize your marketing budget effectively.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, Hunt delves into the disturbing world of predatory lending, where borrowers are manipulated and taken advantage of by unscrupulous lenders. He’ll discuss things such as; • The circumstances that lead people to seek loans from predatory lenders• Insights into the functioning of these predatory lending "banks" and the strategies they employ to keep borrowers trapped in cycles of debt.• The various options available to business owners facing financial hardships, and alternatives that can aid them without falling into the clutches of predatory lenders.• The impact of hidden fees and how they accumulate into outrageously high interest charges, contributing to the borrower's financial burden.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

Welcome back! Now, for part 2 of Passing Your Business on to the Next Generation. Today, Hunt continues to explore the crucial steps involved in transitioning your business to the next generation. Last week, He talked about effective communication, creating a solid plan, and achieving a balanced deal that ensures both your retirement and your children's success. Today, Hunt deep dives into some of the technicalities of the process, providing valuable insights to help you make informed decisions. Selling Stock vs. Selling Assets to your children: Factors that influence whether you should sell the stock or the assets of your business. Gain a better understanding of the kinds of situations where you might make either choice.Financing: Get insight about the best way for your child to get the loan they’ll need to buy your business. Is it ever a good idea to finance it yourself? Gifting the Business: Learn some of the necessary steps to safeguard your business when planning to gift it. Hunt shares some strategies to ensure everything is in order and explores options available for gifting your business.Passing Your Business on to the Next Generation - Part 1: The BasicsThanks 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 two-part episode of Business by the Numbers, Hunt delves into passing your business on to your children. In Part 1, he explores the key factors that can either strengthen or strain your family relationships during this process. Hunt shares valuable insights and personal experiences to guide you through this important transition, such as;• The Power of Communication: why open lines of communication are vital to ensure that everyone involved is on the same page.• Crafting a Solid Plan: Learn from Hunt's observations of successful cases and avoid common pitfalls. The importance of creating a comprehensive plan and, more importantly, sticking to it.• Striking the Right Balance: Finding equilibrium between securing your retirement and not overwhelming your children with unplanned responsibilities can be challenging. Hunt offers advice to navigate this delicate balance while safeguarding both your financial future and your children's well-being.Stay tuned for Part 2, where we'll delve deeper into the financial aspects of this journey.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

This week Hunt discusses the influence of rising interest rates on shop owners' business expansion decisions.• The recent decision by the FED regarding interest rates and the anticipated trajectory for the rest of the year.• What kinds of shifts in the current market have taken place for buying and selling shops, and how will these changes affect business owners?• Besides interest rates, what other pressing challenges do borrowers face in today's banking landscape?• Taking all factors into account, does it still makes sense to consider purchasing a second location? What impact can this have on your decision-making process?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

This week Hunt discusses a common misconception surrounding S-Corp draws and how they are taxed.• What is a draw and how do you know how much you can take out of your business?• Does the amount that I pay myself have any relationship or impact on how much in draws I can take?• Do I pay tax on my draws?• What are issues that I could end up paying taxes on my distributions from my business?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

This week Hunt discusses how sometimes reflecting on the past financials isn't always fun but its always necessary.• What is the purpose of financials and how does past performance effect future expectations?• How can I utilize past months or years financials to judge the accuracy or expectations of sales targets and projections?• What can I learn from bad months and is there always something that needs to be done to change?• How to understand the difference between the new normal or a one-time event that drastically changes your response?Thanks to our partners, NAPA TRACS and Promotive.Visit 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

This week Hunt discusses how sometimes reflecting on the past financials isn't always fun but its always necessary.• What is the purpose of financials and how does past performance effect future expectations?• How can I utilize past months or years financials to judge the accuracy or expectations of sales targets and projections?• What can I learn from bad months and is there always something that needs to be done to change?• How to understand the difference between the new normal or a one-time event that drastically changes your response?Thanks to our partners, NAPA TRACS and Promotive.Visit 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

