When you open a business very few people are thinking of the day they will sell it. The reality is that most businesses in the hairdressing industry aren’t sold, they just fade away and eventually close their doors.
I read a statistic recently that said that – “80% of all businesses that are put up for sale never sell!” So the odds of succeeding are stacked against you.
But think about it. There was a day where you thought, ‘I’ll open a business!’ And then you did! Congratulations! You should be proud of that achievement.
You saved up X amount of money. You called in all sorts of favours from friends and maybe family. You probably borrowed X amount of money from the bank or other investors. You probably leveraged every penny you could on credit cards etc.
And then you probably worked really hard for years, and have taken enormous risks along the way. And in some cases, the business has never made a profit. And in many instances, you were paying some of your team more than you paid yourself and took less holiday along the way…
So whether you opened up your business 1 year ago, or 5 or 10 or 20 or 50 years ago. Hopefully, there will be a day where you think, ‘I want to sell my business!’
Now, if you are like me, and are one of the 20% that managed to sell their business it gives you a great sense of achievement. For some, it can be a feeling of relief, as if a weight has been lifted from their shoulders.
And sometimes, selling it is also coupled with a sense of loss because so much of your personal identity is entwined with the business identity.
So, why would you sell your business?
For some salon owners, it’s because they have simply fallen out of love with being a salon owner. For others it because they are thinking of retirement. For some, it’s because they want the freedom to pursue other challenges. And for others, it’s because the business simply isn’t working anymore.
So could you sell your business? And if so, what do you think it’s worth? Who could you sell it to? What’s the best way to sell it? What should you do to make your business more saleable? And if you were able to sell it would it give you the windfall you might have dreamed about as being the ‘Pay Day’ that you deserve?
Lot’s of questions, and not always simple answers to any of them. But the day will come where every salon owner will ask themselves, “Should I sell my business?”. And those that prepared for that day, often years in advance are the ones most likely to succeed.