Hot Take: Wealth Management Firms' Interest in Venue Acquisition
Release Date: 03/06/2024
Quick Fire Episode: Tips for Selling Your Wedding Venue
The Venue Podcast
In this episode, Kinsey Roberts and Lindsay Lucas break down the key steps for wedding venue owners considering selling their business. With an increase in inquiries about buying and selling venues, they share practical advice based on real experience. Key Takeaways: Get your financials organized first - Buyers want to see actual profit, not just potential. Have your gross and net revenue clearly documented and ready for scrutiny. Prepare for thorough due diligence - Serious buyers will conduct what feels like a "financial cavity search." Be organized with all paperwork, documentation, and...
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Stop Losing Bookings: What Actually Happens During Venue Tours (Part Two)
The Venue Podcast
THIS IS PART TWO OF OUR TWO-PART PODCASTS ALL ABOUT ANSWERING THE QUESTION: How do you make your wedding venue stand out during tours? Are your venue tours not converting the way you'd hoped? You're not alone. Most venue owners focus solely on aesthetics during tours, but the venues consistently booking at premium rates understand something crucial: the tour experience is fundamentally a neurological journey. In this episode, Kinsey and Lindsay break down the three neural systems that factor into venue decision-making and reveal why couples actually make their venue choice within the first...
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Stop Losing Bookings: What Actually Happens During Venue Tours (Part One)
The Venue Podcast
Are your venue tours not converting the way you'd hoped? You're not alone. Most venue owners focus solely on aesthetics during tours, but the venues consistently booking at premium rates understand something crucial: the tour experience is fundamentally a neurological journey. In this episode, Kinsey and Lindsay break down the three neural systems that factor into venue decision-making and reveal why couples actually make their venue choice within the first 90 seconds of experiencing your space. You'll discover how to create a multi-sensory experience that hits all five senses, learn to...
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How to Create Viral Marketing? This Article from Harvard Business Review Might Help
The Venue Podcast
In this episode, Kinsey dives into a fascinating Harvard Business Review article that reveals why only 5% of social media content goes viral—and how you can strategically increase your odds. Discover the powerful SPREAD framework that breaks down viral content into six key dimensions: Socially useful, Provocative, Replicable, Emotional, Ambiguous, and Distributive. From Duolingo's viral owl to Taylor Swift's cryptic album drops, learn how major brands engineer shareability into their campaigns. But going viral isn't just about creating buzz—Kinsey explores the critical backend systems...
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Part Two: Venue Survival Strategy for Tough Economic Times
The Venue Podcast
In part two of our venue survival strategies series, we're diving deep into what actually works when bookings are down and cash flow is tight. We cover diversification strategies beyond just "host more events" (including why Kinsey might be too precious about being wedding-day-only events), smart debt management tips, and the real talk about where to spend vs. save your marketing dollars right now. Lindsay shares client success stories about adjusting payment structures to increase bookings, while Kinsey gets honest about her own struggles with leadership mindset during tough times. We also...
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Beyond Price Checking: The Wedding Venue Owner's Guide to Competitive Domination
The Venue Podcast
In this episode, I'm pulling back the curtain on one of the most powerful (yet overlooked) tools in your venue business arsenal. As both a venue owner and marketing coach, I've seen firsthand how proper market analysis can transform a struggling venue into a confident, thriving business. You'll discover: Why checking competitor prices once a year isn't nearly enough (and what you're missing when you do) The exact step-by-step process I use to analyze my venue's market position How to translate market insights into revenue-generating action steps The surprising competitive advantages most...
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Part One: Venue Survival Strategy for Tough Economic Times
The Venue Podcast
In this episode of The Venue Podcast, we tackle the critical topic of venue survival during challenging economic periods. Drawing from extensive industry research and our own experiences as a venue owner and venue consultant, we offer a roadmap for navigating slower booking seasons—whether you're experiencing a true economic downturn or just a temporary lull. We dive into interesting market shifts affecting the wedding industry, including: - Why 85% of couples are making decisions based on economic pressures - The surprising continued rise of micro-weddings since 2020 - Changing social...
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Funding from the Ground Up: DSCR Loans, SBA Curveballs & Tools for New Venue Owners
The Venue Podcast
Dreaming of building your wedding venue from the ground up? In this episode, I’m breaking down exactly what new venue owners need to know about funding in today’s market — including the latest curveballs from the SBA, how DSCR loans work, and my go-to digital tools to prep your funding package. If you're serious about starting your venue the right way, this is a must-listen! Mentioned in this episode: Connect with Kinsey and Lindsay
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Top Business Influences: Who Lindsay is learning from
The Venue Podcast
Ever wondered who’s behind the scenes shaping our journey and pushing us to grow? In this episode, Lindsay is pulling back the curtain and sharing the mentors, teachers, and thought leaders who have influenced her most in the last year—both personally and professionally. From industry experts to unexpected sources of wisdom, you’ll hear who she’s learning from right now and how their insights are helping her evolve. Whether you're looking for guidance or just curious about where she gets her inspiration, this episode might just introduce you to your next favorite mentor....
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Venue Acquisition 101: Essential First Steps for Buying an Existing Venue
The Venue Podcast
Show Notes In this informative episode, Lindsay shares what she would tell her best friend if she were navigating a first time purchase of an existing wedding venue. Lindsay gives you invaluable insights on where to find these listings, proper etiquette, and the best first steps to take once you've found a business of interest. This episide will help you approach venue acquisition with confidence and clarity to get your journey started. Resources Mentioned Connect with Kinsey and Lindsay
info_outlineThe Surge of Interest from Wealth Management Firms
In a recent wave from January to June 2023, Lindsay observed an unusual trend: a number of wealth management firms expressed keen interest in investing in the wedding industry, specifically wedding venues.
After some thorough research, she confirmed that these firms were independent of each other and scattered across the US, from New York to California. Their goal was to invest large sums, often with the intent to acquire and grow various wedding venue businesses.
- Diverse Interest: Multiple wealth management firms are looking to invest in the wedding industry.
- Investment Goals: Strategies range from flipping venues for profit to monopolizing local markets.
Initial Skepticism and Due Diligence
Lindsay shared her initial hesitations about these inquiries, emphasizing the importance of due diligence. She expressed concern over the firms' approach, which seemed to undervalue the hard work of venue owners by referring to their businesses as "mom and pop" venues. The firms aimed to purchase profitable venues, with profits matching their investment, which Lindsay questioned, suggesting that a venue making significant profits wouldn't likely sell for just one year's earnings.
- Protecting Venue Owners: Approach inquiries with skepticism and due diligence.
- Understanding Value: Consider the true worth of a profitable business before entertaining offers.
Negotiating Power and Legal Protection
The hosts advised venue owners to involve legal counsel in any serious acquisition discussions. With wealth management firms likely having extensive legal and financial advice, it's crucial for venue owners to level the playing field with their own experts, particularly acquisitions and real estate attorneys.
- Legal Representation: Engage an acquisitions attorney and a real estate attorney when approached.
- Know Your Worth: Ensure you understand the full value of your business and have professional financial advice.
Emotional Considerations and Strategic Decisions
Moving beyond the financials, Kinsey and Lindsay discussed the emotional and strategic aspects of potentially selling a venue. They advised venue owners to separate emotions from the decision-making process and to consider the long-term implications for the industry and their personal lives.
- Emotional Detachment: Keep emotions away from the transactional aspect of selling your business.
- Future of the Industry: Reflect on the potential impact of such sales on the wedding industry's sustainability.