Suggestions on selling my business?

[neggandbattlemaster]

I'm in the process of registering for nursing school. I've been an LMT for 7 years now and owned by own spa for the last 3 -1/2 years. I've come to a conculusion that massage work is rewarding emotionally but not financially. When you own your own shop you have all the overhead.

Any suggestions as to what to do to prepare for closing the doors. I know I need to stop selling Gift Certificates and need to get outstanding ones to come in and redeem them. I don't plan on selling anymore of them at this time. It's end of March now and plan on closing business in June and trying to sell all my stuff by end of July. I have 3 treatment rooms loaded with supplies, (i.e. sheets, massage creams, facial supplies, towel warmers, hydrocollators, massage tables, table warmers, stools, pictures, towels, I have a desk, lobby furniture, etc....) Not to mention I have everything a nail tech would need to get started. Pedicure chair, nail tables, polish, etc.
Should I adverstise at the local schools and let folks know that I will have these items for sale?
Besides the supplies and the Gift Certificates, I'm not sure if Ihave to continue paying my yellow pages and internet ads?
Fortunately for me, my lease is up at the end of July and nursing school starts in August.
I'm open for any and all suggestions or advice.
Thanks!!

 

[essentiallysolo]

You could easily list things you wanted to sell on here, & on ebay, as well as your local region, depending on if you're willing to ship or not. On ebay you can limit the item to pickup only.

You may want to keep a table & a few other items in case you
decide to use them for a little extra income here & there while you're in school!

Best of luck with your future education & career
choice as well.

 

[handsomeprince75]

I'd definitely suggest trying your hand at seeling some items here. There may be a therapist or two or three who are in your area and willing to come pick up items, if you don't want to ship.

The other nice thing about selling here, is that you may be able to work out the sale so that you keep the item until you finish working and then sell it, but you already have implemented the selling process of that item to an individual ahead of time.

We've got a thousand or so membership, so it's worth a shot!

Here's the link you need to sell on MassagePlanetL: For Sale or Trade

I second keeping a table and some sheets. You never know when you may need to pick up a little extra cash or barter with someone for food in this economy!

 

[Haley]

Have you considered selling your practice, including your client info, to an MT (or several MTs) looking to take over a larger practice? You might get it all done in a single transaction.

 

[arslan_018]

Have you considered selling your practice, including your client info, to an MT (or several MTs) looking to take over a larger practice? You might get it all done in a single transaction.

Yeah Jason that's what I was thinking. Especially if bodyworker is in a good location and a fairly populated city. It's definitely worth a try before breaking it all up and selling it off piecemeal!

 

[Iko C]

I think thats definately worth a shot - If thats a route youd like to take, bodyworker, you could make a nice little presentation folder and mail out/deliver to all the usual suspects. Include pictures, income potential, itemized list of supplies and what not. It could be a great opportunity for someone/some group, and a little easier on your stress load maybe

Very exciting time for you - I hope your transition goes smoothly - so fun to start new endevours!! Good luck!!

 

[Jasanna]

Here is a comment I made with a few cross threads located in it, from Questions on selling a practice:

Two cross-threads:

how to sell a 13 year practice

Wanting to purchase an existing Massage location

One other thread, What Would You Do in This Situation?, has a portion almost at the end of the first page that talks about purchasing a pratice and flows into the second page. It may also be of help. Below is the quote from the point where the thread turns to purchasing a practice (so you know what section you're looking for):

I wasn't sure anyone still cared... Good to know y'all are still with me... LOL!

Next 'dilemma' - and I haven't got the first clue on where to post this, so maybe someone can offer directions... Here's the situation:

There is a long-standing massage school in my community (been around for many years, trained most of the MTs here); the owner of the school also had a private practice and a student clinic at same for many years.... later, decided to operate the school out of her home, so she sold her successful business (private practice part) to one of her students. When I started practicing in the city (was in neighboring suburb for first year or so), I rented space at this business for six months or so, before I found my own location.... haven't really been in close communication with the owner since then, though I've seen her a few times over the years. I have remained in close contact/friendship with original owner/massage teacher all along... Anyway... cutting to the chase... gave teacher a session the other day, after which she mentioned that Karen (current owner) is planning to move in a few months and is contemplating selling her practice, and that I was "at the top of her list" regarding an MT that she'd feel comfortable selling to....

Karen's got over a hundred regular clients, and the business name itself is well-respected in this community, having been 'around' for the past 15 or so years.... So.... What do y'all think? Have any of you purchased an existing massage practice? How does this work, since I'm guessing that there are no guarantees that her clients would automatically come to me, simply because she 'endorses' me and sells me her business... And, of course, what would be a reasonable sum to pay for such a list? I don't think she's got much in the way of furniture/supplies/etc., though I do think she's got at least two massage tables, couple of reception chairs, desk, filing cabinet, etc.

I've just leased a new space (5 year term), and am currently renovating it ... So, if there are any major changes that are going to happen with my massage practice, this is actually a perfect time for them to happen, especially since I don't yet have a sign on the building and I also happen to be out of business cards at the moment...

I'm meeting with Karen in a few hours to discuss this... so... I am really glad that I live in an abundant universe... I'm waiting anxiously for your responses...

