Thanks to our partners, NAPA TRACS, and PromotiveA critical topic for business owners: how much you should pay yourself as an S-corporation owner. This episode clears up common misconceptions around payroll, distributions, and tax savings strategies. Whether you're a small business owner or a shop manager, understanding these financial nuances is crucial for maintaining profitability and compliance.Key Points:- Clarification of the S-corporation owner's dual roles as an employee and business owner, and their impact on financial strategy.- Differences between payroll and distributions and how they affect tax liabilities.- Why overpaying yourself in wages does not save on taxes and the financial consequences of excessive payroll tax burdens.- The IRS's guidelines on "fair and reasonable salary" for S-corp owners and how to meet this requirement effectively.- Social Security contributions: strategies for maximizing benefits while minimizing unnecessary tax burdens.Thanks to our partner, NAPA TRACS 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.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/Business by the Numbers with Hunt Demarest: Understand the Numbers of Your...

Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast&nbsp;with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion.&nbsp;https://remarkableresults.biz/Diagnosing the Aftermarket A to Z&nbsp;with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.&nbsp;https://mattfanslow.captivate.fm/Business by the Numbers&nbsp;with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.&nbsp;https://huntdemarest.captivate.fm/The Auto Repair Marketing Podcast&nbsp;with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level.&nbsp;https://autorepairmarketing.captivate.fm/The Weekly Blitz&nbsp;with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.&nbsp;https://chriscotton.captivate.fm/<a href="https://craigoneill.captivate.fm/" rel="noopener noreferrer"...

Chris Cotton of Autofix Shop Coaching returns to share his journey from coaching to becoming a shop owner at Firestone of Durango. In this episode, Chris dives deep into the challenges of purchasing a shop, revamping it with new technology, and ensuring a seamless operation while being an absentee owner. Discover how he turned around a business and the valuable lessons he learned along the way.Chris shares his experience of buying and managing a shop while remaining a hands-off owner.The importance of employee retention during transitions.Key insights into increasing shop profitability through technology and operational efficiency.How to negotiate and finance a business purchase for maximum benefit.Why consistent customer communication is crucial for shop success.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto...

In this week's episode of Business by the Numbers, Hunt Demarest, CPA, discusses the critical decision of whether auto repair shop owners should buy their current building or move to a new location. With skyrocketing real estate costs and fluctuating interest rates, understanding the financial implications of this decision is more important than ever. Hunt breaks down how to calculate the impact of such a move on your shop’s bottom line.Key Points:Weighing the pros and cons of buying your shop’s building vs. relocating.How to calculate the financial impact of moving or purchasing real estate.Understanding the role of gross profit percentage in your decision-making process.Real-world examples of auto repair shops navigating these tough decisions.Key factors to consider when forecasting sales and profitability after a move.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with...

In this episode of Business by the Numbers, Hunt Demarest, CPA, from Paar Melis and Associates, breaks down essential steps every auto repair shop should take to prepare for unexpected disasters. After hearing about a client’s close call during a recent Florida storm, Hunt talks about practical advice, tax implications, and planning tips to safeguard your business. Whether it’s power outages, fire, or lost revenue, this episode covers all the bases to ensure you’re ready for anything.How to evaluate the tax benefits and practicality of purchasing a generator for your shop.Why it’s critical to back up your shop’s data, and how neglecting this can cost you thousands.The importance of having three months of operating expenses saved for unexpected downtime.What types of insurance coverage auto shops should prioritize, including lost revenue insurance?How backup internet options like Starlink can keep your business running smoothly, even in emergencies.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level....

In this episode of Business by the Numbers, Hunt Demarest, CPA at Paar Melis Associates, explores how auto repair shop owners can simplify their financial statements using the 50/30/20 profit model.Key Topics:Simplifying KPIs to focus on the most impactful metricsHow to effectively analyze your P&amp;L statementIRS tax extensions for those affected by hurricanesDeep dive into the 50/30/20 profit modelhttps://www.irs.gov/newsroom/irs-provides-relief-for-helene-various-deadlines-postponed-to-may-1-2025-part-or-all-of-7-states-qualifyThanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from...

