37. Thinking of SELLING your salon?

Today I want us to learn the hard lessons from some people that have struggled to sell their Salon business. For lots of us it’s part of our long term goal to be able to put the Salon up for sale and retire on the proceeds or get the Salon to the stage where it’s running itself, and live of the profits for the rest of our dotage. What we need to understand is exactly what people are buying when they buy your business. Multiple of profit or a multiple of your turnover - that doesn’t really ring true, unless there’s lots of things in place to support that price. Our team - well unfortunately it’s illegal in most cases to tie your team to a business that they don’t want to work in. Your database - if you’ve got an up to date, current database, secure with excellent and complete details for your clientele, that can add some value to your business. So if you want to build a business what are you going to build? Systems - this is how you get to stay away from your Salon and still make money, and it’s also how you have something to sell when the time comes. You need policies and procedures in place - you need a system for everything. By system I mean a policy or a procedure a way that you do things in your Salon. Written policy and a flow chart. These are the things that tells you exactly at each stage of the game what’s expected from each person who is involved in the process. Then when it comes time to sell, what you’ve got is a Salon that virtually runs itself, or runs itself to the extent that you want it to, all the policies and procedures are in place for training your team and now you’ve got a business to sell. I hope that’s been useful to you, if it has don’t forget to subscribe. I do a broadcast like this, every single Monday and I would hate you to miss out on the content that I’m sharing. If you’ve already subscribed I will see you next week. Take care.