Building a Sellable Salon Business with Zach Dogar
Why is it that 80% of businesses that go to market never get an offer, meaning those business owners have to close the doors on all their hard work and walk away.
If you’re a salon owner, the day will come when you are going to relinquish control of your business.
This episode focuses on how you can increase your chances of being able to sell your business when that day comes rather than being forced to shut it down.
My guest is Zach Dogar, a business broker and exit strategy specialist in the hair and beauty industry.
In today’s podcast, we will discuss:
- Points for consideration when establishing the value of a salon business
- The biggest mistakes buyers and sellers make
- How to achieve the best sale price for your business
And lots more!
In this Episode:
[03:21] What Zach’s role as a broker entails.
[06:00] Some of the essential factors to take into consideration when valuing a business.
[10:36] Zach’s approach to dealing with assets.
[13:23] Why Zach takes a 5-year snapshot of a business’s financials when conducting a valuation.
[16:19] Why a business’s profitability is usually a deal-breaker for a sale.
[18:48] The three biggest mistakes that salon owners make in relation to the sale of their businesses.
[19:10] The biggest mistakes that buyers make when acquiring a business.
[22:57] When you should start thinking about your business exit strategy.
[26:08] The advantages and disadvantages of continuing to work in your salon after you sell it.
[30:41] How to choose a broker to help you sell your salon business.
[34:11] How the trend towards independent contracting in the salon industry is impacting the sellability of a business.
[36:09] Where to access a free questionnaire to understand the strengths and weaknesses of your business in terms of sellability.
Thanks so much for joining me this week. If you enjoyed this episode, please leave a review. Ratings and reviews are extremely helpful and greatly appreciated!
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I also love to hear what’s been helpful and what you love about the podcast! Just click here to review, scroll to the bottom, tap “Ratings and Reviews” tap to rate with 5 stars and “Write a Review” and let me know what your favourite part of the podcast is. Thank you for your support!
Special thanks to Zach for sharing his insights with me for this week’s episode. Until next time!
Antony
Links and Resources:
Grow My Salon Business
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Links to other related podcast episodes
Episode 006 | Episode 063 | Episode 185
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