One of our shops lost $85,000 in 2024.
It lost about the same in 2023 and 2022.
This store has lost a total $350,000 since acquired in 2021.
Why not just close it? Not an option with our $120k/year lease.
Why not sell it? We could, but then we asked ourselves: what would the buyer do?
They would find a new manager (maybe replace the entire new team), fix the place up, and put a ton of effort into turning it around.
If they can do it, why not us?
We’ve turned around every store we bought except for this one.
A legendary Midas franchisee had a quote I’ll never forget:
“It’s the manager, stupid.”
Not the location.
Not the economy.
Not the competition.
The manager.
Our newest manager started in March
April was his first full month running the shop
The results?
We did $90,000 in revenue — the best month in a decade.
In 2024 we averaged only $58,000 per month.
A 55% improvement in the same store, with the same mechanics & marketing.
We should make about $12k profit and this is just the beginning.
Back in day (circa 2010) this shop used to be the #2 store in NJ
Today we’d need $2M+ to get there.
In service-based businesses, success is 80% people-driven.
Every day we have the ability to improve our business by finding, training & developing people.
There are no bad locations
Just bad managers.
Want to learn how to hire better managers?
Next Friday, May 9th I’m hosting a new Talent Acquisition workshop.
In this LIVE session, I’ll walk through our exact process to identify & retain great employees.
Cheers!
Brian
