R. Silverstein

Nov 11, 2024 | ratchetandwrench.com | R. Silverstein

It’s widely accepted by many that change is inevitable so we might as well get used to it. The corollary to this is that while change may be inevitable, change isn’t always good. Over the last several years I’ve noticed a change in perception of the business of auto repair, a change as to what defines success and how to achieve it as well as the role and meaning of work.

Oct 11, 2024 | ratchetandwrench.com | R. Silverstein

I recently returned from speaking at the Ratchet and Wrench Conference in Orlando. I had the privilege of speaking with many new shop owners who were just beginning their journey. A reoccurring question was: what can I do to make my shop different than the rest? How can I distinguish myself and my shop? My reply was simple: aspire to be more than a salesman, be a genuine advocate for your customers”. As an avowed capitalist, I love selling.

Sep 17, 2024 | ratchetandwrench.com | R. Silverstein

One of the many reasons I look forward to receiving this publication every month is the opportunity to learn from the experience of others. Experience may be a great teacher but the lessons learned can cost an arm and a leg. By comparison, reading how someone faced and overcame challenges, and then possibly applying those lessons to my circumstance costs nothing.

Aug 13, 2024 | ratchetandwrench.com | R. Silverstein

Start with the end in mind. When mentoring fledgling shop owners, I often tell them we must start with the end in mind. I want them to tell me what they imagine their company will be next year, and then ten years after that right up until their retirement 30 years hence. In all that time, very few actually had a legitimate retirement plan in place. We Americans are not that great at planning and saving for retirement.

Jul 16, 2024 | ratchetandwrench.com | R. Silverstein

A fundamental calculation to make before buying or leasing a piece of equipment is to not only determine whether it will pay for itself but also if it will produce a profit.  There is a terrible calculation that is often used by those selling the equipment to “help” the potential buyer make this decision, and it generally goes something like this:  Sales revenue generated by the use of the product minus the cost of production in labor dollars for that operation.