Did you open your studio with an exit strategy? And other ?s
As we are all “busy” (and there is a gluten-free pizza for dinner tonight here in Sanremo, Italy, with my name on it!) I am going in quickly with 5 questions for you to answer for yourself:
1. Did you open your studio with an exit strategy?
2. If yes, is it still the same today as it was when you opened?
3. Did you open your studio to scale or to sell?
4. Are you the same person today as you were when you opened?
5. Do you view closing or selling your studio as a failure when other businesses in other industries do so daily & it is “normal”?
With a high-profile cycle studio closing in Singapore, another which closed last week in Hong Kong, (2 extremely high rent cities…for my American friends, think Manhattan NYC, for my European friends, think Mayfair London UK) the questions I asked above are topical.
Several times each month, without fail, I hear from other studio owners looking to sell
OR sharing they are burnt-out on running a businesses & wanting something else for their lives
OR looking at a great merger opportunity
OR wanting to double-down on being the best at what they offer & wanting outside advisory from me
OR diversifying what they offer their communities with another kind of class or a designer-led activewear brand or public instructor training
OR are looking for a 2nd, 3rd, 4th location for their brick & mortar studio.
As my colleague Mitch McGinley (who sold his yoga studio in 2018 & for the past 5 years, helps other studio owners sell their businesses) so brilliantly said in his Talk for Boutique Fitness Talks a few weeks ago, “valuations are opinions, worth is what is important"
and
“When you clarify your ideal exit, be sure that your full identity isn't tied to your company.”
(BTW, I'll be doing everything I can to be sure Mitch can join us in-person for a Q2 Talks next year, if not, trust me, you will find tremendous value in his presentation that I will wholeheartedly include again next event!)
No pressure to share your answers to the 5 questions, but if you want to, I'm always here for you.
I hope you have a great rest of your week