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 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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