Mike Fiorito Inducted Into Federated Vendor Hall Of Fame

Mike Fiorito, vice president of KYB Americas Corporation, has been honored as the 2012 Federated Auto Parts Vendor Hall of Fame inductee. The Federated Vendor Hall of Fame recognizes one individual each year who demonstrates dedication to excellence, helping make a difference for Federated and its members.

Mike Fiorito, vice president of KYB Americas Corporation, has been honored as the 2012 Federated Auto Parts Vendor Hall of Fame inductee.

“We want to congratulate Mike for this well-deserved recognition,” said Larry Pavey, president of Federated Auto Parts. “I have had the privilege of knowing Mike for many years and there is no one who cares more about Federated and our members than Mike. He has personally made tremendous contributions to the success of Federated and our Co-Man operation. In short, Mike exemplifies what the Federated Vendor Hall of Fame is all about.”

Fiorito began his aftermarket career back in 1981 with Parker Hannifin’s Edelmann Division. He joined Brake Parts Inc. in 1988 and held a variety of sales and marketing positions before being promoted to vice president of key accounts. Following the company’s sale to Affinia, Fiorito served as vice president of sales for the Affinia Under Vehicle Group. In 2006, he joined KYB as director of business development before assuming his current position of vice president.

The Federated Vendor Hall of Fame recognizes one individual each year who demonstrates dedication to excellence, helping make a difference for Federated and its members. For more information and a list of recent inductees, visit http://www.federatedautoparts.com/hallOfFame.aspx

When Your Shop Is Worth Much More Than You Thought

Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.

Case Study: Owner of San Francisco-based Import Service Shop Delighted to Discover Just How Valuable His Business is to Qualified Buyers
I sometimes share case studies of the clients I have been able to assist in my role as an aftermarket business broker and provider of intermediary and advisory services. I do that when I think the story will provide a reader in similar circumstances with new insights or helpful information.
In the case of Cowden Automotive, Inc., I acted in a consulting capacity assisting the owner and his broker in valuing the business, creating a marketing plan, finding a qualified buyer, and arranging financing for the sale.
Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.
Needless to say, delivering that kind of good news to a shop owner is a rewarding experience. Discovering that the sale of his business would result in his retirement nest-egg being substantially larger than he had ever thought was a fitting tribute to someone who had spent his entire working career as a busy automotive service shop owner.

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