This week Hunt discusses if we ever really will see prices go back to "normal" and how that effects all of us.• Do you think that prices will ever go down and what about your business? Will you ever decrease your rates?• How can you decrease your prices if you do not decrease your employee wages?• How are supply chains effecting prices with increases in ever single step of the distribution chain?• If prices are only increasing because of costs, why are corporations making record profits in a time where they are supposedly short on cash?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the actual cost of that aging loaner fleet. Are they really as cheap as you think?• What is an opportunity cost? How does that impact the actual cost of my loaner fleet?• Does opportunity cost apply to me and my team equally?• So, you spend a couple hundred dollars in parts to keep that beater on the road, but is it really "cheaper than a car payment?"• How does opportunity cost apply to a tow truck that I also have off the road and not making me money?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt sits down with Laura Tierney from ShopLoaner to discuss bringing your loaner fleet into the 21st century. • How can utilizing software streamline your workflow as well as actually generate money in seconds?• What are some major pitfalls of having shop loaners, and how can you avoid those?• Who is a good candidate for loaner cars, and who should you think twice about giving a loaner to?• How can I recover costs from customers for gas, tolls, fines, and other charges they incur?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt talks about the recent Fed meeting, the impacts, and other factors affecting the current market.• How much impact is the recent Fed rate increase going to have on me?• What can we learn from the federal reserve that will shape how the rest of the year is going to unfold?• Is there a real possibility that the US could default on some of its debt and what would be the impacts of this?• Is a market correction inevitable and is that truly as bad as it sounds?Link for Chart: https://data.bls.gov/timeseries/JTS000000000000000JOLThanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt talks about the most significant missing link between his clients that make money (rich people) and have money (wealthy people)• Is there a relationship between how much money someone makes and how much money they actually have?• What is your personal ratio, and how can you improve it?• If you have never saved money, how can you start setting yourself up to be more responsible in the future?• Is debt something to be avoided, or can you actually leverage debt to save more money?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt covers a listener request regarding grey-area expenses that can be deducted by your business, but should they always be?• What does the IRS look at on my expenses if I was ever to be audited?• How does satisfying the requirement of "ordinary and necessary" expenses for my business shift my possible deductions?• How am I taxed if I buy a personal asset from myself for my business?• What are some downfalls to going overboard in writing off expenses in my business that affect me in the short term and long term?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt sits down with Mitch Moncur of Denny's Auto in Utah to discuss the takeaways from moving to a 4-day work week.• What are some of the most significant changes you noticed with your team since you moved to a 4-day work week?• Any negative feedback from customers by reducing the number of days open?• Is this something that you believe will allow you to retain or attract new team members?• Have there been any unintended consequences from moving to the 4-day work week?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the pitfalls of falling behind on taxes and ways to save to avoid them.• If I am an S-corp, can I pay my personal taxes from my business?• How should you pay in taxes if you have payroll and profits from your business?• Can you pay your taxes all at the end of the year and avoid estimates all together?• If I cannot pay my tax bill, how do I pay it back over time?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the differences in taxation of common expenses that you might not be aware of. • What kind of meals am I allowed to deduct and how are in house meals different than meals offsite? • How much of a deduction do I get if I donate my services to a charity or donate a piece of business equipment?• Should I write off my life insurance premiums?• What other classifications should I be aware of on my P&L that could effect my end of year taxes?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the basics behind debt and how to pay your debt down in a safe manor.• What factors go into evaluating whether debt is a good option or not?• How does leverage work with debt and how do you analyze the situation to make sure it will be a profitable one?• Do I actually want to be debt free or is this debt making me more money than it is costing me?• How do I select what debt to start paying down first?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the current banking crisis and the collapse of Silicon Valley Bank.• What happened to Silicon Valley Bank, and are there other banks at risk of the same fate?• What risk factors played a role in the eventual collapse of the bank?• What role does the government play in these situations, and what are they doing to fix this?• What are the after effects of something like this going to be?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses common mistakes and tips to better manage and protect your #cash. • How to understand if your personal spending requirements are hurting your business?• How can you ensure that you aren't taking too much out of your business?• Can there be too much cash in your business? What to do to minimize risk and maximize return.• What options exist to get a better return on my money without significant risks?Thanks to our sponsor partner NAPA TRACSNAPATRACS.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Thanks to our sponsor partner NAPA TRACSNAPATRACS.comThis week Hunt talks about the debt ceiling as well as the national debt and how it is already affecting our lives.• How does the government generate and borrow money?• Who is financing the national debt of our country?• How are these issues affecting you right now, and what future input could that have on your taxes and customers?• What does the future hold if we want to try and reduce our deficit? Hunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Lack of Study of basic economics and statistics Reversion to the Mean Simpson's Paradox Inflation and Projecting Future TrendsHunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers PodcastThe show is sponsored by NAPA Auto Care napaautocare.comNAPA Benefits Center: napabenefitscenter.comNAPA Member Site: member.napaautocare.comEmail Matt: [email protected] the Aftermarket A - Z YouTube Channel HERE

