When is the Best Time to Sell My Gym?
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Many gym owners are so busy putting out fires and running the day-to-day operations of their gym that they typically do not give much consideration to this question (until it's too late). Before selling a gym, there are many factors that need to be addressed. However, if you do these things right, you can maximize the return on your gym.
In a perfect world, the best time to sell a gym is when the gym is performing well and not when it is trending downwards. However, there are certain things gym owners can do to make their business as attractive as possible to potential buyers.
To build value in the gym, take some time to review the following:
- Standardize documents and company procedures;
- Eliminate any liabilities or liens and resolve any litigation (if you have any);
- Investigate the transferability of leases, vendor contracts, etc.;
- Be sure all equipment is in good working order;
- Consider securing key employees with employee agreements;
- Eliminate non-performing employees from the payroll;
- Give your gym a face lift (paint, carpet, drive up appeal, etc.); and
- Be sure your books are clean and information can be verified.
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