You can take steps to protect customer information by: Tom West of Business Brokerage Press in Concord, Massachusetts, suggests a few ways to market your list. Place an ad in a local newspaper. Network with colleagues at trade shows, on the Internet, or with your competitors if you respect their work. A competitor might even be an ideal buyer, as they`re likely to be close to you, making it convenient for customers. However, you may want to give the owner of the salon where you currently work the first chance to buy your client list, as it is in her best interest to keep customers in the salon. If you`ve established a good relationship with a supplier, they can also help you find potential buyers. Some beauty industry associations, such as the NIA, publish a newsletter that includes a classifieds section where you can offer listings for sale. This article contains general legal information and does not provide legal advice. Rocket Lawyer is not a law firm or a substitute for a lawyer or law firm. The law is complex and changes frequently. For legal advice, please consult a lawyer. This is not an isolated case. Many owners call me after reading statistics showing that it`s a good time to sell a business.
But like this owner, they discover that in the eyes of potential buyers, their business is worth less than they thought – if they get bitten. BizBuySell has a current inventory of 45,000 companies in its database, but only 1,814 transactions were completed in the third quarter of 2015. Ken Cassidy explains that as long as the names are sold as part of a business, it`s completely legal. “Customers don`t have to say anything because it`s a business transaction,” he says. “In fact, they should feel complimented that you care enough to put them in the hands of a competent technician.” Avoid these three common self-deceptions and you`ll put yourself in a stronger position to sell. A good business broker can sell a business at a higher price than it would sell if it were sold by the owner. This is largely due to the fact that they can find more and better quality buyers for the company. A business broker who has experience in selling customers can create even more value.
If you would like to discuss your situation, contact us today by filling out the form on the right or by calling us at 617-562-5700. You can buy customer or prospect lists from one of the many companies that collect this information and sell it to third parties. You may also be able to purchase them directly from other companies. Companies that provide leads often sell them by the thousands, and your business can call or contact them to solicit sales using the method you deem appropriate and legal. However, when purchasing prospect lists, keep in mind that they sometimes contain questionable information that can raise serious concerns about whether the information is accurate and whether those contacts have opted in to receive communications from third parties. If you contact someone who has unsubscribed, especially via email, SMS, or phone, you may run into legal issues. Florida is one of forty-two states that have passed the Uniform Trade Secrets Act. This law states that a former employee is prohibited from stealing his employer`s “trade secrets” even if he has not signed a non-solicitation agreement. A customer list is considered such a trade secret.
However, it is good business practice to inform existing clients of your impending retirement and your intention to share those clients` personal information with another qualified nail technician. In this way, the customer would have the opportunity to decide whether or not to authorize the transfer of his personal data. When Audra Sigman left the industry for Brunswick, Maine, she decided to charge 30% of her gross revenue for the last 24 months for her client list. “For example, if the gross revenue for the last two years in the last 24 months is $60,000 (100% of customer tickets), your customer list is worth $18,000,” says Sigman. Depending on the market in your region, the percentage factor of this formula may be changed. An invisible but very close bond develops between a nail prosthetist and her client. After years of service, they often become close friends. For this reason, some nail technicians would no longer consider selling their client list than selling a family member. Vonda Keon of Flamingo ArtFX Nails in Bruce, Mississippi, explains, “I couldn`t sell my list because many of my clients had been with me from day one I opened the doors.
The relationship I had with my clients was a kind of “steel magnolias”. According to the GDPR, any processing of personal data must be lawful.