Good for Your Body Shop? Part 1

“When interest rates rise and there are fears of a recession, I recognize how easy it is to become overwhelmed with fears, but I’m not afraid,” insists Mike Anderson (Collision Advice). “While it’s obviously bad in some ways, I believe it’s also good news for our industry because there are some pros. For example, a higher interest rate makes it harder to borrow money which means fewer people can open new shops. It increases the price of admission. While we need more good shop operators, creating a barrier of entry prevents just anyone from opening a shop and offers some protection to the people who are currently in the industry and actively investing in their businesses.”