In this episode, Hunt Demarest, an experienced CPA specializing in the auto repair industry, sits down with Chris Cotton, a renowned auto repair shop coach and owner of Autofix Auto Shop Coaching. Together, they dive into the challenges and strategies of optimizing shop productivity and profitability.They talk about: The importance of labor hours per repair order (LHRO) and how it impacts a shop's profitability. Why thorough vehicle inspections and accurate estimates are crucial for increasing average repair orders (ARO). How modern shop management systems, help streamline operations and ensure healthy profit margins. Chris Cotton's personal experience as a shop owner and coach, and how he uses his own shop as a "test case" to develop successful strategies. Insights on whether and when to consider expanding your shop operations to multiple locations.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. <a href="https://chriscotton.captivate.fm/"...

In this episode of Business by the Numbers, Hunt Demarest, CPA, breaks down the latest tax proposals from Kamala Harris and Donald Trump, helping business owners understand what changes could impact their bottom line. Whether it’s Harris’s $50,000 small business deduction or Trump’s overtime tax elimination, Hunt offers critical insights into what’s real, what’s likely, and what’s just campaign rhetoric.Overview of Harris’s $50,000 small business deduction proposal.Insight into Trump’s plan to remove taxes on overtime.How these proposals could affect small business owners, especially in the auto repair industry.The importance of understanding startup expenses and tax deductions.The likelihood of these proposals passing into law andtheir real-world implications.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris...

In this episode of Business by the Numbers, host Hunt Demarest, CPA, dives into the critical role that productivity&nbsp;and efficiency&nbsp;play in the profitability of auto repair shops. Using real-world examples, Hunt explains the differences between these two metrics and how shop owners can leverage them to drive business successProductivity vs. Efficiency: Learn the key differences between productivity (work produced) and efficiency (how well time is used) and why both matter for your shop’s performance.Why Higher Efficiency Doesn’t Always Mean Higher Productivity: Discover why a 100% efficient technician may not always be productive and how to balance these metrics.Flat-Rate vs. Hourly Pay: Hunt explains the pros and cons of each pay structure and how they impact technician performance and shop profitability.Real-Life Example of Pay Impact: See how a shop owner improved profitability by hiring a higher-paid technician who produced more billable hours, leading to a dramatic increase in gross profit.How to Measure Productivity in Your Shop: Practical tips on using your shop management software to track productivity and efficiency and optimize your team’s output.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. <a href="https://huntdemarest.captivate.fm/" rel="noopener noreferrer"...

This episode of&nbsp;Business by the Numbers&nbsp;is Part 3 (and the final part) of the 2024 benchmark series! What separates the most profitable auto repair shops from those struggling to turn a profit? Today, he's tackling that question using financial data and real-world insights from hundreds of shops across the industry. What you'll take away from this episode:Understand&nbsp;what the top 10% of shops are doing right – and what the bottom 10% are doing wrong.Why labor productivity&nbsp;is actually the most important predictor of profitability.Why do understaffed shops often outperform overstaffed ones?How profitability peaks as a shop grows and optimizes, but also how maintaining that peak can be unsustainable.The ongoing debate on flat rate vs. hourly pay for technicians and service advisors, and how it impacts shop performance.Download the Benchmark Report for yourself and follow along! https://info.paarmelis.com/2024-automotive-industry-benchmark-reportThanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. <a href="https://autorepairmarketing.captivate.fm/" rel="noopener noreferrer"...

In this episode of Business by the Numbers, host Hunt Demarest, CPA, continues the in-depth exploration of the 2024 Benchmark Report. This week, he analyzes the intricacies of shop sizes, locations, and industry trends, setting the stage for next week's grand finale on top versus not shops.Breakdown of shop performance based on size and location across the U.S.Insights into regional profitability, labor rates, and productivity metrics.Key takeaways for shop owners on how to compare their performance with peers.To get the report: https://info.paarmelis.com/2024-automotive-industry-benchmark-reportThanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. <a...

