Do I Need a Financial Advisor? [E129] - Business By The Numbers

08/01/24 • 26 min

In this episode of "Business by the Numbers," Hunt Demarest, CPA, discusses the value and considerations of having a financial advisor. He addresses common questions about the necessity of financial advisors and provides insights into when and why their services may be beneficial.

Role of a Financial Advisor: Financial advisors offer expertise in managing investments, planning for retirement, and navigating complex financial decisions.
When You Might Not Need One: Individuals with simple financial situations or who prefer to manage their own finances may not need a financial advisor.
Choosing the Right Advisor: It's important to select an advisor who understands your goals, communicates well, and charges reasonable fees.
Advice for Specific Situations: Particularly for those nearing retirement, consulting a financial advisor can provide valuable insights and potentially significant financial benefits.

Thanks to our partners, NAPA TRACS and Promotive

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.com

It’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 Repair

Visit us Online: www.paarmelis.com

Email Hunt: [email protected]

Get a copy of my Book: Download Here

Aftermarket Radio Network

Role of a Financial Advisor: Financial advisors offer expertise in managing investments, planning for retirement, and navigating complex financial decisions.
When You Might Not Need One: Individuals with simple financial situations or who prefer to manage their own finances may not need a financial advisor.
Choosing the Right Advisor: It's important to select an advisor who understands your goals, communicates well, and charges reasonable fees.
Advice for Specific Situations: Particularly for those nearing retirement, consulting a financial advisor can provide valuable insights and potentially significant financial benefits.

Thanks to our partners, NAPA TRACS and Promotive

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.com

Paar Melis and Associates – Accountants Specializing in Automotive Repair

Visit us Online: www.paarmelis.com

Email Hunt: [email protected]

Get a copy of my Book: Download Here

Aftermarket Radio Network

Previous Episode

What is YOUR Responsibility When Working With Professional Marketers? [E111] - The Auto Repair Marketing Podcast

Join Kim, in this episode of the Auto Repair Marketing Podcast as she dives into the key responsibilities shop owners have when teaming up with professional marketers.

From the importance of honesty to the need for regular communication and thinking like a marketer, Kim outlines seven essential points to enhance your partnership and boost your business.

Discover how to lay a strong foundation for your marketing efforts and ensure your shop is ready for growth.

Don't miss these valuable insights and tips!

Thank you to RepairPal for sponsoring The Auto Repair Marketing Podcast. Learn more about RepairPal at https://repairpal.com/shops

Lagniappe (Books, Links, Other Podcasts, etc)

Simon Sinek - Start with Why Ted Talk : https://www.youtube.com/watch?v=u4ZoJKF_VuA

Podcast or Blog about “You’re Not Ready for Marketing” : https://shopmarketingpros.com/how-to-know-when-youre-not-ready-for-marketing/

Show Notes with Timestamps

Introduction and Sponsor Acknowledgment (00:00:01) Kim Walker introduces herself and thanks the sponsors for supporting the podcast.
Responsibilities of Shop Owners (00:01:21) Discussion on the responsibilities of shop owners in their relationship with professional marketers.
Importance of Kickoff Meetings (00:02:26) Emphasis on the significance of kickoff meetings and thorough preparation for effective marketing.
Honesty in Communication (00:04:49) The necessity for shop owners to be completely honest about their business situation with marketers.
Monthly Meetings with Marketers (00:06:06) Highlighting the importance of regular monthly meetings to maintain effective communication and collaboration.
Thinking Like a Marketer (00:09:26) Encouragement for shop owners to adopt a marketer's mindset to enhance communication and information sharing.
Feedback and Transparency (00:13:31) The importance of providing feedback and being transparent about any dissatisfaction with marketing efforts.
Kickoff Meeting Excitement (00:17:00) Shop owners feel inspired during kickoff meetings but often revert to old habits afterward.
Importance of Deliverables (00:18:06) Shop owners must fulfill promises like taking photos and videos to support marketing efforts.
Responsibility in Marketing (00:19:04) Shop owners need to actively participate in marketing strategies to ensure effective collaboration.
Fixing Shop Issues Before Marketing (00:20:05) Address internal shop problems before hiring a marketer to avoid compounding issues.
Review Audit and Improvement (00:21:28) Conduct a review audit to identify recurring customer complaints that need resolution.
Avoid Mediocre Marketing (00:22:40) Ensure your shop is not mediocre before investing in marketing to maximize effectiveness.
Engagement and Community Involvement (00:23:38) Active participation in the industry and community is crucial for successful marketing partnerships.
Join the Auto Repair Marketing Community (00:25:59) Encouragement to join the Facebook group for automotive repair marketing discussions and resources.
Request for Reviews (00:27:03) Hosts encourage listeners to subscribe, rate, and review the podcast to enhance visibility.

