Matt Fanslow shares a recent interaction with a salesperson that wanted to help in the sale of the business. There were some warning signs, and with a call to an industry peer, Hunt Demarest, Matt stopped what could have been a costly mistake. Watch Episode HERE Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Show Notes: Succession plan for Riverside Automotive- Matt buys out the current owner Salesman stops into the shop offering consultation work (not automotive based)- consultant comes the next week looking into receipts and paperwork. Tells the owner his accountant is doing a poor job and asks what their ballpark agreement for sale price tag is. Immediately tells the owner it is priced too low and he could write a check for him today for more. Also adds in a scare tactic with IRS and 'gift tax.' Explains his team could get this deal done for around $40,000 Hunt Demarest- aggressive salespeople will pray on the owner's goals, insecurities and dreams with pressure behind it. The importance of valuations from someone that is versed in the automotive industry. Seller and buyer have to be on the same page with transparent communication What is your relationship with your banker? Be mindful of the opinions you are getting and who you are sharing information with Connect with the Podcast Aftermarket Radio Network Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partners: Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com

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