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.
1. Assess the value of your businessHow 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 spaWalter 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.
6. Timeline to freedom
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!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