How To Get In Touch

Group - Auto Repair Marketing Mastermind

Website - shopmarketingpros.com

Facebook - facebook.com/shopmarketingpros

Get the Book - shopmarketingpros.com/book

Instagram - @shopmarketingpros

Questions/Ideas - [email protected]

Next Episode

From Diesel to Dollars: Building a Better Shop [RR 977]

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Parker Branch discusses the secrets behind his efficient diesel repair shop in Littleton, Colorado. From morning huddles and service advisor check-ins to specialized technician carts and effective communication, Parker shares insights and strategies that have propelled his shop to success. Parker Branch, Branch Automotive, Littleton, CO. Show Notes

Watch Full Video Episode
AARO Trade Show Management/Lindertech Training, September 12th-14th, 2024: aaro.ca
‘Leadership Intensive 1: Discovering, Releasing & Empowering Extraordinary Human Potential' with Michael Smith: https://www.wearetheinstitute.com/upcoming-events
Morning Huddles Importance (00:03:04) Discussion on the significance of daily morning huddles for team engagement and communication.
Business Operations Overview (00:04:28) Parker Branch discusses his automotive business journey and productivity goals for the future.
Productivity and Lean Operations (00:05:15) Focus on productivity, morning huddles, and strategies for maintaining a full service funnel.
Volume of Operations (00:06:55) Parker shares his business's financial goals, aiming for over $4 million this year.
Team Dynamics and Leadership (00:08:16) Parker discusses the importance of having a strong leadership team and integrating ideas.
Coaching and Mentorship (00:09:57) Parker Branch shares his journey to becoming a coach for The Institute, focusing on accountability and learning.
Morning Huddles Continuity (00:11:54) The morning huddle continues effectively even when Parker is away at conferences.
Customer Service Strategy (00:12:43) Parker details the structure and roles of service advisors to maintain workflow and customer satisfaction.
Emissions Testing Integration (00:15:05) Discussion on integrating emissions testing into their service offerings and its impact on business.
Digital Vehicle Inspection (00:16:51) Parker explains the concept of a Digital Vehicle Inspection (DVI) and its importance in customer communication.
Keeping the Funnel Full (00:18:05) Strategies for maintaining a steady flow of work and managing technician workloads efficiently.
Role of Lead Technician (00:23:27) Discussion on the responsibilities of the lead technician in managing workflow and accountability.
Service Advisor Check-ins (00:24:40) Overview of service advisor interviews conducted twice daily to ensure accountability and communication.
Efficiency in Tool Organization (00:29:58) Exploration of how tool carts are organized for maximum efficiency in a tight workspace.
Technology Integration Between Buildings (00:36:01) Discussion on technology systems linking new and existing buildings for seamless operations.
Lessons from 15 Years in Business (00:36:36) Reflection on the past 15 years and the importance of coaching in the automotive industry.
Starting from a Two Bay Shop (00:37:40) Parker shares his journey starting in a small two bay shop and achieving significant success.
Guerilla Marketing Techniques (00:39:07) Discussion on creative marketing strategies, including standing on the street with a sign to attract customers.
The Importance of Business Education (00:40:17) Parker emphasizes learning through resources like the chamber of commerce and the value of adult education.
Continuous Learning and Development (00:41:25) The importance of ongoing education and learning from other shop owners.
Monitoring KPIs for Success (00:42:27) Parker stresses the need to pay attention to key performance indicators to ensure fair compensation for staff.

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: