The Golden Years
e owner is over age 50, that number grows to $14,000 thanks to a catch-up provision. Now the fun begins: The owner can then combine a profit sharing plan with the 401(k) and put even more money away. Yes, a profit-sharing plan does require that you put away money for all employees. That is why
Growing Up Fast: Focus on Hot Segments Helps Federal Build N.A. Business
Federal Tire President Jamie Ma is only 29 years old, but he has been relentless in working to build up the company his grandfather started in Taiwan almost a half century ago. Ma, who joined Federal in 1998, majored in accounting and finance at the University of California at Berkeley. Federal has expanded its distribution
Keep A Watchful Eye
A Sharp Examination Can Keep Profits Flowing in Hard Times For the last couple of years, many independent tire dealers have been experiencing something new: financial hardship. After 11 consecutive years of growth, the economy started sputtering in 2000 and continued falling, leaving many small businesses – like tire dealers ®“ in a survival, rather
Covering the Bases
Focus on the Things That Make a Successful Business Complacency is the kiss of death for any business owner. Some have an innate unwillingness to change or to try something new, but the successful business owner wants to know everything about his business. He never says, "Well, that just doesn’t matter." In business, everything is
To Grow Your Business, Get Next to Your Banker
To Grow Your Business, Get Next to Your Banker Many things are important to nurturing your business, growing it, and reaching the next level – whether it’s larger quarters, bigger staff, or even adding new locations. Of course, you need a sound business plan, a professional management team and a good customer base. But you
Raise that Service GP
-paid. This simple policy has nearly eliminated the problem. Technician Compensation Technicians need to progressively earn more money as they mature. Both younger techs and experienced master techs are needed in our particular business. But too many of one type will hurt your gross profit. Both types of technicians are needed, but a repair shop
Industry Report
Goodyear Tire & Rubber Co. received a one-month extension from its various banks to comply with loan agreement covenants that, among other things, would have forced the struggling tiremaker to make a $500 million contribution to its underfunded pension program. The extension was granted Mar. 5, two days before a temporary waiver was set to expire, and expires Apr. 4.
Why Pay More?: Right Depreciation Method Puts $$$ Where You Need It – The Business
p> The chart "Comparing Depreciation Methods" (page 26) provides a tangible example of the different methods of depreciation available to dealers. As you can see, the different depreciation strategies produce substantially different results in terms of impact on the income statement and the balance sheet value of the asset from year to year. Here’s a
How Big Do You Want To Go?
How Big Do You Want To Go? That’s what you’ll be saying as we take you through the steps to begin a sale, guide a customer to the right wheels and then close the sale. All too often, a customer comes into a dealer’s store and asks which wheels will fit on their vehicle and
Dear Mr. Customer: Effective Collections Take Savvy and Diplomacy to Keep Them Customers
The story goes that there was a small tire dealer in a tiny west Texas hamlet. On a big chalk board behind his counter were the names of a couple dozen or so people, many with the same last names. Now this was a very, very small town, the kind where everyone knew everyone else