Lucas Underwood and David Roman are again joined by guest Cecil Bullard to continue discussing the financial considerations of running an automotive repair shop.
Cecil emphasizes the importance of understanding your business's financial model, including accurately accounting for fixed expenses and miscellaneous costs. They also delve into establishing a realistic labor rate and the significance of generating a fair profit to sustain the business.
00:00 I have money, can pay bills, share business.
08:05 Determining the value of labor and profit.
12:17 Modeling business expenses, including labor and parts.
15:34 Roof leaking, low profit, tough working conditions.
16:43 Investments must exceed stock market returns passively.
19:48 Tech wants to start shop, high expenses.
22:43 Seek undervalued businesses, adjust and market strategically.
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