Skincare and wellness treatments have become quite popular in recent years and, despite taking a hit in 2020, self-care remains an important part of modern society. If you’re considering exiting your med spa, then it’s crucial to prepare your business for a successful sale. Below, the team at VR Business Brokers of Charlotte discusses tips for smoothly selling a medical spa in Charlotte, NC.
COVID-19’S IMPACT ON MEDICAL SPA SALES IN CHARLOTTE, NC
Historically a profitable and quickly growing market, the med spa industry has taken a hit amid the COVID-19 pandemic. The inability to effectively socially distance during most treatments and lack of consumer disposable income have made it more challenging to maintain high profits.
If your spa business has maintained a healthy cash flow through 2020, then it may be an ideal time to sell. However, if, like the majority of the industry, your business has experienced a downturn, then it’s best to take some time to build your business back up and ensure it sells for top dollar.
5 STEPS TO PREPARE TO A MEDICAL SPA FOR SALE IN CHARLOTTE, NC
Regardless of how soon you hope to leave your med spa business, it’s never too early to start setting up for a successful sale. Follow these steps to showcase your North Carolina medical spa as a great opportunity for qualified buyers.
1. EXIT STRATEGY
One of the essential steps in preparing your spa business for sale is to flush out your exit strategy. Consider your plans for the future and ask yourself the following:
- How soon do I hope to sell my business?
- What type of buyer do I plan to sell my med spa to?
- Do my plans or retirement depend on the sale of this business?
- Am I willing to stay on and provide guidance to the new owner for a set period?
- Will my current team members stay on after the business ownership transfer?
Taking time to answer these questions will help you create a clearer picture of your plans. Plus, it allows you to more effectively share with prospective buyers how the medical spa will function without you.
2. ORGANIZE ALL ESSENTIAL DOCUMENTS
You’ll also want to start gathering up important business documents. Qualified business buyers will want to review lease or real estate information, cash flow records, and tax information. If you’re not sure what documents you’ll need, it’s best to work with an accountant or professional attorney.
3. SPRUCE THINGS UP
Before you list your med spa for sale in Charlotte, make an effort to increase its value and ensure it’s showcased as a great business opportunity to prospective med spa buyers. Take stock of your current services and offerings and see if there are potential avenues to increase the attractiveness and value of your business. You may want to consider the following efforts:
- Expanding services to include Botox, rejuvenation treatments, medical massage, etc.
- Improving online reputation and social media presence
- Putting customer loyalty programs in place
- Addressing any employee turnover and increasing retention
4. GET A BUSINESS VALUATION
Once you’re confident that your medical spa or wellness center is in a good position, it’s time to get an accurate valuation of your business. Personal and emotional attachments can cloud your ability to calculate a fair asking price. To ensure that you have a valid business valuation, it’s usually best to enlist the help of a third-party professional service.
5. LIST YOUR MEDICAL SPA FOR SALE
With all of the above in place, it’s time to list your business for sale. While you can list it yourself, it’s hard to compete with the vast business listings on the market. To ensure that your business is professionally marketed and gets in front of qualified buyers, it’s best to work with a business broker. Additionally, working with a professional allows you to spend more time on the day-to-day in your business.
If you’re considering selling your med spa, reach out to the professionals at VR Business Brokers of Charlotte. Our team can offer expert selling advice and local knowledge on the market in Mecklenburg County and Central North Carolina. Contact us today to get started with a consultation!