There are many people who are sentenced for life by their work. That’s because they don’t have a growth and exit plan. How about you? Have you been thinking about how much longer you need to work? This article will help you realize what you need to do to plan an effective exit strategy, so you can get to the point where you can sell your spa business for top dollar and live happily ever after.
- Assess the value of your spa business
- Knowing your retirement numbers
- Fine-tune your business model
- Getting your spa business ready for growth
- Identify who will buy your business
- Timeline to freedom
1. Assess the value of your business
How much is your business worth? What is the value of your spa? The rule is it’s about three times your profit line plus other assets such as equipment, real estate, and so on. Profit is king. If you want someone to buy your company, you have to be profitable. Your profit needs to be at least 10% to 15% or more.
2. Knowing your retirement numbers
Knowing how much money you need annually will clarify what you need to do now, how much money you need to be saving or investing, and how much you need to sell your business for in order to retire with a certain lifestyle you are seeking.
3. Fine-tune your business model
Having a business model in writing is a major benefit when you are trying to sell your business. Buyers love to know that they can follow a success recipe. If you want the fast track to having a business model, look into the Success Library Manuals that we offer.
4. Getting your business ready for growth
Another fact that will help you sell your business for top dollar is a growth pattern. You want to show that your company continues to grow year after year. Growth takes planning. Growth happens when you have a good employee and guest retention.
5. Identifying the ideal buyer for your spa
Walter Bergeron, who sold his business for $10 million, and who will be joining me on the CoachMe Gold modules, taught me that you should decide who to sell your business to. Don’t wait for someone to be interested. You need to identify who will be the ideal company that will buy your business.
You may be ready to sell your spa business now, or maybe in five years or longer. No matter what your timeline is, you have to have a spa business exit strategy so you are not sentenced for life by your business.
Make the time to assess your business and come up with a plan to grow it. Develop a successful spa business model so you can sell it for top dollar and gain your financial freedom!
Want to learn spa business growth strategies? Pick up a copy of Coach Me Gold Spa Business Success to learn how to make this year your best year ever!
Need help with your growth and exit plan? Ask a question in the comments below!
