In this episode of "Business by the Numbers," Hunt explores the critical topic of health insurance for small businesses. Listeners will gain valuable insights into navigating the complexities of health insurance options, managing costs effectively, and understanding the legal and financial implications of providing health benefits in a small business setting.• Exploring Health Insurance Options for Small Businesses: Whether you're currently offering health insurance or considering it, Hunt discusses the challenges and misconceptions surrounding group health plans, individual plans, and the impacts of policies like Obamacare on small businesses.• Practical Advice on Managing Health Insurance Costs: The episode offers insightful strategies on handling health insurance costs, including the benefits of high deductible health plans and Health Savings Accounts (HSAs). It also touches on the use of Professional Employer Organizations (PEOs) as a cost-saving measure and navigating the intricacies of state-specific insurance regulations.• Compliance and Financial Considerations: Get expert insights on the legal and financial aspects of providing health insurance, including IRS rules, non-discriminatory practices, and the real cost comparisons between group and individual plans. This episode is essential for small business owners seeking to make informed decisions about health insurance while staying compliant and financially prudent.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.  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.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 sits down for an insightful Chat with Joelle Pollak to talk about how Promotive is tackling staffing shortages in the automotive aftermarket, offering innovative solutions for shop owners.Expert Take on Recruitment Challenges: Dive into the complexities of hiring, focusing on the crucial balance of pay, benefits, and shop culture in attracting and retaining top talent.Promotive's Strategic Approach: Learn about Promotive’s unique strategies in talent retention and their collaboration with technical schools to address the technician shortage.Streamlined Staffing Solutions: Explore how Promotive’s comprehensive services simplify the recruitment process, saving time and efficiently matching shops with ideal candidates.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.  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.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 explores the crucial differences between shop management software and QuickBooks, focusing on the impact on parts margin. This episode is a must-listen for shop owners and financial managers seeking clarity and efficiency in their business operations.• Dual Bookkeeping Explained: Unravel the reasons behind running two sets of books and its effect on your financials.• Real-Life Client Case: Learn from a client's experience with discrepancies in parts margin between shop management systems and QuickBooks.• Strategies for Financial Accuracy: Gain insights into aligning financial data across platforms for precise tracking and profitability.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.  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.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

Today on Business by the Numbers, Hunt explores key strategies for enhancing business success through effective team management and development, as well as the long-term benefits of strategic employee management and development for sustained business success.• Strategic Value of Team Retreats: Insights into how team retreats and paid time off (PTO) contribute to employee satisfaction and business growth.• Collaboration in a Hybrid Work Environment: Adapting to modern work models and the importance of in-person collaboration for team dynamics.• Investing in Employee Well-being and Training: The critical role of continuous training and employee appreciation in boosting productivity and profitability.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.  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.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

Today, Hunt unpacks the groundbreaking verdict against the National Association of Realtors that's shaking up the real estate worldShow NotesVerdict Breakdown: What the NAR ruling means for future home sales and industry reforms. Commissions in Question: Insight into how the lawsuit may dismantle traditional commission structures. Industry Impact: From $1.8 billion judgments to the potential restructuring of real estate giants. Market Evolution: The shift toward transparency and fairness in real estate transactions. 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.  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.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

