282 How Much is YOUR SALON Really Worth? With Susan Wos

**PLEASE NOTE: There was an issue with the audio on the episode published earlier today. This episode has the corrected audio.**Today's guest is Susan Wos, an American-based former hairdresser turned business broker who specialises in the salon industry and has now worked with clients in America, Canada, Dubai, UK and Australia…  Susan brings valuable insights of the inner workings of the salon industry to the brokerage business.   In today’s podcast, we discuss: - How much is your salon really worth?- When is the right time to sell your salon? - What are the biggest misconceptions about buying and selling salon businesses? As well as… The importance of keeping clean financial records, understanding the value of independent contractor income versus employee-based models, The dynamics of selling to existing staff, and why it’s important to plan an exit strategy from the start. And so much more!  IN THIS EPISODE: [01:13] Introducing today's guest: Susan Wos[02:01] Susan's journey from hairdresser to business broker[05:05] The challenges and insights in selling salons[10:12] The intricacies of valuing a salon business[14:17] The impact of self-employment on salon valuation[17:51] Discussing market trends and buyer-seller dynamics[21:44] Emergency sales: The strategies and considerations[23:53] The importance of valuing your business realistically[24:26] Planning your exit strategy early[25:21] The importance of building a sellable business[30:27] Selling to existing staff[33:35] Typical buyers in the salon industry[43:38] Connect with Susan Wos   Want MORE to help you GROW? 📚 Check out our Bestselling GROW Books https://growmysalonbusiness.com/books/ 🆘 Management overwhelm!? Download our free checklist! This checklist will help you get clarity on where you're at https://growmysalonbusiness.com/management-checklist/  RATINGS + REVIEWS 🙏Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!  They do matter in the rankings of the show and help other people find my podcast.👉 Here's what you do:- On your phone,Click here  (Read steps below first)- Scroll down to 'Ratings & Reviews'- Tap on the empty purple stars and rate 5 stars- Click on ‘Write a Review’ I love to hear what’s been helpful and what you love about the podcast! Thank you for your support! 🙏Until next time! Antony  RESOURCES MENTIONED IN THIS EPISODE: Free Business Valuation Calculator- https://salonspaconnection.com/free-salon-business-valuation/  👉 FOLLOW US!Instagram | Facebook | Website  👉 FOLLOW SALON SPA CONNECTION!Instagram | Facebook | Website