In this episode of "Business by the Numbers," Hunt Demarest, CPA, kicks off a three-part series breaking down the 2024 Automotive Industry benchmark report for auto repair shops across the country. This report gives a clear look at how shops are performing financially and operationally, helping owners see where they stand.Key Points:• Benchmark Report Basics: The episode starts by explaining a detailed report that covers sales, profits, and key metrics for different types of auto repair shops, including Euro and diesel shops in various regions.• Sales and Tech Performance: The report shows average monthly sales per technician, highlighting how important it is to make sure your techs are productive and hitting industry standards.• Profit Margins: Hunt dives into the differences in profit margins on labor and parts, showing how different types of shops (like general repair versus high-end) stack up in terms of profitability.• Rising Costs: There’s a discussion on how rising costs, especially in labor and rent, are squeezing profits, and why keeping costs in check is crucial to staying in the black.• Industry Trends: The episode also covers big industry trends, like the need to offer solid employee benefits to attract good workers, and the different ways shops are paying their staff.• DOWNLOAD THE REPORT HERE: https://paarmelis.com/wp-content/uploads/2024/08/2024-PMA-Benchmark-Report.pdfThanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’s time to hire a superstar for your business; what a grind you have in front of you. 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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. <a href="https://mattfanslow.captivate.fm/" rel="noopener...

In this week's episode of Business by the Numbers, Hunt Demarest, CPA, dives into the latest updates on the Employee Retention Tax Credit (ERTC) from the IRS. This episode is a must-listen if you're unsure about your ERTC status or how it impacts your taxes.Explore the IRS's recent announcements and what they mean for your ERTC claims.Understand the different risk categories the IRS has assigned to ERTC applications.Learn the tax implications if you’ve received ERTC funds but haven’t filed your taxes yet.Get practical advice on what to do if you're still waiting for your ERTC money.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;Aftermarket Radio NetworkRemarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open DiscussionDiagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size.Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.

In this episode of Business by the Numbers, we dive into the intricacies of Social Security and the critical decisions that can impact your retirement planning. Whether you're nearing retirement or planning ahead, understanding when to start collecting Social Security is vital for maximizing your benefits.Key Points Discussed:The importance of consulting a financial advisor when considering retirement options and Social Security.How Social Security benefits are calculated based on your highest 35 years of earnings.The implications of taking Social Security benefits early, at full retirement age, or at maximum retirement age.Strategies for married couples, including how spousal benefits can influence your Social Security decisions.Why waiting until full retirement age often makes financial sense, especially if you're still working.Thanks to our partner, NAPA TRACS 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.&nbsp; 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.&nbsp; Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt’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 Books Here:Wrenches to Write-OffsYour Perfect Shop&nbsp;Aftermarket Radio NetworkRemarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open DiscussionDiagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian &amp; Kim Walker Work with Shop Owners to Take it to the Next Level. The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching.Speak Up! Effective Communication with Craig...

Thanks to our partners, NAPA TRACS and PromotiveIn this week's episode of Business by the Numbers, Hunt Demarest, CPA, dives into the recent market volatility triggered by a disappointing jobs report and poor earnings from major companies. He explains the role of the Federal Reserve and the implications of the SOM Rule on predicting recessions.Market Drop: The market took a significant hit due to a higher-than-expected unemployment rate of 4.3%, compared to the anticipated 4.1%.Earnings Reports: Major companies, including Amazon, Google, and Nvidia, reported poor earnings, contributing to the market decline.Federal Reserve Influence: The Fed's control over interest rates and money supply directly impacts inflation and market volatility.SOM Rule: The SOM Rule, with a perfect recession prediction record, indicates a likely recession if unemployment rates rise more than 0.5% above the previous year's average.https://finance.yahoo.com/news/stock-market-news-today-nasdaq-enters-correction-dow-falls-600-points-as-disappointing-jobs-report-shakes-investors-133048116.htmlhttps://www.bls.gov/charts/employment-situation/civilian-unemployment.htmhttps://www.marketwatch.com/livecoverage/jobs-report-for-july-employment-growth-seen-slowing-with-hurricane-providing-a-drag/card/the-sahm-rule-is-officially-triggered-tvQVLLwkOPdqTIA45gsPhttps://www.reuters.com/markets/us/drop-magnificent-seven-could-drag-down-us-stocks-top-fund-manager-says-2024-07-30/https://www.cnbc.com/quotes/.MAG7Aftermarket Radio NetworkRemarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open DiscussionYouTubeSpotifyAppleDiagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life.YouTubeSpotify<a href="https://podcasts.apple.com/us/podcast/diagnosing-the-aftermarket-a-to-z/id1591616103" rel="noopener...

