Navigating Your Exit Plan

By Shanna Moll, CEO & Lead Educator, StudioYOU Education

So, you have had a fulfilling career, you are in your 50s and you are starting to wonder, "How much longer do I want to work?" Unfortunately, in our industry, many of these things are not taught. Most of us believe that we have to be behind the chair until we start collecting Social Security! This is absolutely not the case!

So, how do you get out from behind the chair? Do you have your exit plan?

Deciding Your Direction

The first step is to decide in which direction you want to go. You want to start working for your business, not in your business. The initial steps involve finding someone already in your studio that you want to groom to step into your role behind the chair. Alternatively, you might want to hire someone new and teach them the services you currently perform. You can do this even if you are in a salon suite.

Training and Transitioning

In my experience, taking a mainstream hairdresser and training them in hair replacement typically takes anywhere from two to four months, depending on the individual. This training period allows you to start stepping back from the chair. It is crucial to inform your clients about what is happening and assure them that you will still be there every step of the way, albeit in a different capacity within the business.

Depending on the solutions you offer in your salon, this person will need to be trained in every aspect of the services you provide. Additionally, ensure that this person has good leadership skills, meaning they know how to handle client issues and work with people who are going through the emotional journey of hair loss. They need to match your personality and ethos.

Planning for Growth and Exit

Once you have put all of this into place, you can start looking at growing your business even more. This transition allows you to focus on the necessary things that you haven't been able to address because you've been behind the chair. As you move out from behind the chair, consider your next steps. Do you want to own your studio for another 20 years? Or do you want to create an exit plan?

If you decide to sell your business at some point, and your name is integral to the salon's brand and income, this needs to be changed. When I owned my salon, Shanna Moll Studios, and I knew was going to sell in a few years, I rebranded. I realized that my name couldn't be attached to the business, so we needed to rebrand. I chose a name that described what we did in our studio. I rebranded two years before deciding to sell and had already started stepping out from behind the chair.

Making Your Business Independent

To ensure the business could run independently of me, we focused on making our social media about the team or the person hired to take over my role. We started doing more videos about each stylist, their interests. When I realized I could be away from my salon for nearly a year and a half, doing consultations virtually, I knew the salon could run independently of me. This was a crucial step for preparing to sell my business.

Your Checklist to Getting Out from Behind the Chair:

1. Hire and train someone. Find the right person, train them, and ensure they have the right personality and work ethic to step into your role.

2. Evaluate your business. Look at your business and decide on your exit plan.

3. Rebrand if necessary. If your name is integral to the business, consider rebranding to ensure a smooth transition.

4. Shift your online presence. Focus your social media and online assets on your team to make the business less dependent on you.

5. Plan for independence. Ensure your business can run independently of you, which is essential for a successful sale or transition.

By following these steps, you can transition out from behind the chair and move towards a new phase in your career and life!