Greg Bunch, owner of the multi-million dollar, five location Aspen Auto Clinic in Colorado, has become a go-to for growing businesses. Not only does he have first-hand experience with his own shop, he also founded and runs the Transformers Institute, a team of professionals dedicated to transforming the automotive industries.
Bunch recently hosted a webinar with Ratchet+Wrench, which can be viewed in its entirety here, on knowing when to grow. Here are four of Bunch’s top tips:
Look to the Future
Business as usual is no longer an acceptable mindset. Bunch urges listeners to look to the collision repair industry, if they don’t believe him. The climate is changing, and, if shop owners want to stay around longer, they need to look to the future and figure out how they plan on competing with consolidators.
Do a Thorough Analysis
Before pulling the trigger, Bunch says shop owners need to make sure they have three key factors in place. Ask yourself:
- Do I have the market share that will support a second location?
- Do I have the right building?
- Do I have the right people to run more than one location?
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Shift Your Mindset
In order to be successful with more than one location, Bunch says you need to start thinking like an entrepreneur and less like a technician.
Make Sure You Have the Cash Reserves
Adding another shop can eat up money—quickly. Make sure you have cash available.
