Ask Mary is an advice column for readers to ask Editor, Mary Hughes, for answers to their spa-related questions. Spa professionals and readers are invited to ask for advice at: [email protected]
Dear Spa Life,
I am a spa owner whose business is located in Southwestern, Ontario and I have a very nice day spa. I cater to medium-priced clientele and provide full aesthetics, hair and laser treatments. I have a good business with three employees and I am thinking about selling my business. I know as soon as the ‘cat is out of the bag’ about me selling that my employees might leave, tell clients and so on. Do you have any suggestions that could help me with this dilemma?
Brenda F.
Hi Brenda,
I am sure there are a few spa owners out there as we speak wanting to sell or retire without compromising their business. First and foremost make sure you have all your financials, and business portfolio all ready to go for any interested buyers. You need to ask yourself: why am I selling? To retire, financial reasons, or simply not wanting to own a business? The answer to this can affect the way you sell your business.
If you plan to stay on and help with the transition of the sale, or be an employee, this could be helpful. Remember; people sell and buy businesses everyday. If you can approach your staff, be honest with them and tell them why you are selling, you may be pleasantly surprised at their reaction. Would one of them be interested in buying it? Also look at your staff retention if they are longtime valued employees that you have treated well – they probably won’t leave you. I would put it out there and test the waters with ‘this is what I am thinking of doing because…’ Being honest is the place to start. Honest intentions will result in good results.
HI Mary,
I met you a few years ago and am now in Québec and planning to open a small spa at a resort. I am looking to open something unique and different do you have any ideas or suggestions for me to consider?
Monique F.