What's a tuning business worth?

[Geoff Sykes]

I did an eye opening experiment last year. A dear friend and colleague, as
well as one of my mentors, who lives close to 60 miles away from me, was,
and continues to drive to areas way past where I live in order to service
his die-hard customers. In a generous offer to help me gain some new
customers to my fledgling business, and to see if he could cut down a little
on his driving, he GAVE me all his contact information for his customers in
my neck-o-the-woods. He and I worked on a letter of introduction for me and
I sent out close to 200 letters over the next six months or so. Like I said,
this was last year. To date I have had exactly TWO of those customers
actually contact me. Both of them said that they really appreciated my
letter, and that because of my colleagues recommendation there was no doubt
in their minds that I was a competent tuner/technician. But both of them
also said that until my colleague actually retires or refuses to continue to
make the drive to their home they will continue to use him. What I learned
from this is that loyal customers will remain loyal whether you sell them or
not. And once you actually quit servicing your loyal customers, and they are
potentially left to their own devices to find a replacement, if you want
someone specific to replace you, you will probably need to make that
introduction yourself. You can't buy that kind of loyalty. How on earth
would you sell it?
 
-- Geoff Sykes
-- Assoc. Los Angeles
-- www.ivories52.com
 
 
 
 
 

-----Original Message-----
From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of Leslie Bartlett
Sent: Friday, June 01, 2007 8:17 PM
To: 'Pianotech List'
Subject: RE: What's a tuning business worth?


I've had two technicians virtually turn their clientelle's names over to me,
and I will turn my names over to someone when I retire.  It is my belief one
doesn't sell a "business"......  One sells him or herself and when that is
no longer occurring there is no "business", only a data base, and each of
those people, loyal to their tuner, will be freed of that loyalty.     I
have had a local person offer to "sell me names"..........   I can find
names in a phone book.   he can't sell me "business".
 
Just my skewed perspective.
les bartlett

  _____  

From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of Jim Johnson
Sent: Friday, June 01, 2007 6:29 PM
To: pianotech at ptg.org
Subject: What's a tuning business worth?


I will be looking to retire sometime in the next few years and I'm wondering
what my business may be worth if I sell it.  Do any of you have experience
either buying or selling a tuning/repair business (no physical retail
location, just a well established clientele)?  What is the relationship
between annual income and selling price?  Any ideas will be appreciated.


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