Buying an existing salon, spa, nail salon or boutique?
There are so many things to consider when you are deciding whether to purchase an existing salon or spa. Is starting from scratch is a better option? There could be a more cost-effective way of owning your own business. Make sure you understand everything involved in purchasing an existing salon or spa. Before purchasing any business, due diligence is essential. You need to know what to look for, know what to ask and understand all of your options.
At Spa Advisors, we believe you should know what to look for prior to making any commitments. Our clients are equipped with a fifty-question checklist to assure they have a thorough understanding in the quest for the right business model.
Our checklist to purchasing an existing salon or spa addresses the following topics:
- Financial Performance
- Lease Terms
- Owner Situation
- Equipment & Décor
- Customer Data Base, Social Media
- Trademarks, Business Name
- Licenses, Permits
- Changes in Agreements
- Discrepancies in Reporting
- Undisclosed Information
- Options for Purchase
A number of different professionals may be required based on your location and scenario. A business broker, an attorney to handle to paperwork and an accountant to examine the businesses financials are often part of a transaction. Understanding what each requires will make their jobs easier and less expensive for you.
If you would like us to help you along in this process, please fill out the information below. Making sure that you know and understand what to look for will make the entire process easier.
Contact us for more advise about purchasing an existing salon or spa at 480-460-7727.