Business By The Numbers

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 Forecas...

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.  T...

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 suc...

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...

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 b...

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...

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 invo...

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...

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...

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 cycle...

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...

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 comm...

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 o...

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? Than...

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 t...

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 t...

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 chai...

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 opport...

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 loane...

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 th...

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...

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?...

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 mem...

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? Thank...

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 shou...