This week Hunt talks about some tax season tips and common concerns that have been popping up with clients.• Are there any major tax law changes from 2021 to 2022 tax returns?• Are refunds smaller than the were in previous years and why is that?• How to help employee with withholding shortages to avoid end of year surprises.• What do you need to know before you file a personal extension?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt talks about the pitfalls of comparing your shop to other shops with misleading numbers.• How can you compare advertising budgets or methods across different kinds of shops?• Is a 20% Profit Margin a realistic target for your shop?• How can you tailor your business to overcome significant overhead expenses?• How does time factor into comparing profit?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt sits down with Nick Warren, from Ark Financial, to discuss how to raise children that are financially responsible.• At what age can you start to talk about money or start building foundational knowledge about money?• How do you have a healthy conversation with your family about money?• Are there things that you need to understand as a parent or adult to allow you to empower the next generation to be financially responsible?• How do everyday things in your house change when you implement financial systems into chores, savings, and appreciating the things you have?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt talks about incentivizing key employees with profit sharing and how to hold them accountable for the overall company and its profits. How to motivate key employees to think like ownersPros and cons of giving key employees minority ownershipWhat are alternative options for incentivization?Caveats for expansion and/or quick growth The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week, Hunt talks about ROI (return on investment) and how to use it in your day-to-day decisions.• What is ROI, and how can you calculate it?• How does time relate to ROI and can your decision be changed based on time even if ROI is the same?• How does your involvement in an investment dictate what the ROI has to be to make it a prudent choice?• How can you use ROI to make day-to-day decisions in your business and personal life?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Recorded Live at the Transformers Summit with Aftermarket Radio Network host, Hunt Demarest, CPA at Paar Mellis and Associates and host of the Business by the Numbers Podcast. Hunt's firm specializes in automotive repair clients and he gives us an inside scoop on common new client questions and concerns as well as some behind the scenes about his podcast!Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers PodcastShow Notes Finance and accounting with new clients- “I want to know more about my finances, but I don't understand them.” Clients have to see the value in their numbers themselves How do you want to make more money if you don't even know how much money you're making right now? You need to set up your financials in a way that makes sense to you. Profit is used to pay down debt. Profit is used for your distributions. Profit is used for you to buy inventory and equipment. Paar Melis gives you a report card at the end of the month. Focus on the red items and that's going to tell you everything that you need to know. Numbers don't lie, but they can be misleading Instead of charging credit card fees, instead, raise your labor rate, and raise your parts margin 3%. Now you're making that credit card fee on every personConnect with the Podcast:Aftermarket Radio NetworkSubscribe on YouTubeVisit us on the WebFollow on FacebookBecome an InsiderBuy me a coffeeImportant BooksCheck out today's partner:Learn more about NAPA AutoCare and the benefits of being part of the NAPA family by visiting www.NAPAAutoCare.com

In this episode of The Weekly Blitz, Coach Chris Cotton welcomes Hunt Demarest to the show and they talk about Income Statement best practices:Specifically, they cover:Categories of Income and COGS (Cost of Goods Sold)Hunt's Favorite SuperHero! Accounting PracticesWhat's DeductibleHow much detail you really needWho's Stealing from You & How?Processes & Procedures save the day! Check out Hunt on the Aftermarket Radio Network on his Podcast:Business by the Numbers: https://huntdemarest.captivate.fm/I love his Episode #43 How Much Is Your Time WorthTo listen to more episodes make sure and go over to itunes and or Spotify. Don't forget to rate and review us! Connect with Chris:Coach Chris CottonAutoFix-Auto Shop CoachingVisit Auto Shop Coaching website HERE.940-400-1008Email Chris: [email protected] Link: https://bit.ly/3n5qW2MThis episode is sponsored by AutoLeap. AutoLeap is a cloud-based all-in-one automotive invoice software that helps you supercharge your mechanic shop. Their customers have experienced:30% increase in revenue by improving transparency and trust50% reduction in time spent researching and ordering parts10% increase in profit margins through robust reportingClick here to learn more about AutoLeap and schedule a demo:AutoLeap Link: http://bit.ly/3GRgO88

