Episode 221: Industry Tea with Partner Michael Jay - Selling a Studio

What We Cover In This Episode:  One of the single biggest things that restricts selling options as a studio owner [4:03] How to approach starting the selling process as an owner [7:38] A look at stock sale versus the asset sale [11:44] What to consider in order to be fully prepared for due diligence [13:41] Why you should always be thinking about your exit plan while running your business [17:57] Thoughts on what the value of legacy really means [25:33] What the driving factors to sell a studio typically will be [36:27] A few things that you can do right now to set yourself up for success in selling [41:21]   Quotes: "Have policies and procedures that are written into the employee handbook that someone else can step in and take over and it doesn't revolve around you as an owner." [Mitch, 4:31] "Normally, we want to be years ahead of this, so your lease coming to an end can restrict the options that you have to sell more than anything else." [Mitch, 6:38] "Beauty is in the eye of the beholder. Worth is, how much is it worth to you and how much is it worth to a buyer who's willing to write a cheque? That's what determines value, really." [Mitch, 22:34]   LINKS:   Learn More About Michael & Get Exclusive Offers from our Partners!  Mitch's Website and Email  Connect with Mitch on Instagram BizBuySell Michael's Website and Podcast Connect with Michael on Instagram  Episodes 219, 217, 215 & 115 with Michael Send Megan Your Playlist or Discuss the Podcast Here! fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog