Happy May! This month we have the opportunity to celebrate the women who gave us life. My mom is in her eighties and I try to spend as much time with her as possible and take good care of her. She makes me laugh and sometimes I feel very sad to see her getting older and deal with all the challenges that come with old age. The important thing is that we have one more year to celebrate and we should all cherish these moments.
I want to wish everyone a Happy Mother’s Month, not just day, because our moms deserve a whole month of celebration!
As a mom, I am thrilled to watch my son Charlie as he starts a whole new stage of life. He will be graduating this month from high school and he already decided that he wants to be a Gator. He will be going to the University of Florida! I am so excited for him, but this means that I am entering a new stage of life, too. As I experience these stages of life and see my aging mom battle dementia, it makes me realize that we all go through the stages of life…we are born, go to school, then college, then we get married, have children, open a business, sell the business, retire, and then go to our heavenly father. My point is this. The majority of you are probably like me. You own your business, but you may not be looking down the road to the next stage of your life…RETIREMENT. This is one of the biggest mistakes people make. So I am dedicating this issue to Financial Freedom so you can enjoy your last stage of life by selling your spa business for top dollar.
Read the Featured Article, Financial Freedom, and discover what it’s going to take to help you reach your retirement goals.
In the Bright Idea, we invite you to listen to Financial Freedom, a complimentary tele-seminar! Listen and gain strategies to help you build your business and then sell it for top dollar. Read more.
In the Dori Recommends, check out the great specials on the Spa Department Manuals. It’s time to work smart and stop working so hard. Begin customizing your manuals so you can have a business model in writing and sell your business for more revenue.
On behalf of the entire InSPAration Management team, we wish all the Moms a great month!
|and the InSPAration Management Team|
|P.S. A Gift for YOU!
Go to InSPArationManagement.com and order your copy of my new book,
Spa Business Secrets to Increase Profits, for only the price of shipping and handling!
CoachMe Gold – Make Your Spa Social Media Work For You!
Topic: Facebook Updates And What They Mean For You
Date: May 26th, 2015 – Join Us!
Conference call on May 12th at 2pm EST
Not a CoachMe member yet? You owe it to yourself to check it out so you can experience business growth!
Registration is now open for August 17th – 19th
I was speaking with one of my favorite clients and friend, Sharon, from Altitude Laser, and we were discussing the new CoachMe Gold series, Financial Freedom, and how important it is to have a spa business exit strategy. She shared with me a phrase that Kim, the owner of the business, said and that phrase was, “What exit strategy? I am sentenced for life.” I am sure Kim was joking about that because they continue to grow and they are expanding their medi spa now. But there are many people who are sentenced for life by their work. Why? 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 business for top dollar and live happily ever after.
- Assess the value of your business
- Knowing your retirement numbers
- Fine-tune your business model
- Getting your 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? Do you watch Shark Tank? I don’t watch much TV but that is one show I love to watch. I love seeing entrepreneurs present and negotiate their deals. But the one part that is most interesting is when they estimate the value of their companies and the sharks always disagree with their estimation. 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
How much money do you need annually to live during retirement? Knowing this number 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. If you don’t have a spa manual for each department with operating guidelines, you better get started now. This will add a big value to the sale of 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. You have to make sure that your financial ratios make sense. Evaluate your compensation model and make sure you have a performance-based compensation model. 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.
6. Timeline to freedom
Where you are in the stage of life will depend on when you want to sell your spa business. You may be ready 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!
Click here to learn more about the Financial Freedom series.
Did you like this article?
If you own a day spa, a medi spa, or any other type of spa, we invite you to listen to Financial Freedom, a complimentary tele-seminar that will open up your eyes to what you need to do to gain Financial Freedom.
You will gain strategies to build your business and then sell it for top dollar.
Here is what Walter and I shared during the one-hour tele-seminar to help you!
- The biggest mistake business owners make.
- The value of my business.
- Growing and preparing my exit strategy.
- Putting my business on autopilot.
- When is the right time to sell my business?
- Who will help me sell my business?
9 Department Manuals
Fine-Tune Your Business Model
If you have been in business for a while and you still don’t have departmental manuals, that indicates that you are working hard but not necessarily smart. Having a business model in writing is very essential to your success. If you are serious about building a successful business and then selling it so you can live happily ever after, then now is the time to get writing. If you want a shortcut, you can get your hands on the Spa Business Manuals that we offer. We have 9 manuals to help you get started. You will get them in Word documents to make customization super easy.
We are offering an amazing special as part of the Financial Freedom series!
Join the new CoachMe Gold series & receive the manuals for 50% OFF.
This offer is only good until May 3rd. So, hurry and listen to the Financial Freedom tele-seminar, sign up for the new series, and get your manuals for 50% OFF.
Use code: “freedom”
Add To Cart —SALE: 3 Easy Payments Of $395 REGULAR:
Join the new CoachMe Gold Series, Financial Freedom!
Losing Sight of the Goal?
You may have lost track of your ultimate goal of going into business, and this is the biggest mistake most business owners make. You are probably like most entrepreneurs, you go to work…and work…and work…and… But what are you working toward?
Did you just buy yourself a job, or did you buy an opportunity to retire and live happily ever after? Why Are You In Business? Really? Every business needs an exit strategy.
Most people go into business because they want to be self-employed, have more freedom, make more money, and so on. But the truth is, you should go into business so you can grow it to a certain level and then sell it!
If you are one of the those smart people who would like to map out a successful exit strategy, and realize what it’s going to take to get you to the point of selling your business for BIG BUCKS.
Join the new CoachMe Gold series and secure your Financial Freedom.
Use promo code “EARLY”
Join Now —SALE: $97 REGULAR:
So whether you own a spa or salon or manage one, Spaorder.com is your best choice for quality beauty supplies, low wholesale pricing, fast shipping and friendly customer service. Let us take care of that so you can focus on your business. Mention InSPAration to receive 10% off your first order.
Company Name: Spa Order
InSPAration Management clients who purchase a Sharplight system will receive $2,500 toward marketing and promotions.
At SharpLight, we equip you and your business for success by providing you with top-of-the-line med-aesthetic solutions. SharpLight’s innovative product line of non-invasive, laser and light-based treatment systems are effective, efficient and safe; and each of the versatile platforms performs a wide range of in-demand treatments.
Most impressively, SharpLight is proud to be the only company in the world to offer a powerful all-in-one treatment platform, the OmniMax.
SharpLight’s customer service aims to impress, as we provide on-going technical, clinical and marketing support. Through innovative technology development and business support, SharpLight’s mission is to get results – for your business and your clients.
Company Name: Sharp Light
Telephone: 1 (866) 513-7797
Founder and CEO – Dori Soukup
InSPAration Management is a business firm dedicated to assisting spa professionals with growing and enhancing their business. We help spa owners and leaders maximize their spa’s potential through consulting, advanced business education, and coaching.
Whether you’ve been in business for years or are just starting out, we can help. Read more.
Education: InSPAration Management offers advanced spa business education via seminars and webinars to spa professionals. We can positively impact your career and your business. Read more about the Spa Leadership Seminar.
BizTools: Select from budgets, compensation plans, position descriptions, marketing, and more! Discover BizTools
Contact us to learn how we can help you grow your business and find success through InSPAration!