Today on Business by the Numbers, Hunt compares a 5-year equipment lease to a 5-year bank loan to help you understand the financial and tax impacts of each option. He explains:• Different lease types and their impacts. • Case Study: Toyota Corolla: To buy or lease? Tax angles: full deduction for loans vs. lease payment deductions.• Why Lease? What are the Structures, benefits, and pitfalls of leasing? He also talks about the allure of leasing luxury cars, like why cars like BMW are commonly leased.• Business Equipment Leasing: Short-term vs. long-term: which to choose?• Equipment Choices: Alignment rack decisions: purchase, finance, or lease?• Interest Rates: Transparent bank rates vs. vendor lease mysteries.• Maximizing Loan Benefits: Early payoff = more savings.• Navigating Today's Finance: Adapting to soaring interest rates and market shifts.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.  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.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 gets into business valuation: from tangible assets to the nuances of reputation and team value, all underlined by real client stories. Every business has value, and understanding it is pivotal for both sellers and buyers. Adapt and strategize for the future by exploring:• Valuation Nuances: Beyond the typical metrics, understanding true business worth.• Client Spotlight: Challenges of valuing businesses with unique personal touches.• Reputation & Team Value: A deep dive into the weight of a good reputation and a skilled team, as well as the impact of long-standing positive reviews.• Business Relocation: The challenges and strategies involved.• Team Dynamics: Unpacking why a skilled team can be the prime motivator for buyers.• Pricing Considerations: The balance and challenges of pricing 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.  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.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 explores the world of renewable energy incentives and tax credits. From solar panel tax credits to the latest in EV charging station incentives, he breaks down some key points to help you make informed decisions for a greener future.• Solar Panel Tax Credits: Explore the benefits of solar panel tax credits for both residential and commercial properties, including how to claim them on your tax return.• Return on Investment (ROI): How to calculate the ROI for solar panel installations, considering factors like tax savings, utility bill reduction, and state-specific credits.• EV Charging Station Tax Credit: Discover the newly introduced tax credit for commercial EV charging stations, with insights into eligibility and potential revenue streams.• Geographical Limitations: Be cautious of geographical restrictions and utility company approvals when planning solar panel and EV charging station installations.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.  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.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 if EVs are transport's future or a subsidized industry.Manufacturers' stance: e.g., Toyota's hybrid focus and a breakdown of the 2023 credit rules: Differences in dates, base vs max credits, and the significance of kilowatt hours, as well as insight into the business strategies of major players like Rivian and Tesla.Shift from kWh focus to U.S. sourced minerals & battery components, with clarifications on "Made in America" vs. "Final Assembly in America.” Hunt also explores vehicle eligibility criteria, credit restrictions, income & MSRP limits, and unique rules for used vehicles.Hunt talks about 2024 changes, such as the immediate benefits and strategic considerations if you’re thinking of buying EV. He also talks about the importance of doing your own research & where go to do it! 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.  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.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

Today on Business by the Numbers, Hunt talks about potential government shutdowns. He discusses why we're here, including the Ukraine funding and the political spending tug-of-war.• How can the wobbly government budget mess with our day-to-day? The ups and downs of the fiscal year and why getting those 12 funding bills passed is like herding cats.• Real Talk: If things go south, how bad can it get for our government workers and contractors? And what does it mean for the rest of us – not just in the U.S. but globally too?• Hunt also talks about projections regarding federal debt. He’ll break down some of the numbers, chat about the "now or never" vibes, and why October can be a financially volatile month.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.  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.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 in "Business by the Numbers," Hunt explores the vital role of insurance in safeguarding businesses against unexpected challenges. Through real-life cases, Hunt emphasizes the importance of tailored coverage and proactive communication with insurance agents.• Insurance Misconceptions: Not all "basic" coverage is sufficient.• In-Depth Case Studies: The consequences of being underinsured.• Specialized Insurance: Highlighting umbrella insurance and Employment Practices Liability Insurance (EPLI).• The biggest takeaway? Regularly review and adjust policies to match your business's evolving needs.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.  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.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

The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:IRS is upping their fines if you don't disclose all funds, even the legit ones.IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle."The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention.The ERTC program's end is in sight, with some parts set to phase out soon.Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-prosThanks 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.  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.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, dive into proactive tax management. Whether you're wrapping up extended returns from 2022 or gearing up for the next tax year, now's the time to strategize. Hunt unpacks essential insights:• Tax Extensions: Can they shield you from audits?• Working with Accountants: Understand reasonable expectations and collaborate effectively to plan your taxes for the coming year.• DIY Tax Forecasting: Tools to craft a ballpark tax estimate for next year, plus ways to refine those figures.• Estimated Tax Payments: Not mandatory, but Hunt reveals why they're a wise move.• Tax Myths Demystified: Learn the facts to minimize tax liabilities and debunk some fairly common misconceptions.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.  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.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 discusses the challenges in a multi-service auto repair business, focusing on misconceptions about profitability. He analyzes a Trucking Business and the power of accounting such as:  Understanding direct, labor, and overhead costs. The role of accounting tools in revealing true financial insights and evaluating hidden and opportunity costs. The pivotal decision to shut down an unprofitable transport sector leading to growth inthe primary business. An accountant's role in providing clarity and empowering business owners to makeinformed choices.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.  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.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

