Selling my Yoga Studio to Pursue ‘Other' Dream

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kiniyogini
Participant

January 9, 2015 at 6:54 pm

Post count: 2

#2676

After fifteen years of owning my own yoga studio, I’ve decided to go back to school on the east coast and pursue a long lived dream of earning a PhD. I’m heartbroken because I love living in California, especially the seaside community that I teach out of. And I will miss my yoga students – we’ve become a close and supportive community over the years.

I’m afraid that if word gets out that I’m selling my business, some of my students will lose their trust and go somewhere else, so I’ve decided to look for potential buyers secretly. My broker is listing the business with very vague terms, but the downside is that many of the studio’s great features are kept hidden. It’s a conundrum I can’t seem to get around.

I’ve thought about selling my studio to my teachers, whom are great at what they do, but they don’t have the desire nor knack for running a business. Besides, I don’t want the competing studios to find out…word gets around fast.

What are my best options for advertising my studio to the most qualified people as possible without getting the word out to the general community? How do I know I’ve found someone who I can trust to run the business as successful or more so than me?

This has been very difficult time for me and I’d appreciate any help I can get.

Thank you,

Kini Yogini

Gabrielle (The Hot Yoga Doctor)
Forum Owner

January 10, 2015 at 3:58 am

Post count: 3048

#11176

Hi Kini Yogini

If there’s one thing I have learned, it is to stack the cards in your favour. Your business is worth what it’s worth and you need to advertise it to the widest qualified audience.

I have found that ‘secret sales’ ALWAYS get out there. You see, once somebody does talk to the broker, then people will know. They won’t be signing confidentiality agreements (will they?). Do any or all of your staff members know?

It’s better for people to talk openly about it than have hushed tones behind their hands. It’s better to paint a positive picture. Besides, depending on your own timetable to move, you could still be involved in the running of your business until it is sold. You may not be able or wanting to move til it’s sold. It’s not clear from your post.

I have definitely experienced the rumour mill and even underhanded tactics of nearby business owners who somehow see things like this as a way to sabotage the process. It is possible you are feeling vulnerable about that. Maybe if you voice here what you’re thinking and feeling on that count, then you will be able to determine if those fears are a real threat or if indeed there is another way to go about advertising.

I think that coming clean with your intention to sell (IF that question comes up from your students) is part of the process. My guess is that you’ll be pleasantly surprised by the show of support from your community to pursue your dreams.

There are thousands of cases of businesses being sold by people who are the heart of the business, and who sell it to a passionate person who wants to make it an equal or better success.

I don’t believe that your students will desert you because of your decision. They’re likely to stay especially if you have systems set in place that cater to the clientele, and if the culture that you have lovingly created over the past 15 years is maintained.

I am not sure if you have documented all your systems, but that is definitely something that will make your business much more attractive. (Do let me know.) It could even allow one or more of your current teachers to (re-)consider the options for themselves (whether continuing work or even buying an interest in the asset). The business would then become a ‘turn-key operation’ and even yield a better price.

Namaste
Gabrielle 🙂

mzsocialworker1
Participant

January 19, 2015 at 8:58 pm

Post count: 103

#11192

I agree with Gabrielle.

You never know what may come up by coming clean.

I think it would be awesome to own a yoga studio, but would never want to be involved in the teaching side of things….I prefer the business end.

Perhaps some of your current contacts would feel similarly and even want to go in on it together.

It’s not uncommon in my area to see studios owned by multiple owners as well.
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