On this episode, we talk to Tammy Friedt. Tammy is one our amazing mentors here at TwoBrain, and she recently sold her business!
Selling a business or a gym is not an easy task and it takes a lot of patience in order to do it correctly. Today hear directly from someone who has lived through this process and gains some insight and tips into how it all happens. Learn about what needs to be done to prepare and sell a business, what documentation and legal advice you will need, and also we talk about what it feels like after it is all over!
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Download our FREE guide here: How to Sell A Gym
0:20 – Introduction to Selling Your Gym
2:01 – Tammy’s background and starting her CrossFit Gym
4:36 – What made Tammy sell her business earlier than planned?
6:31 – What is the first step in initiating the sale of your business?
8:15 – How to assess the value of your gym when planning to sell?
12:08 – Negotiating a selling price between the buyer and the seller
15:54 – Managing existing leases and existing contracts under your current business
19:22 – Divulging information regarding your employees and creating a non-compete agreement
21:20 – Approximately how long does it take to sell a CrossFit gym?
23:55 – Is leasing to own an option when selling or buying a business?
26:29 – The feeling you have when your business is finally sold.
33:21 – Two-Brain Stories with John Miller