How to Sell Your Photographic Studio

Dave Newman

Although this may seem like a rather negative question for a Society dedicated to the advancement of professional photography, there will come a time when all of us hang up our VAT returns and spend time otter watching in the Highlands. With a lifetime of experience at the top Dave Newman fswpp ponders on a few questions and answers in a very positive vein – look up and pay attention all those who joined Saga more years ago than they care to admit!

Heard in the classroom:
What suggestions do you have, Dave, if looking down the road, I wish to sell my studio? What good advice can you give on the method of selling a photographic portrait studio?

Dave:
Well I’m not sure if I have all the answers but I do have a few suggestions which I know are valid. The word suggestion sounds a bit weak for such a monumental undertaking. Your studio is like a family member; very important. Your studio has, perhaps, been a major part of your life, livelihood and interest for perhaps many years. The decision to sell must not be taken too lightly. Since I have had a bit of experience, allow me to present some meaningfull advice.
Heard in the classroom:

When is the best time to sell?

How to Sell Your Photographic Studio

Dave:
Often, I see a business killing itself by gradually slowing down. This can be harmful when one places the studio on the market. Over the years you will have a time period of enhanced sales and thriving clientele. You may wish to sell off your studio as business is UP, not DOWN. As a studio owner tires and slows down and drops weddings, and children’s portraits or other undesirables, the studio value weakens and sooner or later you have little of value to sell as you retire. Don’t let this happen! …at least, if you intend to get a decent value selling your portrait studio. Here’s a statement worth remembering: plan to sell a productive business, not a dying business.

Heard in the classroom:
Why and when do most people begin the process to sell?

Dave:
Here there exists a plethora of reasons for selling a studio. It might be the owner’s age, personal problems, health, or market swings as well as demographics to name just a few.

Heard in the classroom:
What considerations or questions exist at the outset?

How to Sell Your Photographic Studio 3

Dave:
Do you really have something of value? Do you have financial records to prove this value? Is there an interested party, (employee, competitor or even a family member)? Will the studio survive after your departure? Are you selling the active business alone or are you also selling real estate (property, building, etc.) combined with the business and its name. Are you willing to sign a “non-compete clause” to protect the new owner from having you compete in a new, similar nearby business?

Heard in the classroom:
What are the key dangers in selling?

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