You Want To Sell Your Med Spa…. Now What?
Selling a business is a difficult decision for many business owners. You’ve poured so much sweat equity into your business that the decision to sell can be tough.
However, it can also be an exciting time, and you’re likely filled with anticipation and wonder about the future. Selling a med spa is no different. If you’ve decided to sell your med spa, you likely have questions about what your next steps are and may even be a little confused. To help you understand your next steps, Triumphant Transition Partners shares what you need to do now that you intend to sell your med spa.
Think Through Your Goals
Your own unique goals are a pivotal first step in this process. Med spas are not a monolith; the art of selling one isn’t either, but far too many business owners try to sell their business based on generic advice instead of their own unique goals.
Let’s say two med spa owners are looking to sell. Let’s even go further and say, for the sake of simplicity, that both spas are in the same town and are essentially mirror images of each other. The only difference is the reason for the sale. One owner wants to sell to fund their retirement and has no plans to stay on and practice after the sale. The owner of the second spa, however, is younger and wants to stay on to practice, just with the additional support and operational expertise of a larger company in the wings.
These identical spa owners should be thinking about different challenges associated with the selling process despite their businesses being precisely the same otherwise. The older owner will want to focus on asking price and speed of sale. The younger owner will likely be more interested in finding the right fit for their unique needs as a med spa owner.
Take the time to think through your unique goals and needs, and then move forward with the sale. This additional planning will help you find the right fit for your unique needs and make the selling process far more rewarding.
Understand Your Value
Once you have your specific goals written down, move on to understanding what your med spa is worth. A fair evaluation of your business is the foundation for the rest of the deal process. If you have no estimate of what you could ask for your spa, you’ll likely accept any deal and waste a lot of time looking at unserious buyers. If you have an estimate that is too high, you’re wasting time searching for an offer that will never come. If you have too low an idea, you’re leaving money on the table and might seriously undervalue your practice.
While there are numerous ways to evaluate a business’s profitability, we recommend beginning with your med spa’s EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization. This critical financial metric helps you understand your core profitability after all other obligations are met. If you have no idea what your med spa is worth, contact our team for a courtesy consultation!
Find Your Advisor
Once you understand what your med spa is worth, it’s time to find a trusted advisor. Selling a business is a challenging endeavor and one that can be complicated. A transition advisor is a key support mechanism that helps you navigate all the challenges of selling a business. Their end goal is to ensure you and your attorneys have what you need to help sell your business on your terms and at your price.
Complex practice sales and transitions are complicate. A trusted advisor enables you to estimate the asking price of your spa, accept and review offers, find potential buyers, and navigate to close. The right practice transition partner will increase the asking price of your spa and help you close with fewer hiccups and a more pleasant experience.
Contact Triumphant Transition Partners
Are you ready to sell your med spa and move on to the next stage of your professional life, whatever that may be for your use case? Reach out to your trusted Triumphant advisor for a courtesy consultation. We go the extra mile for our clients to help them reach their goals and are standing by to help you do the same! Contact us for:
- A Custom Practice Evaluation
- Access To Our Private Buyer Network
- A Custom Consultation On Your Goals
- & More!