The Two Sides of Being Ready to Sell
I think there are two components to being ready to sell your studio and, ultimately, to being able to walk away.
The first is logistical: Can your business run without you? Are the right people in place? Do you have the systems and processes needed to keep things moving when you aren't there to answer every question or make every decision?
The second is much more personal: Are you ready for the change that will inevitably come? I learned that these are two very different questions.
The First Time I Left My Studio Behind
I was not perfectly ready to open my first studio. It was exciting and scary, and I knew very little about the business side of Pilates when I started. But about three months after opening, I had my first opportunity to see whether the studio could function without me.
My family had planned a vacation in the mountains, where I knew I would have limited cell coverage for about five days. From the beginning, I had been determined that owning a studio would not mean giving up time with my family, so off we went.
At the time, the studio had a small-ish number of classes on the schedule, a staff of about five people, and a group of very kind and committed clients. First, I arranged for all of my classes to be covered.
Then I prepped. And prepped. And prepped some more.
Was the studio spotless before I left? Did we have enough bathroom supplies? Were the away messages programmed? Could I sneak a peek at email when we went into town? I double and triple-checked everything, asked the team to help if they saw anything that needed attention, and asked them to please, please let me know if something went wrong while I was gone.
Nothing went wrong.
The studio survived. We had a fabulous family vacation. And, without realizing it at the time, I had created some of the first systems that would eventually allow my business to operate without me.
Turning Time Away Into Better Systems
The checklists I used to prepare the studio for that first vacation (and for a few subsequent vacations before I hired a manager) became the basis for the manager's daily, weekly and monthly responsibilities. Eventually, we added quarterly and annual tasks.
I also began looking for ways to automate responses and improve the customer journey. We found easier ways to hand off phone messages and text inquiries. And every time I stepped away from the studio, I paid attention to what happened in my absence.
Who stepped up? Where were the gaps? What questions kept coming back to me? What decisions did the team still need me to make?
Those became some of my most useful management tools. Time away from the studio wasn't just time away. It became a way to see who was ready for more responsibility and where I needed to build better systems.
As we grew from one location to multiple studios, with a larger staff and a much more robust client base, those early systems evolved with us. We hired people to fill the gaps and created tailored versions of the daily, weekly, monthly, quarterly and annual checklists for other senior roles.
Our Marketing and Social Media Manager used a variation of those lists to plan digital campaigns around what was actually happening in the studios. Our Lead Instructor had a similar framework for supporting the instructor team and planning continuing education workshops.
The goal wasn't to create paperwork for the sake of paperwork. It was to give everyone an easy reference point for what needed to happen and what good follow-through looked like.
Our onboarding process evolved, too. The employee handbook clearly outlined expectations and responsibilities, and new staff members were paired with a more experienced employee who could serve as a go-to “buddy” while they settled into their role. Staff were encouraged to ask for help and guidance rather than feel like they had to figure everything out on their own.
Accountability and Curiosity are two of the Core Values in our handbook, and modeling those values from the beginning became an important part of setting each employee up for success. We wanted people to understand that asking questions, seeking guidance and taking ownership of their responsibilities were all part of being a successful member of the team.
CORE HAVN Pilates studio, formerly owned by Cat DeHaven.
Building a Team That Could Make Decisions Without Me
I also learned that systems alone aren't enough. You have to give people the opportunity to use them and develop their own judgment.
In the beginning, I met with each manager every week. We also had a First Tuesday Managers' Meeting where we could review the previous month, upcoming goals and what was happening in the studios.
Over time, those meetings changed.
The manager and I continued our weekly check-ins, but my meetings with other managers became biweekly, monthly or as-needed, depending on the team member. The conversations shifted from me directing and steering every detail to the managers coming to the table with their own ideas, solutions and decisions.
That became one of my clearest litmus tests.
When our weekly manager/owner meetings and monthly all-manager meetings started to feel more like a time to connect and check in, rather than a time for me to direct and course-correct, I knew something important had changed.
The team was ready. The systems were working. The business could run without me constantly giving input or making decisions. Logistically, I had built what I set out to build.
When the Business Was Ready, but I Wasn't
The more personal question was whether I was ready to step away.
I went into studio ownership with a business mindset. I wanted to take on as little risk as possible and see whether my concept could work. Over five years, though, I poured an enormous amount of myself into building the brand, the studios and the community.
It was thrilling. It was rewarding. And it was exhausting.
At some point, I realized I was ready for a new chapter. I wanted to recommit more of my time to my family while my children were still at home. I also wasn't energized by new challenges in the same way I had been when I started. I had done the work of building the business, developing the team and putting the systems in place. Now I felt ready to let that work stand on its own and make room for something new in my own life.
Those were my signals.
And just as that first family vacation had shown me that the business could begin to function without me, these things were telling me that I was ready to begin imagining a life beyond it.
Shortly after that realization, I reached out to Boutique Fitness Broker and began the sale process.
I don't think there was one particular morning when I woke up and thought, “I'm ready to sell.” It was more gradual. The business was ready before I was, and eventually I caught up with it.
Learning to Let Go of What You've Built
Over the years, I had worked with business coaches and mentors who shared stories about owners who were unwilling to sell because they weren't sure who they would be without their business. I had heard stories about upset communities and team members. I had also heard stories about the freedom and renewed confidence that could come from a successful exit.
I carried all of those stories with me as I made my own decision.
Ultimately, I realized that being ready to leave didn't mean I cared any less about what I had built.
In fact, I think the opposite was true.
Part of being ready to sell was knowing that I had built something that could continue without me. That is a strange and wonderful thing for a founder to experience.
When you build a studio, so much of it feels personal. Your name, your teaching, your relationships, your standards and your vision are woven into the business. Eventually, though, the goal is to create something bigger than your own daily involvement. It doesn’t mean you have to sell or walk away.
Could Your Pilates Studio Operate Without You?
I do think every studio owner benefits from asking the question: Could my studio operate without me?
Not because you're planning to leave tomorrow, but because the answer tells you something important about the health of your business.
I believe none of us are truly ready to open a studio, and none of us are ever completely ready to walk away from one. We can't fully anticipate what either experience will ask of us. What we can do is prepare.
Build the systems. Develop the people. Take a vacation and pay attention to what happens while you're gone. Asking yourself where the business still depends on you and how to change that.
When the time comes to consider an exit, do some serious soul-searching. Research your options. Talk to people who have been through it.
Most importantly, remember that an exit doesn't erase what you built. If and when you do transition, be prepared for a range of emotions from yourself, your team and your community.
Hold tight to the knowledge that you made a positive impact. You shared your passion for Pilates. You created jobs and opportunities. You built relationships and community. You gave people a place to become stronger, healthier and more connected.
30 Blogs in 30 Days
Throughout October, we’re sharing one new blog every day, bringing together studio owners, instructors and industry experts to share their experiences, knowledge and perspectives on the Pilates industry.
Day 29 of 30, come back tomorrow for the next blog.
