In this episode, Brett shares seven strategies for exiting your hair salon.
If you’re a loyal listener of the podcast, you’ll often hear me mention that it’s my radical idea that personal finance should be personal. As hair salon owners, here’s one personal thing I already know about each and every one of you.
At some point in time, leaving your hair salon for good is inevitable.
For most of you, that event is going to be something that funds your future, or let’s say more commonly, funds your retirement. And for many hair salon owners, that’s an overwhelming thought. Because the number of possible ways you can leave your salon, what’s known as an exit path, can seem limitless.
In reality, there are only seven options when it comes to exiting your hair salon. So in today’s episode, I dive a little deeper into the advantages and disadvantages of each of those exit paths. Then, I give you a process you can use to choose the best exit path for yourself one day.
[02:32] Five steps for determining the right exit path for yourself.
[04:54] Selling to an insider.
[07:46] Selling your hair salon to a third party.
[12:04] Liquidating your hair salon.
[13:35] Weighing the pros and cons of each exit path versus your goals.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.