Focusing on Your Facility: Steps to Impress Potential Buyers
At HINGE Advisors, we are lucky to work with a variety of creative and savvy childcare owners in various stages of their business careers. And if there’s one thing we’ve learned from their experiences, it’s that owners who think about their succession in advance put themselves in the best possible situation. With time on their side, they can dream about their eventual future through a practical lens and pounce when opportunity knocks!
Whether you are considering an exit in the near future or still growing your brand, there are a few things you can do now to prepare. Investing in your facility will not only allow you to get the work completed within your budget but it will save you time later. Whether you own your facility or are a tenant, the list below will put you well on your way to a successful succession.
First Impressions
The driveway, parking lot, sidewalks and trash area should be well kept without trash, leaves, sticks and debris. Consider adding attractive fencing around the dumpsters for trash cans. Resurfacing your parking lot and filling in the potholes should be part of your regular maintenance. Don’t forget to freshen up the parking space lines!Signage
Faded or tattered signs do not reflect the quality of care within your building. Signs should be easily read and branded with your logo as well as scannable with only essential information (website and phone number). Pro Tip: Smaller signs matter too (ex. handicap signs) and why not get creative by customizing a branded space for your Teacher of the Month or Expectant Parents?Playgrounds
Be sure your playgrounds are well kept, and all equipment is in excellent working order. Consider adding outdoor classroom elements to your play spaces now. For example: gardens, bird houses and feeders, wind chimes and natural climbing elements like boulders, rocks or fallen trees. Large tree stumps can also make attractive outdoor gathering spaces.Exterior Entrance
Your front door should be shiny and clean with very little distractions except possibly a branded ‘Welcome to Our School’ sign. Since doors take a lot of wear and tear they regularly need to be refreshed with a coat of paint.Paint
Inspect the entire building and invest in fresh paint at least every three years and as needed for higher traffic areas and classrooms with heavy use. There are excellent paint options that are child safe, scented and quick drying.Landscaping
Update your landscaping now. Do you need more shade trees? Buy larger ones to get the look you need sooner. Trees and bushes should be manicured, gardens weeded, and mulch maintained.Furniture
Your lobby should be welcoming with space for greeting families. Lobby furniture and carpets should make a good first impression. Likewise, classroom furniture and equipment should be repaired or replaced as necessary.Lighting
Look carefully at your interior and exterior lighting and consider investing in energy efficient lighting, saving you money now and later. Fluorescent lighting is harsh and less welcoming than cost effective and attractive LED lighting.Flooring
While flooring is a bigger ticket item, upgrading makes an enormous difference. Preschools are heavily used buildings and floors get a lot of wear and tear. Investing in quality flooring is an excellent way to update your building. Some savvy clients purchase flooring on sale and store it until they have an opportunity to get it installed. Also, make sure to shampoo carpets regularly.HVAC Systems and Roofs
Potential buyers will want both the HVAC systems and your roof to be fairly new and in good working order. Consider replacing or repairing prior to listing to avoid last minute expenses during the diligence phase of your sale.De-clutter
Just like an excellent tour, don’t forget the basics: the building should be clean, clutter-free and smell fresh! These details show your attention to the little things. Put the snow shovels and brooms away. Replace broken classroom materials and furniture. Pro Tip: Teachers tend to be hoarders, consider purchasing matching containers with lids or attractive baskets to help organize their materials in style.
If you have questions about what you can do now to improve your facility and prep it for sale, contact Kathe Petchel from our Client Relations team at kpetchel@hingeadvisors.com. Kathe is also happy to schedule facility visits or hop on a call for a consultation.