Prioritizing Your Financial Crisis Plan, Part 1
As salon, spa and barber industry leaders work to protect their businesses, teams and communities in the face of the COVID-19 crisis, ISBN members continue to generously share resources and insights.
ISBN urges members and other industry small business leaders to first focus on short-term cash flow, specifically rent and debt, the two biggest expense buckets after labor costs.
Many industry employers have recommended to consider implementing layoffs so stylists and other employees can immediately qualify for unemployment and the expanded benefits of the recently passed Coronavirus Relief Bill, or CARES Act.
In an effort to help other salon owners and execs research and navigate their own financial action plans, ISBN has shared a number of useful documents, templates and resources that the membership has referenced.
“We all find ourselves in unprecedented circumstances and during this time of uncertainty, the more information you can gather the better decisions you can make for your business,” says Valorie Tate, ISBN Executive Director. “The resources linked below provide information on how to negotiate with landlords and address the real estate issues that many salons, spas, barbers and franchisees are facing.”
Tate points out that the articles, webinars and documents cover various issues and situations, are provided from third parties and that business owners should always seek legal counsel for their own particular situation, especially with responses, mandates and protocols related to COVID-19 shifting or evolving almost daily.
Tune In and Talk Through the CARES Act
As part of ISBN’s ongoing support of members during the COVID-19 shutdown and throughout the recovery process, Edward Logan, President and COO of Sport Clips will join fellow board member Frank Zona, Co-Owner of Zona Professional and other industry leaders on a real-time discussion of Financial Actions & Next Steps, through a webinar with media partner SALON TODAY. The free online session is tentatively scheduled for Monday, April 6 at 4 CST/2pm PST. Expect meaningful discussion and analysis of what the CARES Act legislation and relief bill means to salon, spa and barber businesses.
Watch for more details and an invitation to join the webinar via ISBN email newsletters, posts on ISBN’s social media and on salonspanetwork.org. This session is a follow-up to the industry-wide COVID-19 crisis webinar ISBN co-hosted on March 18, which drew more than 3,700 industry leaders to register, and is available for replay here.
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Suggested Articles & Resources
U.S. Retailers Plan to Stop Paying Rent to Offset Virus Closures
(Bloomberg – Real Estate)
Will COVID-19 trigger “force majeure” clause in real estate contracts?
(Propmodo – Real Estate)
Advice for Occupiers and Owners: COVID-19 Implications for Commercial Leases
(CBRE – US Commercial Real Estate Services)
Third-Party Webinar Replays from IFA Supplier Forum
IFA Supplier Forum hosted two webinars this week with special focus on various needs of franchisees during this time. In addition, they have provided a rent relief letter template that is referenced in Part 2 of the webinar replace. Note: This is a third-party template and is only one example of what you can do. We recommend that you consult with your attorney about your options and the best way to approach your landlord.
Webinar Replay – How to Address Your Current Finance, Marketing & Legal Needs – Part 1
Webinar Replay – How to Address Your Real Estate, Landlord & Rent Relief Challenges – Part 2[/column]
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Rent Relief Samples
Rent Relief Letter Template
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Find Support, Share Your Resources
Watch for more COVID-19-related business management and recovery planning tips and tools from ISBN members on salonspanetwork.org and check out the Business Planning for COVID-19 downloadable documents section now.
If you have content, documents or ideas to share, please contact ISBN Executive Director Valorie Tate at valorie@salonspanetwork.org.
