Common Mistakes to Avoid When Buying a Preschool
When you decide to open a preschool, you are likely so eager to get started that you immediately hop online and search “preschool for sale near me.” But before you do this, it’s important to spend some time researching the buying process and understanding how to determine which schools are worth investing in and which to avoid.
In this guide, we’ll help you identify the most common mistakes people make when buying a preschool and how you can avoid them. Let’s get started!
Failing to Research the School’s History
This pitfall can be particularly damaging if you invest in a franchise that has poor financial performance or a negative reputation. Make sure that you always take time to look into a preschool’s background, including its founder, mission, financial records, and operating history. You should also explore its background in terms of safety and see if there have been any legal issues or safety concerns in the past.
If there have been any legal or regulatory issues, make sure you evaluate them carefully and determine what impact, if any, they may have on your future business. For example, a school that is being sold because its previous owner was charged with child neglect will likely have a bad reputation. Attracting future students could be difficult, as this will likely appear in search engines when prospective customers research your school. A complete name change and rebrand would be necessary to overcome this type of hurdle.
Not Understanding Licensing Requirements
Owning a school is not the same as owning another business. In addition to all the standard filing and tax procedures, you’ll also have to follow your state’s regulations for registering and licensing a preschool. Make sure that your school is equipped to meet the licensing standards, and be sure to seek out any professionals who can help you get registered with the state if you are unsure how to do so.
Not Inspecting the Property Thoroughly
There can be a wide range of safety issues and unexpected maintenance costs if you fail to thoroughly inspect a preschool before buying it. Hire a professional to inspect your preschool before making an offer or closing a deal; you can then determine whether the potential costs of maintaining, repairing, and operating the school justify its cost.
Ignoring the Staff
When you buy a preschool, you may also inherit the existing student population and staff. While it’s great to get an up-and-running school, this also comes with some risks if you are not sure how to properly vet and screen your employees.
Be sure to investigate every teacher’s qualifications and experience. You should also look into the school’s teaching methodology and determine what changes you may need to make to bring the school into alignment with your vision.
Not Seeking Legal Advice
Buying a preschool is a major investment, and it comes with a host of legal responsibilities that you need to know how to manage. Working with a business attorney will allow you to navigate the complexities of buying a preschool without all the stress and added risks of working solo.
Start a Franchise With a Trusted Company
The Celebree School is a national network of early childhood daycare and education centers. Our preschools are designed to help young students launch and thrive as they get ready to enter kindergarten and adapt to the school environment.
We support our teachers, students, and franchisers at every stage of their journey; if you would like to invest in a reputable school with an excellent background and a proven history of success, please contact us today to learn more.
