Say an entrepreneur is interested in buying your spa business. Do you know how much it is worth right now so you can set the right price?
Most small business owners do not have a definite idea of the current value of their businesses. No wonder, because that number isn’t part of day-to-day business operations. It is an exercise reserved for when you are divesting interest in your spa or salon, for example, handing it over to another or retiring.
Did you know that identifying how much your spa is worth is part of regular business processes? However, you would be better off if you do not undertake this valuation process on your own.
Chances are you will be selling only one business in your whole life. Because you are not a corporate buyer—whose job it is to routinely appraise businesses and negotiate the best price for them—you might be putting the wrong price tag on your spa.
Imagine this: You have decided that your business is worth $1 million. You believe it is a fair amount. It is also exactly the kind of money you would need to live your retirement in style. You would feel extremely cheated, however, if you discovered down the line that you could have sold your spa for $5 million instead! (I would imagine you would be crying in your cup for a long time to come!)
InSPAration Management has created an 8-part CoachMe Gold series, Financial Freedom, to avert this kind of disaster. Not only will spa entrepreneurs learn how to correctly determine how much their businesses are worth, the training will also help you sell it for top dollar. In the first module alone, you will define your “Enough is Enough Number” and learn more about the “4% Thumb-Rule.” These are important numbers that you must be familiar with.
Even if you are still having the time of your life growing your spa right now, you will want to know more about the Financial Freedom coaching series. It’s not only about crafting a business exit strategy, but more importantly, it’s all about growing your business to three, five, even 10x its size today, creating systems and structures to put spa success on auto-pilot, and securing your financial future the best way. Click here to learn more about Financial Freedom now ?
