Grow My Salon Business Podcast

Today I'm going to talk about a question I am often asked, should you buy an existing business or build a business from the beginning? There is no one size fits all answer, so let's talk about the pros and cons of both options.  I have done both. There are good and bad with both options, and they vary dramatically depending on the business you are buying and the situation you are in as a potential buyer. Some red flags to look for are: most businesses are built around the person who owns it; when they leave, the business's value often leaves with them. The second challenge is that you need to be cautious about what the person selling the business will do. Probably the most important challenges are you are inheriting the culture of that business, and the existing team might not be willing to make the changes you want to make. When ownership changes, it's an unsettling time for both the staff and the clients, and you might end up with no staff or clients. Now let's look at the advantages of buying an existing b