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77. Safeguarding the Future: What Collision Shops Need to Know About Business Continuity
Manage episode 372502947 series 3285149
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In today’s fast-paced and unpredictable world, businesses of all sizes face numerous challenges that can disrupt their operations.
As a collision shop owner, unforeseen events such as natural disasters, economic downturns, and supply chain disruptions can severely impact your ability to provide services to your customers.
Having a sound business continuity plan can help protect your hard work and provide peace of mind should anything happen or if you choose to leave the industry in the long term.
In this episode, Matt DiFrancesco talks about what goes into creating an effective business continuity plan and how this planning process can be invaluable for safeguarding the future of your collision shop’s success.
Matt also discussed the following:
(01:35) The first area of business he looks into when working with a shop owner
(07:45) Why businesses must have “stay bonus plans” for key employees
(11:23) The importance of knowing the value of your business
(12:11) How proper valuation prevents asset gap
(14:09) How to keep continuity in the business
(16:36) The importance of having a buy-sell agreement
(21:32) Why it’s critical to have a fiduciary financial advisor
Connect With Matt DiFrancesco:
matt@highliftfin.com
(814)201-5855
LinkedIn: Matt DiFrancesco
LinkedIn: High Lift Financial
Facebook: High Lift Financial
Instagram: @high_lift_financial
Youtube: @highliftfinancial
DISCLAIMER
The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a High Lift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.
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