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In episode 171 of the podcast, Chris Cotton from Auto Fix Auto Shop Coaching introduces Murray Voth from RPM Training. They discuss the importance of using the term "service rate" instead of "labor rate" to enhance customer perception. Murray emphasizes the need for a business mindset among shop owners, highlighting the potential for profitability and the importance of accurate financial statements.
They also address challenges like tax issues and the psychological aspects of investing. The episode concludes with a discussion on coaching approaches, financial management, and a mutual appreciation for their collaborative efforts in the automotive industry.
- Introduction and Overview (00:00:01) Introduction to the podcast episode and the speakers, Chris Cotton and Murray Voth.
- Marketing Strategies (00:01:06) Discussion on tailored marketing solutions and how to elevate the brand to attract new customers.
- Change from Labor Rate to Service Rate (00:02:09) Murray Voth introduces the concept of changing from labor rate to service rate and its impact on customer perception.
- Consumer Inquiries and Response (00:05:28) Guidance on responding to consumer inquiries about labor rate and the use of "service rate" or "facility service rate."
- Mindset of Shop Owners (00:09:46) Exploration of the mindset of shop owners and the need for a shift from a technician's identity to a business owner's mindset.
- Business Investment and Real Estate (00:14:11) Discussion on the interest of investors in auto repair businesses and the value of real estate associated with the shops.
- Commitment and Mindset Shift (00:16:07) Exploration of the commitment versus interest in coaching and the importance of mindset shift for shop owners.
- Analogies and Shop Improvement (00:17:23) The use of analogies to help shop owners understand their businesses as "fixer-uppers" and the need for a different perspective.
- Emotional and Psychological Baggage (00:19:19) Acknowledgment of emotional and psychological factors that influence business decisions and ownership.
- Investing and Self-Made Millionaires (00:19:57) Discussion on the cost of investing in the stock market and the myth of self-made millionaires.
- Tax Problems and Profit First (00:20:57) Conversation about tax issues, creating a holding company, and utilizing the profit-first approach.
- Struggling Shop Owners and Industry Help (00:21:37) Concern for struggling shop owners post-COVID and the increase in sales among clients.
- Mindset Shift and Attracting Clients (00:23:04) The impact of mindset on attracting clients, differentiation between blue-collar and frugal mindsets.
- Pathologically Frugal Shop Owners (00:24:10) Discussion on the impact of a frugal mindset on equipment, marketing, and attracting similar clients.
- Corporate Profit and Small Business Mindset (00:27:23) Exploration of the fear of profit in small business and the historical context of corporate profit abuses.
- Investment Return and Business Value (00:33:08) Understanding the return on investment in business and the value accumulation over time.
- Accounting and Business Evaluation (00:37:29) The importance of accounting in understanding business value and preparing for a business sale.
- Income Statement and Account Catch-Up (00:39:30) Discussion...
