hi I’m Evan Carmichael welcome to
another edition of ask Evan in today’s
video I’m going to answer question from
one Reuters Nicole who’s looking to buy
a yoga studio and had some questions for
me so she rodin dear Evan hoping I can
receive your opinion all I can offer you
is good karma in return I’m interested
in taking over an established yoga
school many of the existing students
have already bought one month three
month packages the seller is claiming
that the purchase will not be affected
by those and I just have to allow those
students to finish whatever they
purchase without any compensation to me
this seems a little bit unfair what are
your thoughts please I may be working or
teaching for months before I see any
money Nicole so Nicole that is part of
the deal and it’s great that you
discovered that before signing an
agreement but if you’re unhappy with
that part of the deal then you can try
to restructure the deal and my two
thoughts for you are one reduce the
price so you know if you know that
you’re not going to be making money for
a while and he’s keeping the money
that’s been paid even though he’s not
delivering the services maybe you can
knock a certain portion off the price of
the deal if he’s unwilling to do that
and you still really want to buy the
business you can agree to that price but
maybe stretch the periods out of when
you actually pay him so for example you
could say i’ll pay you fifty percent
right now when i buy the business and
then i’ll pay you twenty-five percent in
a month and another twenty-five percent
in three months and what that helps make
sure is you have some money coming in
before you have to pay all the money out
to the guy you buying the business from
so you might be able to change the
structure the deal around a little bit
but that you know could be part of the
deal whenever businesses bought and sold
there’s a million different things you
can look at the structure it and so this
is one of the things that you want to
factor in I think it is a good idea
though that there are these packages
that are one month three months and
hopefully longer as well because what it
does is it gives you the opportunity to
prove yourself as a yoga instructor
teacher and I know when people are
taking classes and from my own personal
experience my wife is a salsa dance
instructor has their own
when people sign up to take class with
somebody they expect to have that person
delivering the classes and so if in the
middle of the the class or what they
purchase it changes a lot of people may
drop off but if they’ve committed to
buying one month a few months packages
it pretty much make sure they’re going
to want to come and can finish off their
package and allows you to prove yourself
as the instructor and will hopefully
allow you to get those people to come
back and want to sign up to take more
courses with you I think that part is
like a really good component of the deal
and you want to try to encourage to sell
more of those won a few month packages
maybe even before you end up buying the
business encourage the curler to try to
do that as well so I hope that helps
Nicole I also invited one of my friends
Danny any from fire pull marketing I
sent him your question and he had a
little video response as well I’m going
to turn it over to Danny now
well Nicole if I understand your problem
correctly you’re thinking about buying
this yoga studio and some of the people
for and some of the students of the yoga
studio have prepaid their memberships
and that money has been collected by the
previous owner and so the previous owner
doesn’t want to reimburse you that
amount you just have to think about the
entire package of what you’re buying
let’s say they’re selling the yoga
studio four hundred thousand dollars and
they’ve got a hundred students have pre
paid a hundred dollars a month for one
month so that’s ten thousand dollars you
just have to figure that into the
purchase price it’s really that you’re
buying the yoga studio for a hundred and
ten thousand dollars and is it worth it
at that price and that’s for you to
decide one thing i would consider though
is that usually especially the smaller
yoga studio people don’t have a
relationship just with the studio they
have a relationship with the instructor
that teaches their class so if the
instructors stay is that’s one thing but
if the previous owner is the instructor
and you’re taking over you might find
that you lose at least a portion of
those students and so you’ve got to
figure that into your projections as
well and you figure out whether or not
this business is worth acquiring so
nicole i hope that’s helpful if you have
further questions you can post them
where you posted your first question or
you can contact me directly at fire pole
marketing com thank you very much and
I’ll see you all on the next video
so I hope that helped nicole i hope what
I said was useful and I hope Danny’s
words of wisdom also proved to be useful
as well and you have some ideas to go
home and make a decision on before you
go and buy this business if you guys
liked the video please give a comment
below I love hearing what you guys have
to say and I also love seeing thumbs up
on all the videos it makes you want to
make more of these types of videos for
you guys so hopefully you’ll do that and
we’ll see you for the next episode
you