This week, Hunt talks about a big project that we are working for an industry benchmark report.• What can you do be a part of the new report and when will it be released?• What kind of metrics we will be measuring and how will that allow you to set goals for your business?• How will non-financial data be included in the report to understand what makes successful shops run?• What conclusions and trends can we already see in the benchmark report that we do for our monthly clients?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week, Hunt talks about a quick update from the December Federal Reserve meeting and then talks about getting ready for tax season.• What did we learn from the minutes released from the Federal Reserve and how does that effect our outlook for 2023?• What should you be verifying with your accountant on your Quickbooks to make sure all your deductions are accounted for?• What do you need to send into your taxes for your personal return and do you need to send all the backup or not?• What questions should you be asking your accountant to ensure all of your deductions and tax payments are factored into your return?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week, Hunt talks about what he thinks 2023 will look like for small businesses and the overall economy.• What is happening with inflation, and why is it such an important metric to look at to make future predictions?• What is happening with interest rates, and how will that affect the economy?• How are the housing and auto markets affecting the auto repair industry, and what clues do we have from those industries that could give us information about the future?• What should you be doing to ensure you are prepared for what 2023 brings?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week, Hunt talks about the year that was 2022, what you still have time to do now and how to look toward the future.• What do you want to do differently to make 2023 exactly what you want?• Do you have a goal that you want to hit for 2023 and does your team have a plan to achieve?• What should you be doing in the next year if you are planning to sell your business?• What other goals are you setting in your life that have to be considered in your business as well?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Accounting for Internal and Warranty Work. This week, Hunt talks about the ins and outs of accounting for your non-paid or warranty work.• What tickets do I run through my shop management software and what tickets do not go in there?• Why is it important to run my internal tickets at full retail versus cost?• What is the proper way to report repairs on my own vehicles or shop vehicles?• How are most shops accounting for reconditioning work on used cars they are fixing to sell?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week, Hunt talks with Frank Scandura of Frank's European Service in Las Vegas. • What number do you focus on in your business lately and what have you done to change your business?• What is a key number or area of focus that most new shop owners don't understand?• If you were to start over what have you done differently knowing what you know now?• What do you foresee in the future for the industry and what are you doing to stay ahead of it?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

How Much is Your Time Worth? This week, Hunt talks about how profit is relative to the amount of time you spend working in your business.•  Why is your own time rarely considered when measuring the success or failure of your business?•     How do you calculate your hourly rate that you are actually making from your shop?•     How can you improve your hourly rate and what changes do you need to make?•     Do you value time or money more and are your goals actually catered to the correct direction?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

End of Year Tax Tips. This week, Hunt talks about how to make sure you are prepared for the end of year and taxes. • What do I need to be doing with my retirement and how can I make sure I maximize?• When is the deadline to make HSA and Traditional IRA contributions for this year?• What do I need to be verifying on my business financials and how does that effect me for taxes?• What do you need to do to make sure you can close the year on time and get a jump on taxes?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake. Watch Episode HERE Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Show Notes: Succession plan for Riverside Automotive- Matt buys out the current owner Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and 'gift tax.' Explains his team could get this deal done for around $40,000 Hunt Demarest- aggressive salespeople will pray on the owner's goals, insecurities and dreams with pressure behind it. The importance of valuations from someone that is versed in the automotive industry. Seller and buyer have to be on the same page with transparent communication What is your relationship with your banker? Be mindful of the opinions you are getting and who you are sharing information with Connect with the Podcast Aftermarket Radio Network Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partners: Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com         Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com

Self Rental Tips & Tricks. This week, Hunt talks about how to make sure you are limiting your liability and maximizing the benefits of renting real estate from yourself. • Why is it important to separate your real estate from your operating company?• How should you setup the entities for your operating entity and your real estate entity?• What is fair market rent and how do I figure this number out for my shop?• Which entity should pay for certain expenses and what are the benefits of doing it this way?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Show Notes:Bank Loans 101. This week, Hunt talks about how banks judge your business for loans and what to do to ensure you are prepared. What items does a bank use to judge an applicant's creditworthiness?What is the difference between an SBA and a conventional loan, and what are good uses for either?How long are business loans for, and how can you maximize your cash flow?How can I use this information to change my current business?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