Monica

And here is one other thread I found that may also be helpful: How can you sell a client base to another MT?

 

[buttercup.]

If you chose to sell to someone, make sure to get everything in writing. Evaluate what your practice is worth with assests - don't forget to depreciate said items too. Just because you paid X-amount for something back then, doesn't mean it is worth that now. Look for someone you feel comfortable transitioning your clients - even if you don't sell the business and decide to piece it out. It's hard to find a comparable therapist - if you know someone who is equally skilled as yourself, give your clients their information. Try to wrap things up in a timely fashion if you sell the practice in tact to someone - dragging out the process tends to get messy and can lead to disappointment on both sides.

Good luck in your new venture - i wish you the best on your new journey.

 

[johnny_depp_fann]

Some massage schools have a Career Services department that list practices for sale. I would start with those in your area/state, but you may have luck with listing it on a broader scale. Here's one example: http://www.nwhealth.edu/alumni/presour.shtml

 

[The Unknown Chef]

Suggestions on selling my business?

Thanks for all the input. I was delivering a flyer to one of the local massage schools and it turns out the clinic part of the school is closing and it leaves several therapist with no place to go. One of the ladies has contacted me. She has 28 years with her current employer and massages on the side. She is planning on retiring in 2 years from her full time job and is looking for something to carry her through after retirement.
I plan on meeting with her on this Wednesday to show her my financials and give her a price for my business. If she is willing to pay, I will sell the business name, phone number, website, three rooms of massage supplies and equipment, a steamy wonder, everything she will need to do facials, airbrush tanning and other body treatments. Since she is planning on keeping my business name, I told her that I would train her to do all that I know so that she can run the business as it has been run in the past.
My problem now is, all the other stuff. Business license. tax id #, I will let her have all the client forms I have used, everything. Does anyone have suggestions on handling the legal part of selling your business? Filing taxes next year? Bank accounts? etc. Should I contact a CPA or an attorney. I would like to contact the most cost effective one. Any suggestions?

One more thing, what to do with unused gift certificates. I've been calling folks to tell them we may be closing or under new management in a couple of months and that I'm making an effort to contact people to give them a chance to come in to use them. Many folks have thanked me for calling them and said most companies would just close and not even worry about it. But....if I sell my business to someone else, how should I handle the unused gift certificates? t017

Thanks for all your input!!!!!

 

[Stephanie]

Suggestions on selling my business?

I think that you're better off consulting with an attorney over a CPA- they can tell you whether you'll need the CPA (probably will, at least come tax time next year), but also be able to handle a whole lot more.

You might check and see if the person purchasing the business will be willing to honor the unused gift certificates. It seem to me that, if one is purchasing an existing business, ALL the existing assets and liabilities- including unredeemed gift certificates, would be involved (except by prior arrangement, but I *think* that would be more for physical assets, rather than "oh, I can just 'not accept' the unredeemed gift certificates").

Good luck!

 

[Pompal 09.]

Suggestions on selling my business?

When I sold my business we worked the outstanding GC's into the price. So if your business is for sale for 40k they pay you 35k and are responsible for the $5,000.00 in outstanding GC's and/or prepaids.

 

[trent.]

Suggestions on selling my business?

First of all, thanks for the replys. Second, regarding the unused GC. Legally GC do not expire. Although my GC have an expiration date on them as 6 months from the date of purchase, I have always honored an expired GC. Mainly because the town I live in is fairly small and I don't want that to harm my business.
With me selling the business, I'm thinking I will figure in the price with the unused GC that will expire in or by June 2009. GC's that are a year or two older I don't think I should include. What do you think?

 

[Jamal]

Suggestions on selling my business?

Hmmm. Ok, I'm going to have to do some checking on that. I may be wrong, but it was my understanding that most anywhere in the US GC did not expire as this is money that has been paid to your business with expectations of getting something in return. I'll have to ask around. I guess this is another reason for getting an attorney involved.

Thanks for the input.

 

[Summer]

Suggestions on selling my business?

Thanks a bunch!

 

[dlyle76]

Suggestions on selling my business?

I was delivering a flyer to one of the local massage schools....

Would you mind adding the wording you put on your flyer here, just in case someone else is looking to sell their practice in the future and needs a little "thought-start"?

 

[Emmanuel]

Suggestions on selling my business?

Sure, it's not much, but it worked.....

FOR SALE

Massage and Day Spa
I listed the city here

Great opportunity, own your own business.

What better way to start you own business? Purchase one that is already established and well known in the community, not to mention still growing.

Must have your own financing.

Also for sale, massage therapist supplies. Including but not limited to massage table(s), massage chair, sheets, blankets, hydrocollators, towel warmers, towels, furniture, receptionist desk, water fountains, terry cloth mitts, robes, nail polish, spa pedicure chair, pedicure stools, nail tech tables, acrylic nail polish holder(s), pictures, wall art, etc.

Serious callers only, please.

We must move fast on this as our lease expires in July.
Listed the phone number here

Last night I sold all my nail tech stuff to a lady that just moved here from out of state and is getting her license here and wanting to get her own nail business going.

And as far as the massage side of the business goes, I have a buyer, I just talked to a lawyer yesterday to get things in motion. So, if all goes well, my business is sold!!!! Yahoo!!!!!!