Buying an Existing Salon? How to Ensure a Smooth Transition.
When you buy an existing salon business, there will inevitably be things you want to (and possibly need to) change.
Sometimes everything goes well, and the transition is a huge success for the new owner, the employees, and the clients. However, just because the salon business model is simple doesn’t mean a salon is a simple business to run, and taking over an existing salon can also end in tears, financial losses, and half of the team walking out.
Nobody wants the latter experience, so tune in to this episode to hear what you can do to limit the risks of buying a business and make the experience a positive one for everybody involved.
In this Episode:
[01:54] Common reasons for failed salon takeovers.
[04:01] The importance of having a deep understanding of the business that you are buying.
[07:06] Advice for building relationships with existing team members.
[08:07] Examples of small, easy changes that are often beneficial to make early on as a new owner.
[09:13] How to approach your dealings with the “unofficial leader” of an existing salon.
[12:14] The importance of treading lightly but also accepting that you won’t be able to make everyone happy when you are making changes to a business.
[14:24] Key factors that are likely to cause tension when they are altered.
[17:06] Why involving your team in some of your business decisions is a good idea.
[18:50] A foundational pillar of a successful business: open, honest communication!
[20:20] A reminder that everyone is replaceable, and it takes time to become the true “owner” of a business culture.
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Until next time!
Antony
Links and Resources:
Grow My Salon Business