another edition of ask Evan in today’s
video I’m going to answer question from
one Reuters Nicole who’s looking to buy
a yoga studio and had some questions for
me so she rodin dear Evan hoping I can
receive your opinion all I can offer you
is good karma in return I’m interested
in taking over an established yoga
school many of the existing students
have already bought one month three
month packages the seller is claiming
that the purchase will not be affected
by those and I just have to allow those
students to finish whatever they
purchase without any compensation to me
this seems a little bit unfair what are
your thoughts please I may be working or
teaching for months before I see any
money Nicole so Nicole that is part of
the deal and it’s great that you
discovered that before signing an
agreement but if you’re unhappy with
that part of the deal then you can try
to restructure the deal and my two
thoughts for you are one reduce the
price so you know if you know that
you’re not going to be making money for
a while and he’s keeping the money
that’s been paid even though he’s not
delivering the services maybe you can
knock a certain portion off the price of
the deal if he’s unwilling to do that
and you still really want to buy the
business you can agree to that price but
maybe stretch the periods out of when
you actually pay him so for example you
could say i’ll pay you fifty percent
right now when i buy the business and
then i’ll pay you twenty-five percent in
a month and another twenty-five percent
in three months and what that helps make
sure is you have some money coming in
before you have to pay all the money out
to the guy you buying the business from
so you might be able to change the
structure the deal around a little bit
but that you know could be part of the
deal whenever businesses bought and sold
there’s a million different things you
can look at the structure it and so this
is one of the things that you want to
factor in I think it is a good idea
though that there are these packages
that are one month three months and
hopefully longer as well because what it
does is it gives you the opportunity to
prove yourself as a yoga instructor
teacher and I know when people are
taking classes and from my own personal
experience my wife is a salsa dance
instructor has their own
when people sign up to take class with
somebody they expect to have that person
delivering the classes and so if in the
middle of the the class or what they
purchase it changes a lot of people may
drop off but if they’ve committed to
buying one month a few months packages
it pretty much make sure they’re going
to want to come and can finish off their
package and allows you to prove yourself
as the instructor and will hopefully
allow you to get those people to come
back and want to sign up to take more
courses with you I think that part is
like a really good component of the deal
and you want to try to encourage to sell
more of those won a few month packages
maybe even before you end up buying the
business encourage the curler to try to
do that as well so I hope that helps
Nicole I also invited one of my friends
Danny any from fire pull marketing I
sent him your question and he had a
little video response as well I’m going
to turn it over to Danny now
well Nicole if I understand your problem
correctly you’re thinking about buying
this yoga studio and some of the people
for and some of the students of the yoga
studio have prepaid their memberships
and that money has been collected by the
previous owner and so the previous owner
doesn’t want to reimburse you that
amount you just have to think about the
entire package of what you’re buying
let’s say they’re selling the yoga
studio four hundred thousand dollars and
they’ve got a hundred students have pre
paid a hundred dollars a month for one
month so that’s ten thousand dollars you
just have to figure that into the
purchase price it’s really that you’re
buying the yoga studio for a hundred and
ten thousand dollars and is it worth it
at that price and that’s for you to
decide one thing i would consider though
is that usually especially the smaller
yoga studio people don’t have a
relationship just with the studio they
have a relationship with the instructor
that teaches their class so if the
instructors stay is that’s one thing but
if the previous owner is the instructor
and you’re taking over you might find
that you lose at least a portion of
those students and so you’ve got to
figure that into your projections as
well and you figure out whether or not
this business is worth acquiring so
nicole i hope that’s helpful if you have
further questions you can post them
where you posted your first question or
you can contact me directly at fire pole
marketing com thank you very much and
I’ll see you all on the next video
so I hope that helped nicole i hope what
I said was useful and I hope Danny’s
words of wisdom also proved to be useful
as well and you have some ideas to go
home and make a decision on before you
go and buy this business if you guys
liked the video please give a comment
below I love hearing what you guys have
to say and I also love seeing thumbs up
on all the videos it makes you want to
make more of these types of videos for
you guys so hopefully you’ll do that and
we’ll see you for the next episode
you
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