Your Ultimate Guide to Selling a Yoga Studio in Oklahoma City

The popularity of yoga and other wellness practices has spiked drastically in the last decade, prompting an influx of new studios opening across the country. In fact, over the previous five years, nearly 35,000 new studios have joined the market. Despite widespread interest in yoga, many studios still struggle due to the amount of competition they face. To help you through the selling process, Sunbelt Business Brokers of Oklahoma City offers the four following suggestions if you’re interested in selling a yoga studio in Oklahoma City.

Your Guide to Selling a Yoga Studio in Oklahoma City

Navigating through the business sale process is tough. If you’re selling a yoga studio in the Oklahoma City area, utilize the following tips from our team of experts.

1. Determine what consents are needed to sell your studio.

You must first obtain consent from all involved parties before acting on your decision to sell your studio. Some businesses must work with their city or county officials over the transfer of ownership, while others need to involve stockholders and other vital members of their business.

However, most yoga studios in Oklahoma City do not have this type of structure. The vast majority of studio owners need to primarily focus on obtaining consent from the landlord of their rented space. A landlord’s approval is necessary to secure a legal transfer of ownership.

2. Prepare a list of assets and liabilities to transfer to the buyer.

It’s essential you document a list of the specific assets and liabilities you’ll sell to your buyer. Whether you engage in a stock sale or an asset sale determines what, if any, assets and liabilities you’ll retain.

As a yoga studio owner, it’s more likely you’ll partake in an asset-based sale. In this scenario, you’re able to pick and choose the assets and liabilities you’ll relinquish. During this process, you’ll need to determine which tangible and intangible assets you’re willing to transfer. Some tangible assets you may account for include yoga props and equipment, while your intangible assets may be more abstract (i.e., “goodwill”).

3. Determine the purchase price of your yoga studio through a valuation.

There are a couple different methods you can use to calculate the purchase price of your yoga studio. For example, some Oklahoma City business owners choose to base their decision off of the studio’s net cash flow.

Alternatively, valuing the company based on total tangible and intangible assets is a far more popular method. Aside from material goods, a yoga studio may provide additional value through its “goodwill.” Goodwill may include the business’ overall brand image, reputation, length of time in business, and much more. While there are numerous methods of valuation to explore, it’s best to consult a professional to determine an accurate price.

4. Consider if you’ll partake in any post-closing duties.

Some business owners want to wipe their hands clean of their company after the transfer of ownership. But keep in mind that offering support to the new buyer could be in both your best interests. You likely spent quite a bit of time building up your studio, so you’ll want to ensure you leave both the business itself and your instructors in good hands. Whichever you duties you choose to commit to, be sure to be transparent with the new owner, your staff, and clientele.

Selling a yoga studio in Oklahoma City doesn’t have to be a daunting process. Working with one of our expert intermediaries ensures you’ll receive fair value for the hard work you’ve poured into your company. Contact the team of Sunbelt Business Brokers in Oklahoma City today for a smooth transfer of ownership!