Selling a salon and goodwill

[loulou2017]

I have built up a very busy salon for over 10 years now but i have really had enough, i have a baby now and would like one more and i find running a salon stressfull and i do not enjoy having staff with the problems you get and get taken advantage of i feel..also i feel i need to work full time there to make it work. The salon is so busy we are 2 treatment rooms and are fully booked a month in advance so lors of clients.
So i would like to work from home i am in the process of setting it up (not told a soul yet)so it will be like a mini salon very luxury as only one room and loo to manage.
I only want to work 3 days a week and would only be inviting loyal client (ones i like☺) to the new salon. We have about 80ish regulars clients i would look to take about 25ish with me.
My receptionist said a while ago she has some money she would like to invest in the salon .. could i sell the salon as it is now all equipment and the good will of all the clients i dont want?? There is one full time self employed therapist atm i would not want to take any of her clients. Is it possiable to do this? It just seems such a shame as i have worked very hard to make it a nice salon (it was a grotty village shop before)and there would b a client base left just i want my ladies who have been with me a long time. I would not look for a large amount and be greedy but it would be nice to get a payback for all the hard years u have to put in at the start.
Any input would i would be so grateful xx Louise

 

[AcidPerm]

First stop is to get it professionally valued so you have a realistic idea of what is a reasonable price to ask.
It may be a lot less than you think.

Depending on the lease situation, selling your salon, to include fixtures and fittings is fairly straightforward but most buyers won't be interested in paying much for your existing client base as there's no guarantee that they'd stay with the new owner. They're also likely to want to include a non competion clause in the contract for sale, to prevent you starting up and taking some of the clients with you. (!)

If your receptionist is interested in buying your salon, consult a solicitor about drafting a contract. If she's very keen (and a bit green), she might be willing to forego the non competing clause. A hairdressing salon I briefly worked in when training was bought by an experienced stylist with no business background. She paid over the odds for it and didn't take any independent legal advice but signed the contract drafted by the solicitor working for the seller. There was no non competition clause and surprise, surprise, the two best stylists immediately left to work for themselves and the majority of remaining regulars followed the old owner to her new home salon.

 

[RED STAR]

I agree with Haircutz,
I've just sold, not the business, but the freehold.

Selling a hair/beauty business is a tricky one to price.
The bulk of my client's I've had for years, they will come with me.

As mentioned above, you might find someone (your receptionist), willing to take it on regardless.....
Good Luck.

 

[loulou2017]

Red star ... so you managed to sell and still take some clients with you? Thanks for the replies