When it comes to selling your gym property you would like to have a stress-free transaction that will allow you to close the chapter and move on. Depending on how the contract is prepared the seller may still be on the hook for potential risks or they can be finalised off the hook completely. Selling a gym is not all that easy as it sounds. Plenty of planning and executing are involved when it comes to lucratively selling your business over to a potential buyer who would turn it into something that is in the best interest of the people of the locality. You can sell your gym privately but there are a few things you need to know to have success in a smooth transaction and for successful gym leads.
Get an idea of the existing employee entitlement balances
If you are selling a business that has employees then there may be a slight adjustment to the purchasing price and the staff entitlement balances like long service leave and annual leave.
The liability is with the vendor right at the date of the settlement which then passes to the buyer so the purchase price will need to be reduced. The seller may think they are getting their money and then it’s done, and these adjustments creep up unexpectedly.
Untie from the lease
Sometimes there is a risk of a non-compliance that has legal requirements which can see the vendor remaining for the obligations with the lease after the settlement. If the buyer ends up running the business into the ground and it goes bankrupt the landlord can potentially pursue you for all of the unpaid rent. Untie yourself from the liability that is under the lease with the effect of the settlement and ensures that there is documentation that will release you fully.
Unshackle yourself from the performance
You may have worked hard to create the business but when you step away it is then up to the new owner to build success. It can appear a healthy business with profit and buyers can assume it will continue that way so ensure that you have a contract stating that you are not guaranteeing the future performance of the gym business and result bearing gym marketing.
Selling the business
Selling privately means no agent. Consider using sites like buisnessforsale.com to sell the gym and ensure you are making the gym look as appealing as you can without using false information. An exaggerated claim will only complicate the deal which will waste your time and the potential buyers. In order to ensure that your gym is properly marketed and have successful sale rate, it is important to market the gym in the right manner. To either sell the property or the gym, it is important to understand the minds of the consumers in the chosen locality. What are the people looking for and what are the competitors currently doing in the market? What is the best way to appeal to customers when they access your gym location through an online website? That’s right, the first option would be a convenient location and the next would be judging the ambience through the photos taken. The interior wall finishes and equipment’s to be shot perfectly and marketed through the uploaded image. This would help create the maximum lead generation and increased sale rates.
Ask yourself what is it about your gym that sets you apart from all the rest? This will give you some ideas for your advert.
Consider highlighting such things as:
- The facilities and services. The cutting-edge exercise machines and the qualified personal trainers you have
- Add images to your website which shows off the right vibe gym goers seek for. For this, the property needs to adhere to details such as the feature walls and equipment options.
- A unique range of classes or facilities which includes a swimming pool, steam room and a zero-gravity yoga class
- Loyal membership all successful gyms will have client retention of about 69% and above.
- Excel within a niche. The largest demographic is between 18-34 or there might be a great traction with older age groups or woman.
- Exceptional customer service as online reviews should show
- Social media following
- Great location close to public transport
- Easy parking
If your funds allow it to consider spending some cash on some good marketing and advertising to sell your gym so you can get the most exposure and reach as many potential buyers as you can. Once the decision of the location has been made, it is important to find out the demographics of the region. Suppose the buyers in the region fall under the age category from 25-35 years old, it will mostly be individuals who are conscious of their physique and would wan the presence of a well renowned and well-equipped gym in the vicinity. Consider agents who are updated and well informed about the region of residence and have good connections with the area city council and members to know the future projects and up and coming opportunities in the area. This is what agents do to get you exposure so selling privately without an agent means it is left in your ball court to get in touch with as many sites as you can and reach as many people you can in order to gain the biggest exposure for your gym. The success of selling the gym property is when you have attained financial and goal-oriented value from the final sales such that you boost the personal relations with the new owner and have amicable relations going forth. This helps for you to start a new branch elsewhere as you wish with good connections in the market along with the undying loyalty from your current customer base. Renting out your property would also have these pointers that apply to them where you have maintained professional and personal relations with the tenant of the property and have first control over the activities that happen in your owned property.
