Niche Market Exit Planning Tips
Selling a Beauty Salon
No one said selling your business in a depressed economy would be easy. Fortunately, a beauty salon sale isn't as scary as it seems.
Personal and professional concerns surround the sale of a beauty salon. In our experience, a common owner concern is how the sale will affect customers and employees.
If you're ready to move on, now is the right time to sell your beauty salon.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Surprises are inevitable, so to minimize the disappointment you will need to prioritize the outcomes you require from the sale. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Finding Beauty Salon Buyers
Buyers of beauty salons run the gamut. Some are seasoned beauty salon veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
Preparing Family Members
You're ready to sell your beauty salon, but is your family prepared for the transition? Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. The sale of the business will likely result in new family dynamics. Subsequently, selling a beauty salon has to include ample communication and shared decision-making.
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