The comprehensive Automotive Industry Benchmark Report is now live! Want the full details? Dive in at www.paarmelis.com.• Decoding Top Shops: How did we determine the crème de la crème of automotive shops? Today, Hunt sheds light on the meticulous methodology behind it. Is it about the sales charts, workforce strength, or the footprint in community welfare? Learn which set of metrics defined success.• The Stark Contrast: Hunt explores the big differences between the top-performing shops and the ones that aren’t performing as well. Learn the reasons behind these disparities and get ready to be surprised by the findings!• Metrics that Matter: Technician productivity. Compensation structures. Overall efficiency. How do these parameters influence the success trajectory of a shop? Delve deep into the data-driven insights and conjectures drawn from the numbers.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

Do you recall episode 49, about the Automotive Industry Benchmark Report? Well, its release is fast approaching! Today, Hunt goes deeper into the origins of the report, the questions posed, and a sneak peek at some (surprising) discoveries.Nuanced relationships, direct or inverse, between different variables and metrics in the automotive industry.Linking Labor Rate and Profit: One key highlight from the report is the insight on the Overall labor rate and its correlation with profit. Were there notable differences between different locations?Sales vs. Profit Growth: We also explored a vital question: Is there a direct link between escalating sales and an increase in profit as a percentage of sales? Our findings might surprise you.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

This week, Hunt talks ROTH Retirement:• What is the difference between a ROTH IRA and a ROTH 401K? What are the benefits and drawbacks to each? • How does taxation differ based on age? If you are over versus under 50 years old, how does this affect contributions? • How do personal goals and tax rates affect which retirement account makes the most sense? • If you have kids, how can you help them by starting a ROTH IRA while they are young and how can this impact them later? Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: [email protected] a copy of my Book: Download HereAftermarket Radio Network

In this episode of Business By the Numbers, Hunt discusses the topic of credit card processing fees and their impact on business. • Should businesses pass on these fees to customers? • Consider the customer's experience and the potential backlash of charging credit card fees. • Potential changes being debated in Congress that could affect credit card processing fees and rewards programs.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

In this week's episode of Business by the Numbers, Hunt sits down with the knowledgeable Matt Fanslow (“Diagnosing The Aftermarket A-Z” Podcast) to candidly discuss the journey of buying his boss' shop such as:• Roadblocks in the Buying Process:• Influence of External Parties on Behaviors and Relationships• Personal and Financial Ramifications of Buying Your Boss' Shop: Explore the risks involved as Matt recounts his own experiences and lessons learned.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Last episode, I talked about factors that play into calculating customer acquisition cost for your business. This week, I'll explore how you can figure out what an appropriate acquisition cost is for your shop. As usual, it's not a one-size-fits-all answer, but I’ll talk about a few factors that can help you decide: • Advertising Spend as a Percentage of Sales: Many successful businesses allocate around 6% of their sales for advertising purposes, but does this apply to all shops?• How much free demand does your shop have? From physical visibility to word-of-mouth, what kind of factors to consider when determining how much advertising you need to do.• Understanding how customer retention and loyalty relate to customer acquisition cost, especially from the perspective of Average Repair Order (ARO)Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Hunt delves into the critical topic of calculating customer acquisition cost and understanding its intricacies. • Defining the A+ Customer: How the type of customer plays a significant role in determining acquisition cost. Learn about factors that influence this cost and how identifying your ideal customer can optimize your marketing efforts.• The popular adage of "good, fast, or cheap - pick two" and how it pertains to your business. I'll talk about strategies to assess which approach aligns best with your advertising goals.• The Power of Source Reporting: highlighting the significance of source reporting in your advertising campaigns. Understand how accurate data about your ad sources can greatly impact the direction and success of your ad spending, enabling you to optimize your marketing budget effectively.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