The Federal Reserve Explained. This week, Hunt talks about what is the Federal Reserve is and how they affect your finances. • What are the basic principles that allow a market to set a price?• How does the Federal Reserve use interest rates to change the spending patterns of consumers?• How do these swings in interest rates effect your customers and your business?• How long will this last, and will it get better or worse in the next 12 months?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Tech Pay Plans. This week Hunt dives deep into the different kind of pay plans and what sets them apart. • Is flat rate the devil and should be banned or is the only way that you should be paying your techs?• Are you able to properly motivate hourly employees?• Why is it so important to make a pay plan that is easy to understand?• How can you know if a team based bonus plan makes work for your shop?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Personal Finance and Investing with Andy Bizub. This week Hunt is joined by Andy Bizub of Midwest Performance Cars to talk everything personal finance and investing. • What are the big mistakes people make with their personal investing that can jeopardize liquidity and retirements?• What should you be looking for an average return on your investment portfolio?• Why is liquidity in your investments so important?• What is on the horizon in the overall economy and how should that effect your investing strategies if at all?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

How to Find Your Next Technician with Chris Lawson. This week Hunt is joined by Chris Lawson from Technician Find and we talk about how is able to find quality tech's even in todays market.• What are things that you can do to stand out and attract top level talent?• How can you setup a help wanted ad that delivers the right message to prospective employees?• Why it is so important to not only have a strong internal culture, but to make it public to customers and the community?• What are common mistakes that people make during interviews and after that make prospective employees [email protected] Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

How to Sell Real Estate and Avoid Taxes (1031 Exchange). This week Hunt talks about a way that you can avoid all taxes when selling a property. • How much tax do I generally pay when I sell a piece of real estate?• How can I utilize a 1031 exchange to reinvest proceeds into a new property?• What are things that you need to be aware of in order to qualify to do an exchange?• What are some creative strategies on how these exchanges can be used to pass down property without taxes to the next generation?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Adjusting Parts Matrix for Inflation. This week Hunt talks about what why you might need to and how to adjust your parts matrix for inflation. • How is it possible for me to sell the same part for more money, but actually profit less?• How to analyze if you have an issue with declining parts margins.• What is going on in your parts matrix to cause declining profits?• How do you adjust your parts matrix to ensure that you are making more money.The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

ERTC Update (Employee Retention Tax Credit). This week Hunt follows up the ERTC, what to look for and how to understand if you qualify or not. • What are the ways that you can qualify for the ERTC and how to figure out if you do?• Is it true that you can qualify for this credit even if you don't have a decrease in sales?• What criteria do you have to satisfy to qualify for this credit without the required decrease in sales?• Is this something that you should do for your business and what are the risks of claiming this credit? • IRS Link: https://bit.ly/3Sm1TpWThe Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Breaking Down Sales Targets. This week Hunt follows up on last week's episode surrounding sales goals and dives into how to break them down. How do I take a longer-term goal and break it down into a format easier to track and measure?What are some different ways that you can break down to each key member of your team? Is your current sales goal realistic based on your team or car count?How do you improve your business to be able to consistently meet your sales goals?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

What is My Break Even Point? This week Hunt talks about break-even points and how it is important to understand this aspect of your business. • What is a break-even point and how do I calculate mine?• What are the major drivers of increasing or decreasing your break-even point?• How to set proper goals to meet your break-even point?• How do I calculate my business to not break-even, but actually grow and provide a steady profit?The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Driving Profits Through Labor. This week Hunt is joined by Jaron Kleber from Repair Shop of Tomorrow to discuss the importance of labor profitability. • Is your posted labor rate set appropriately to make your desired labor gross profit?• Do you know what your technicians cost you per hour?• Do you know what your effective labor rate is?• Are you utilizing a labor matrix? Jaron's Email:[email protected] Recording Link:https://attendee.gotowebinar.com/recording/2884779187636798982The Show is sponsored by:Shop-Ware on the web at getshopware.comNAPA Auto Care Repair Shop of Tomorrow at https://repairshopoftomorrow.comHunt Demarest, CPAPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here