The Business of Boutique Fitness
163: Time to sell your studio? Here's What You Need To Know {Part One}
This is a 2 part series because, well, selling isn’t a minor prospect. Today, I’ll be covering some generalities and in next week’s episode, we’ll leap into the nitty-gritty numbers that will show you what you need to do to sell.
1. Selling your studio is not a short term process. Our final businesses did not in fact sell for nearly 2 years. During that time, we kept growing and put infrastructure in place to support the sale.
- What happens if selling immediately needs to happen?
- Is there a team member you can put into place that will hold the ship tight?
2. Infrastructure and Systems will Sell Your Studio.
- Organization Chart
- Who does what?
- How well do they do it?
- Is everyone clear on responsibilities?
- Where are you single threaded?
- Standard Operating Procedures
- Sales
- Marketing
- Communication
- Metrics — Areas of Growth Potential
- Attrition/Retention
- Lifetime Customer Value
- ACMV
3. The more turn-key your team, the more likely your studio is to sell and sell quickly.
- While you’ll be able to remove the cost of your management, most people will want to be able to walk into a business that can operate without them at the helm.
4. Regardless of what you may think, your equipment, and at times your methodology, matter very little in comparison to profits.
- So oftentimes, when an owner wants me to value their business they tell me about their investment…
- Real Estate
- Equipment
- Methodology
- But, these don’t sell a business. Profits do. If you are strongly profitable with a methodology that has the potential for further growth and you are selling the methodology as well, you will see additional value.
Listen in to today's episode and you'll learn:
- How I realized the business model I had wasn’t going to work for me going
forward - The biggest lessons I learned over the two years it took to sell my businesses
- What you need to consider before you even decide to put your business up
for sale - What to do if you want to sell it immediately!
- The three areas you need to focus on if you want to entice a buyer {and
strategies for each}
LINKS:
https://app.asana.com/
With grit + gratitude,
Lisé
