Podcast Episode 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 […]

February 2, 2023

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
      1. Who does what?
      2. How well do they do it?
      3. Is everyone clear on responsibilities?
      4. Where are you single threaded?
    • Standard Operating Procedures
      1. Sales
      2. Marketing
      3. Communication
    • Metrics — Areas of Growth Potential
      1. Attrition/Retention
      2. Lifetime Customer Value
      3. 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…
      1. Real Estate
      2. Equipment
      3. Methodology
      4. 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

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