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