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ScissorNinja

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Joined
Aug 3, 2021
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Location
Wisconsin
I’m an existing stylist who has rented a suite for 18 years. An opportunity has presented itself to purchase an existing salon. The current business is a building with 6 rental units. The owner is selling the business, not the building, just the business. So I’d have a lease for the building. This totally new to me, so any advice would be much appreciated!! They’re looking to sell the business for $40,000. Has anyone done this? Appreciate your help. Thanks!
 
What exactly are they selling for 40k? is it just the lease and some stock & furniture?
Over here, you used to be able to sell your client list but with data protection laws, that’s no longer possible.

I wouldn’t agree to anything until you’ve consulted a lawyer to look at the finer details.
If the lease includes responsibility for repairs, then it usually includes maintenance costs for both internal and external elements and structural and non-structural parts. You’ll need a surveyors report if that’s the case, to work out a realistic annual budget.

Owning a salon is a completely different ball game to renting a chair as you need to deal with staffing and building issues as well as the usual marketing, stock control etc.

Sorry, I’ve not got any actual experience of the US market so hopefully, a more knowledgeable geek will be along later.
 

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