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Old 05-25-2008, 05:55 PM   #1 (permalink)
 
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Purchasing salon...what needs to be done?

I am purchasing a salon July 4(have to wait until I can cash in a cd) They're doing owner financing, they're meeting with the attorney and title company this next week, and I am going in sometime within the next week so they can train me and show me everything, and plan on doing my tanning class soon. Is there anything I need to do in the meantime I am afraid I'm going to forget. Does anyone have like a checklist of things that I should do? Any info would be greatly appreciated.

Thanks
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Old 05-25-2008, 07:35 PM   #2 (permalink)
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Re: Purchasing salon...what needs to be done?

Hire your own attorney and accountant. They should get all the legalities taken care of for you and get you started off the right way.
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Old 05-26-2008, 02:43 AM   #3 (permalink)
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Re: Purchasing salon...what needs to be done?

Nope, sounds like you've got everything covered. Anything else you need to learn will present itself along the way. Best of luck! Welcome to the club! -Belvy
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Old 05-27-2008, 07:59 PM   #4 (permalink)
 
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Re: Purchasing salon...what needs to be done?

We’re fairly new salon owners, but I’ll try to help out what I can.

Here is a list of what we’ll do if/when we purchase another salon:

1. Buy 5.0 and 7.0 meters and take measurements of each bed. This will give you an idea of what state the lamps are in and how soon you’ll need to replace them. Sometimes the current owner’s logs aren’t correct…
2. Ask for any and all leases and contracts the current owner may have on all equipment. You’ll want to know everything that you’ll be walking in to. Once again the current owner’s information may not be correct…
3. Find out you current amount of power coming in to the building. Then turn on everything in your salon and measure how much is being used. You can do this yourself with a meter you can buy at Home Depot for about $50. This will tell you how many and types of beds you can add in the future.
4. Go over the current software and take notes of how many people have active memberships, how many have tanned in the last 15 days, how many 3 month or longer packages were sold in the last month.
5. Run a report on what lotions have been selling and how many of those are in stock. Lotions that aren’t selling now won’t sell when you take over. They’ll do nothing more than take up space when you take over.

This is just a quick note. There is more, but you should get the idea.

Good luck!
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Old 06-02-2008, 02:06 PM   #5 (permalink)
 
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Re: Purchasing salon...what needs to be done?

Id say the above notes pretty much cover what you need to know or get an idea of.
the clientel
the sales
how busy the salon is.
just make sure you do research on everything you can think of.

I am a new salon owner mysef, I purchased an exiting salon back novemeber 2007 (worst time of year) I have struggled, but it is a learning expreience and we are doing better now. You will 2.
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Old 06-09-2008, 10:27 AM   #6 (permalink)
 
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Re: Purchasing salon...what needs to be done?

Quote:
Originally Posted by dwnlschmk View Post
I am purchasing a salon July 4(have to wait until I can cash in a cd) They're doing owner financing, they're meeting with the attorney and title company this next week, and I am going in sometime within the next week so they can train me and show me everything, and plan on doing my tanning class soon. Is there anything I need to do in the meantime I am afraid I'm going to forget. Does anyone have like a checklist of things that I should do? Any info would be greatly appreciated.

Thanks
Approach it just the same as opening a new salon, Evaluate the location. Many salon operators did not properly evaluate the location. Establish what must be corrected or replaced in the salon in order to make it a successful salon. Establish the cost associated with these changes. These additional cost become a part of the overall investment. Know exactly what it will take to make the salon successful and how to do it. If not you will just be the new owner of a failing salon.
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Old 06-11-2008, 11:44 AM   #7 (permalink)
 
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Re: Purchasing salon...what needs to be done?

From the insurance side, remember that you will not be able to "take over" the current policy, unless the business is a corporation. We get that request a lot, but that's not how insurance works. You need to start a new policy in your name.
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Old 06-12-2008, 07:54 AM   #8 (permalink)
 
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Re: Purchasing salon...what needs to be done?

Delay it for three months to ansorb more of the slow season, your attorney should be able to help with that.
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Old 06-12-2008, 11:47 AM   #9 (permalink)
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Re: Purchasing salon...what needs to be done?

I suggest: run forest, run!
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