Exit Planning for Hair Salon Owners

E37: Don’t Let These Common Misconceptions Keep You From Successfully Exiting Your Business

In this episode, I’m going to dismantle the four most common objections I hear from hair salon owners when it comes to exit planning:

  1. The salon isn’t worth enough to meet my financial needs right now. When it is, I’ll start thinking about leaving then.
  2. If I sell, I’ll have to work for a new owner for years, so I’m not going to do it.
  3. I don’t need to plan. When the salon is ready, a buyer will find me.
  4. The salon is my life. I can’t imagine my life without it.

My goal with this episode is to convince you that exit planning not only helps your salon while you’re in it but is also the best way to leave your salon to the successor you choose for the amount of cash you need on the date you choose.

And hopefully by the end of this episode, hair salon owners are going to ask, “How do I start exit planning?”

Episode Highlights

[02:28] Retaining a business valuation expert.

[03:19] Working with a financial advisor to determine how much cash you’ll need to meet your financial goals once you exit your hair salon.

[04:00] How assumptions rather than objective measurements can lead salon owners astray when it comes to exit planning.

Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.

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