A dance studio is a very industry specific business and not an easy business to run at that. Running a dance studio requires lots of attention to detail, careful hiring and some dance knowledge. Dance studios are typically very personal businesses, which makes them that much harder to sell.
Items you will need
- Dance studio
- Business agent
Identify what type of studio it is. Are you a traditional dance studio? Latin dance? Swing? Competitive dance studio? This is information you'll want to tell your business agent so they can better explain your business to potential buyers.
Look for a buyer in the studio's staff and clientel. A lot of dance studios are sold to employees who seek to own their own place or clients. Many dance students have well-to-do parents looking for a good investment that will also double as a place for their children to someday take over should they desire to. Set up a meeting at the studio with people you think will potentially be interested. Explain your situation and tell them to think about it and tell anyone else they think might be interested about it.
If you don't get any buyers from in-house contacts then it's time to hire a business agent. A business agent helps individuals buy and sell companies. Your business agent will do an assessment and determine what your business is worth. After you know your business' approximate worth you have a better idea of what kinds of offers you'll be willing to look at.
If your business agent does their job, they will do all the work in finding buyers. Once an offer has been given he or she will contact you and together you'll discuss whether you want to accept, decline or negotiate. Once you find an acceptable offer and take it, draw up the necessary paperwork and finish the transaction.
Entertain all offers; you never know what you might be able to negotiate.
Don't sell it to someone unless you're confident they can take it over and make it a success.