You’ve pushed your profits from strength to strength, but now you’re looking to sell your salon. Circumstances change, we understand, but where on earth do you begin? It’s time to consider your selling options with our essential advice to get started.
Your key assets will first need to be valuated to sell your salon, such as equipment, clientele and even trademarks. Staff are also an important part of this as many clients will visit just to see that stylist or therapist. Getting in a pro, like a business broker, is useful to look at your profits and valuate your key assets, meaning you can justify your chosen salon price when you sell up.
Sell to your staff
Who better to sell your salon to than a colleague who knows the business? Your enthusiastic staff will understand the ins and outs of your salon better than an external party, meaning they will be able to hit the ground running! Check to see who would be interested and who is not only ambitious enough but can secure the funding to take the next step.
A ‘family run business’ sounds so warm and inviting, so why not seek an interested family member to take over? Doing this will make sure your siblings or younger ones make a living to support your family. This also allows you to keep an eye on the salon as an advisor, if need be, providing valuable insight to ensure it stays successful.
The open market
If you don’t personally know anyone interested, then it’s time to sell your salon to the open market. Doing this means making the salon as attractive as possible both visually and through maintenance over at least a one-year period. By maintaining your salon for the purpose of sale, you can maximise your return and receive the sale price you want. Meeting with buyers
Meeting with buyers
When meeting with buyers, allow between 3-18 months to finalise an agreement to give you a better chance of securing a good deal. Anyone interested is sure to have a whole host of questions, so it’s worth preparing an open and honest answer during this time frame. Those wanting to take over will want to see business accounts of costs and revenue for the last few years, so make sure you come prepared!
Salon by Premier Software® is an essential tool to run your salon, maintain a client database and pass on vital information to the new owner when it’s time to sell your business. For new owners wishing to book a Salon training day or presentation, call +44 (0)1543 466580 or visit https://www.premiersoftware.uk/book-a-consultation/