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 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.&nbsp; 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.&nbsp; 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 PromotiveToday,Hunt explores how to understand and improve your effective labor rate, one of the most important aspects of running a profitable auto repair shop.Understanding Effective Labor Rate: Learn the difference between street rate and effective labor rate, and why focusing on the latter is essential.Oil Change Example: Hunt breaks down an example using oil changes to explain how effective labor rate impacts profitability.Comparison of Two Shops: Explore a real-world comparison of two similar shops with different labor rates and see which one is more profitable.Actionable Insights: Get practical tips on how to improve your shop's effective labor rate and overall profitabilityThanks 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.&nbsp; 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.&nbsp; 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.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 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 PromotiveIn this episode, Hunt Demarest, CPA with Paar Melis &amp; Associates, discusses the importance of regularly analyzing your financials. Learn how to effectively use daily and monthly reviews to drive your shop’s profitability and productivity.Key Takeaways:Daily Reviews: Focus on productivity using shop management software.Monthly Reviews: Focus on profitability using financial statements.Key Metrics: Track productivity, profitability, and parts gross profit.Scientific Approach: Identify problems, hypothesize solutions, test, and analyze outcomes.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.&nbsp; 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.&nbsp; 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 PromotiveIn this episode of Business by the Numbers, Hunt explores the benefits and considerations of owning your auto shop's real estate. Learn about financing options, affordability, and real-life examples to help you make an informed decision.-Understand different financing options for purchasing real estate.-Assess your shop's ability to afford property ownership.-Learn the long-term benefits of owning your business premises.-Real-life examples to illustrate key points.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.&nbsp; 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.&nbsp; 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 PromotiveIn this episode, Hunt explores the crucial difference between profit and cash flow. Learn why your high profits don't always translate into more cash in the bank and how to better manage your shop's finances.Difference Between Profit and Cash Flow: Understanding why profit and cash flow are not the same and how this affects your financial planning.Accounts Receivable Impact: How the timing of your transactions can create a lag between recording a profit and actually seeing the cash.Managing Inventory: The effects of inventory purchases on your cash flow and strategies to manage it effectively.Fixed Assets and Liabilities: The impact of major purchases and financing options on your cash reserves.https://www.tn.gov/revenue/2024franchisetax.htmlThanks 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.&nbsp; 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.&nbsp; 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, 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...

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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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 &amp; 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&amp;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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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 &amp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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 &amp; 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.&nbsp; 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.&nbsp; 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 Here<a href="https://aftermarketradionetwork.com/" rel="noopener noreferrer"...

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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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&amp;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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp;Federal Reserve Insights: Discussion on the Federal Reserve's recent meeting and its implications for interest rates in 2024.&nbsp;Inflation and Economic Trends: Analysis of current inflation trends and predictions for the coming year.&nbsp;ERTC and IRS Updates: Latest information on the Employee Retention Tax Credit and IRS processing updates.&nbsp;2024 Tax Law Changes: Insights into expected tax law changes and their impact on businesses.&nbsp;FinCEN Reporting Requirements: Overview of the new FinCEN Beneficial Ownership Information Requirements.&nbsp;Credit Card Processors' Class Action Settlement: Information about the recent class action lawsuit settlement involving credit card processors.&nbsp;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.&nbsp; 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.&nbsp; 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