Collision Repair Wants
to Hear from YOU
in the FORUM
What is the biggest repair issue you face today?
or click to send us an e-mail publisher@collisionrepairmag.com
Please Note: Any submission made to
Collision Repair Magazine can be used in whole or in part, and
published by Media Matters Inc.
|
|
Is This For Real?
Don't Have a Cowlick, Man: A cow's tongue is apparently a big threat to a vehicle's paint job. According to one claim report, "A herd of cows licked my car and caused damage to the paintwork."
|
|
Did you Know...?
Horsing Around: Garrett A. Morgan invented the traffic light in 1923, after he witnessed a collision between a car and a horse-drawn carriage.
Probably Not Comprehensive: The first auto insurance policy was purchased in Westfield, MA in 1897. |
Web Page Powered by:
Visit Our Sponsor
|
|
Reader Response:
Don't Miss a
Single Copy in 2008
Your next issue of CRM will include a fax-back survey. To
continue receiving your FREE copy of Collision
Repair magazine,
kindly take a few minutes to
fill out the
questionnaire so
we can serve you better.
You can also sign up at
|
|
|
|
Greetings!
What happens to your business when you remove yourself from the equation? Does it fall to pieces, or does your staff carry on, exactly the same as before? Answering this question is vital to figuring out exactly how much your shop is worth. This issue we have not one, but three different methods on how to evaluate the worth of your shop, presented by Willard Michlin of Kismet Business Brokers. It's an interesting read, even if you have no immediate plans to sell your shop.
Mike Davey, Editor
|
|
|
What is Your Shop Worth?
By Willard Michlin
Many owners have asked, "How do I appraise my shop?" In the last month I have been asked to do two appraisals on shops. The first appraisal was to assist in partnership dissolution; the second appraisal was for marriage dissolution (that is what the attorneys call a divorce). Would you like to know how to appraise the value of a collision repair business?
Before we begin, I would like to make one comment. Whenever a CPA has done an appraisal of a shop, I find that their opinion of value is much greater than the actual value the market place will pay. This is not because the CPAs do not know what they are doing. They do, it is just that the marketplace places a much higher risk on buying a shop than the accountants do. The following is an excerpt from one of those appraisals.
THE THREE WAYS TO APPRAISE A BUSINESS
1. The ASSET VALUATION METHOD. This method is basically used when a shop does less than $400,000 a year in gross income and the seller is making wages, but no real profit above what he would be paid if working for another. On this size business, a buyer is willing to pay for the assets of the business but little or nothing for goodwill. The equipment is usually worth between $50,000 and $100,000, depending on how many frame machines the business owns and how nice the spray booth is.
I have seen some specialized shops sell for more than the above number because they have a truck spray booth or another business attached to the main business. Examples of attached business might be an auto repair shop or towing operation. Also the location, size and real estate rental amount will influence the value of any business, to some degree.
Click here to find out how much your shop is worth!
|
|
A Ferrari Fix Every Friday!
By Ryan O'Connor
Ferrari Friday may sound like a new television show on the Speed network, but in fact, it is a creative and entertaining marketing campaign conceived by Leif Hansen, owner of Leif's Auto Collision based in Tigard, OR.
Leif is remanufacturing a severely damaged 2004 Ferarri 360 Spider to its brand new condition. He broadcasts the process of this transformation live every Friday between 1 and 5 pm Pacific Time on his website. Leif asserts that once he is finished in June 2008, "You won't be able to tell the difference."
|
|
Two New Shops Join Collision Solutions Network
Collision Solutions Network (CSN) is pleased to announce the addition of North's Auto Body in Kentville, NS and Ian MacDonald's Auto Body is Wallace, NS.
 Ian MacDonald Auto Body has been in business since 1997. Located in Wallace, Nova Scotia, Ian MacDonald Auto Body lives up to the spirit of the community.
North's Auto Body is a 30 + year old, family owned and operated auto collision repair business, located in Kentville, Nova Scotia. Owner Fred North prides his business on their continuous development and focus to be a leader in their community and in the collision repair industry.
Click here to read more!
|
|
Fix Auto Names André Parra VP Operations for Canada, UK
Guy Bessette, president of FIX Auto International, is pleased to
announce the appointment of André Parra to the role of Vice President
of Operations for Fix Auto Canada & UK.
Currently
responsible for the key performance data analysis and the collision
repair center's follow up throughout Canada and the United Kingdom,
André will also have the mandate of standardizing the buying group as
well as the collision repair process optimization in collaboration with
the principal leaders such as Steve Leal, Fix Auto Ontario; Michel
Bourgeois, Quebec; Martin von Holst, Western Canada; John Matthews, UK
and their respective operations teams.
|
|
|
WISE WORDS
"We are at a time when it is indeed
survival of the fittest and the landscape that forms this industry is changing
more rapidly than ever."
- Robby Robbs, I-CAR Education Foundation
|
|
Sincerely,
Media Matters Incorporated
|
|
|