In this week's episode, Hunt delves into the disturbing world of predatory lending, where borrowers are manipulated and taken advantage of by unscrupulous lenders. He’ll discuss things such as; • The circumstances that lead people to seek loans from predatory lenders• Insights into the functioning of these predatory lending "banks" and the strategies they employ to keep borrowers trapped in cycles of debt.• The various options available to business owners facing financial hardships, and alternatives that can aid them without falling into the clutches of predatory lenders.• The impact of hidden fees and how they accumulate into outrageously high interest charges, contributing to the borrower's financial burden.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

Welcome back! Now, for part 2 of Passing Your Business on to the Next Generation. Today, Hunt continues to explore the crucial steps involved in transitioning your business to the next generation. Last week, He talked about effective communication, creating a solid plan, and achieving a balanced deal that ensures both your retirement and your children's success. Today, Hunt deep dives into some of the technicalities of the process, providing valuable insights to help you make informed decisions. Selling Stock vs. Selling Assets to your children: Factors that influence whether you should sell the stock or the assets of your business. Gain a better understanding of the kinds of situations where you might make either choice.Financing: Get insight about the best way for your child to get the loan they’ll need to buy your business. Is it ever a good idea to finance it yourself? Gifting the Business: Learn some of the necessary steps to safeguard your business when planning to gift it. Hunt shares some strategies to ensure everything is in order and explores options available for gifting your business.Passing Your Business on to the Next Generation - Part 1: The BasicsThanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

In this two-part episode of Business by the Numbers, Hunt delves into passing your business on to your children. In Part 1, he explores the key factors that can either strengthen or strain your family relationships during this process. Hunt shares valuable insights and personal experiences to guide you through this important transition, such as;• The Power of Communication: why open lines of communication are vital to ensure that everyone involved is on the same page.• Crafting a Solid Plan: Learn from Hunt's observations of successful cases and avoid common pitfalls. The importance of creating a comprehensive plan and, more importantly, sticking to it.• Striking the Right Balance: Finding equilibrium between securing your retirement and not overwhelming your children with unplanned responsibilities can be challenging. Hunt offers advice to navigate this delicate balance while safeguarding both your financial future and your children's well-being.Stay tuned for Part 2, where we'll delve deeper into the financial aspects of this journey.Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses the influence of rising interest rates on shop owners' business expansion decisions.• The recent decision by the FED regarding interest rates and the anticipated trajectory for the rest of the year.• What kinds of shifts in the current market have taken place for buying and selling shops, and how will these changes affect business owners?• Besides interest rates, what other pressing challenges do borrowers face in today's banking landscape?• Taking all factors into account, does it still makes sense to consider purchasing a second location? What impact can this have on your decision-making process?Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses a common misconception surrounding S-Corp draws and how they are taxed.• What is a draw and how do you know how much you can take out of your business?• Does the amount that I pay myself have any relationship or impact on how much in draws I can take?• Do I pay tax on my draws?• What are issues that I could end up paying taxes on my distributions from my business?Thanks to our partners, NAPA TRACS and PromotiveVisit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses how sometimes reflecting on the past financials isn't always fun but its always necessary.• What is the purpose of financials and how does past performance effect future expectations?• How can I utilize past months or years financials to judge the accuracy or expectations of sales targets and projections?• What can I learn from bad months and is there always something that needs to be done to change?• How to understand the difference between the new normal or a one-time event that drastically changes your response?Thanks to our partners, NAPA TRACS and Promotive.Visit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

This week Hunt discusses how sometimes reflecting on the past financials isn't always fun but its always necessary.• What is the purpose of financials and how does past performance effect future expectations?• How can I utilize past months or years financials to judge the accuracy or expectations of sales targets and projections?• What can I learn from bad months and is there always something that needs to be done to change?• How to understand the difference between the new normal or a one-time event that drastically changes your response?Thanks to our partners, NAPA TRACS and Promotive.Visit NAPATRACS.com and GoPromotive.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online : www.paarmelis.comEmail Hunt: [email protected] a copy of my Book : Download Here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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