Advice on Niche Market Exit Planning
Selling a Tanning Salon
Does the economy have you down? For exiting owners, the idea of listing their company now can be terrifying. Fortunately, a tanning salon sale isn't as scary as it seems.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a tanning salon sale works.
Starting a tanning salon is a great way to become your own boss!
They require careful planning and an intentional strategy that emphasizes your tanning salon's strengths and meets the needs of the marketplace. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Leveraging Industry Connections
Today's tanning salon buyers can be found in a variety of locations. Online business-for-sale databases like BizBuySell.com offer convenient resources for sellers interested in promoting their business to a broad prospect base. But industry connections can also be a valuable source of leads. Time and time again, successful tanning salon sales emerge from relationships within the industry. The challenge is to leverage industry connections while keeping knowledge of the sale hidden from your competitors. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
Selling a Tanning Salon to an Employee
There are both benefits and drawbacks to selling a tanning salon to an employee. A faithful employee may have the motivation and ability to continue to operate the business. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based tanning salon sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
What to Expect in a Tanning Salon Sale
The sale of a tanning salon can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. Many sellers experience discouragement during a long sale process. Although it isn't easy, you can mitigate the emotional impact of a tanning salon sale by setting realistic expectations before you list your business.
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