This salon is located in one of downtown Salt Lake City’s more prestigious highrises with great foot traffic and a “built in” customer base. The business was established 13 years ago and the current owner bought the salon in February 2011. This is a one-of-a-kind upscale location for a salon, with high-end traffic flow and opportunities for brand promotion not to be found elsewhere. The salon’s mid-range feel does not, however, match the upscale location. There are 9 booth renters and 5 commission stylists. The commission stylists are on a 50%/50% split, with the exception of one who does some light management duties. He is on a 60%/40% split. Information on booth rental will be available soon.
Projected adjusted operating income for January-December 2010, provided by the previous owner, was $8,313 on projected sales of $138,855. This is money to an absentee owner. A new owner should consider the income they could make as an owner/operator, especially if they are a stylist, in addition to the $8,313. Also, personal tips should be considered. Price is $60,000 with $22,000 down, an assumption of a note to the previous owner of $23,000 and note to the current owner of $15,000.
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Property Features and Assets:
The facility is 1,921 square feet with 13 booths, 4 wash sinks, 1 pedicure station, and 2 nail tech stations. The lease term goes through October 2013 and can be renegotiated at that time.
Market Competition and Expansion:
Great opportunity to increase income as a result of marketing to the thousands of business professionals in the area. One suggestion for increased income is to change the salon to an Aveda Concept Salon, if possible, or some other national brand or chain. Previous to this new ownership, the salon had no posting for pricing of services, very disorganized equipment, sparse retail product that was not a recognized brand and an out-of-state absentee owner. The current owner has brought in some different product, but much more can be done.
Reason for Selling:
Unexpected Health Issue
- The property is leased.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is a franchise resale opportunity.