Advice on how to sell business

[breenbeauty]

So I have had salon for 8 years
Very successful when j worked in it myself have had 3 kids since oldest is 3 and have a newborn
Salon is a prime location with clientele and fully stocked and equipped
I have a girl running it for
Me but am not making enough to keep going
Should I rent out the rooms or sell up?!
Would like to go back to work one day a week in a few months
Advice plz!!

 

[Beckybee]

If you are not making enough money to keep going, who will buy if you want to sell. As the buyer will want to see the books etc so will more than lightly come to the same conclusion as you.

By removing the girl who runs it and replacing her with the buyer will mean they will get a wage and a bit of profit....

If you sell it, how will you work there one day aweek?

Some/most business exist to provide a job/lifestyle/good wage for the owner. As soon as you sell the value is lost as the owner is the business unless it's really successful biz

To sell up, unless really cheap, you need to improve the profits, and then why sell as your making more money!!

Renting out rooms and chairs will help with the turnover, perhaps that's the way to go

 

[Bettyboobumpkin]

Have a really good look at books. I've got 3 small salons and only work 1 day a week at 2 of them but still make enough money from them to keep them running. Are your girls busy? Are they retailing?

They're never going to be as committed to it as you are but if you can incentive them to stay busier it will keep them in a job. I give my managers 15% of the quarterly profit and that really helps. You might even want to start looking for someone new? I wouldn't throw away what you've worked hard to build up over the years.