83. What Collision Shops Should Be Doing to Start The 2024 Financial Year Off Right

Your Business Your Life

As we enter the new year, businesses need to reflect on past achievements and plan strategically for the future. And as shop owners embark on their journey, one crucial element they must consider is having a sound transition plan.

A significant challenge most shop owners face is balancing the demands of running their business. They get so busy with day-to-day operations that planning on how to leave the company someday often takes the back seat.

When the time comes when they finally want to exit the business, they find themselves rushing to make decisions, making it difficult and costly to execute a proper transition plan.

In this episode, Matt DiFrancesco explores key considerations and actions that can position collision shop owners for success in 2024 and beyond - even if they’re not planning an exit soon.

Matt talks about:

(01:15) One of the bug challenges shop owners face today

(03:05) Why every move you make as a shop owner should have your transition in mind

(03:40) The importance of having a comprehensive business continuity plan

(06:19) The significance of adequate estate planning

(07:27) What shop owners need to consider when it comes to their key employees

(08:24) Why collision shops must adapt to market change

(08:32) Why it’s important to start transition planning now

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Disclaimer: The content posted here is not a substitute for tax or legal advice or professional investment. DiFrancesco Financial Concierge, LLC d/b/a High Lift Financial is a Registered Investment Advisor in the State of Pennsylvania.