Money and the trade - bill w

Hi,

I'm a new member, so I hope this post is not out of place.

I have been reading a number of forums for a while , and I think that this forum has well balanced views and honest experiences. So with that said, I have a question -

Has anyone ever made their fortune directly from the motor trade (specifically through owning an repair/MOT garage)? I was given an american book to read, and the stats said that the majority of millionaires came from businesses that were "dull normal" (their term - not mine) mechanics/plumbing etc) types. As that was american, I'm wondering if the same is true here. Any thoughts/anecdotes would be great - I'm quite interested in this.

bill

Money and the trade - unthrottled

Alas, it's virtually impossible to make big money 'doing' something. Entrepeneurs might have made millions out of the plumbing industry but it'll from licenced franchises, business deals, and patent laws. You don't make a fortune wielding a torque wrench.

When you pay £50/hour for a mechanic to fix your car, the mechanic doesn't see half of that. There are also big costs in terms of diagnostic equipment required for advanced repairs/MOTs etc. Self employed mechanics obviously keep a higher proportion of their hourly rate-but it's unlikely they can have enough regular work to work a neat 8 hours/day-5 days a week. There's a lot of dead time involved which reduces the rate considerably.

Money and the trade - Roly93

Alas, it's virtually impossible to make big money 'doing' something. Entrepeneurs might have made millions out of the plumbing industry but it'll from licenced franchises, business deals, and patent laws. You don't make a fortune wielding a torque wrench.

Very very true !

I work in telecoms equipment sales and find that I can do more work selling a couple of SDSL modems for £800 than setting up a supply contract that may turn over £200K per year. I find if you start doing 'things' as opposed to just floating ideas all is usually lost and some late nights are usually in the mix ! Its sad to see how little we value people who can do things in the UK.

Money and the trade - bonzo dog

Hi Bill, if you look at some of the dealer groups you will see that many were formed by one or two people, who were able to grow the original business by aquisition many times over, thus making a small fortune. In many cases this was turned into a large fortune when they sold out.

Names like Arnold Clarke, Smith Knight & Fay, Brindleys, Reg Vardy, Bramhalls, Quicks - all family owned start-ups & I wish I was a penny behind all of them. So it can be done, but for every one who makes it, there are thousands who slave away 44 hours a week on the job plus another 10 doing the books.

I think there is more money to be made writing a book about how to become a millionaire!

Money and the trade - oldroverboy

My old boss in Geneva certainly did, he retired after nearly 50 years in the motortrade, had multiple agencies, and sold his business to a consortium, and is enjoying a well earned retirement. He was also one of the kindest people I have ever met and had the privilege of working for .