Buying a spa or wellness centre: key indicators to verify
Introduction
The spa and wellness sector is experiencing sustained growth in Switzerland. Demand for wellness services remains strong, driven by a clientele attentive to their health and ready to invest in their personal balance. For a buyer, this dynamic represents an interesting opportunity, but it comes with specific challenges.
Unlike other businesses, a spa or wellness centre combines several economic models: one-off services, recurring subscriptions, sales of cosmetic products and complementary services. This diversity of revenues complicates the financial analysis and requires a detailed understanding of each flow.
Customer loyalty, the quality of infrastructure and the wage bill weigh heavily on profitability. Technical investments (sauna, hammam, treatment equipment) represent significant costs to anticipate. Regulatory aspects, particularly regarding hygiene and safety, add a layer of complexity.
This guide accompanies you in analysing a spa before takeover. It details the financial, operational and legal indicators to verify in order to assess the viability of the acquisition and negotiate with full knowledge of the facts. If you are looking for a business in the wellness sector, you can consult the companies for sale on Leez.
📌 Summary (TL;DR)
Taking over a spa requires analysing the revenue structure (services, subscriptions, products), assessing customer loyalty and examining operational costs (wage bill, equipment maintenance). Regulatory aspects and technical investments must be verified before any negotiation. Rigorous financial analysis allows you to estimate the real value of the business.
📚 Table of contents
The specificities of the spa and wellness sector in Switzerland
The Swiss wellness market is characterised by high expectations in terms of quality and hygiene. Establishments must obtain an operating licence and comply with strict cantonal health standards.
A spa generally offers aquatic treatments and massages, whilst a wellness centre provides access to facilities (sauna, hammam, swimming pool) with or without services. Beauty salons focus on aesthetic treatments. For a detailed comparison, consult our guide on beauty centres.
Positioning varies between urban spas (regular local clientele) and resort spas (tourism). Seasonality strongly influences activity depending on location.
Analysing the revenue structure
A spa generates revenues through several channels that must be analysed separately to assess financial stability.
The main sources include:
- Individual services (massages, body treatments)
- Monthly or annual subscriptions
- Sales of cosmetic products
- Privatisation of spaces for events
- Gift cards
The split between recurring revenues (subscriptions) and one-off revenues (services) determines cash flow predictability. An establishment with 40% recurring revenues presents fewer risks than a model based solely on occasional services.
Services and pricing
Examine the complete pricing structure: massages (Swedish, deep tissue, aromatherapy), body treatments (scrubs, wraps), and access to facilities (sauna, hammam, swimming pool).
Compare prices with those of local competitors. A 60-minute massage charged at 120 CHF in an area where the average is 150 CHF may indicate optimisation potential or low-cost positioning.
Identify the most profitable services (high margin, strong demand) and those that generate the most volume. This analysis reveals opportunities for improvement post-takeover.
Subscriptions and recurrence
Subscriptions constitute a strategic pillar for cash flow. Analyse the formulas offered: unlimited monthly access, packages of 10 entries, annual subscriptions.
Verify the renewal rate (percentage of subscribers who extend), the average commitment duration, and the share of recurring revenues in total turnover.
A renewal rate above 70% indicates a loyal clientele. Recurring revenues facilitate financial planning and reduce dependence on seasonal fluctuations. To deepen your evaluation of subscriptions, consult our article on hair salons.
Product sales and complementary services
The sale of cosmetic products (oils, creams, supplements) often generates 10 to 20% of turnover with attractive margins (40 to 60%).
Examine stock rotation, agreements with suppliers or partner brands, and payment terms. Dormant stock represents immobilised capital.
Verify whether the establishment has exclusive brands or privileged partnerships that constitute a competitive advantage. Complementary services (nutrition coaching, yoga) diversify the offering and increase the average basket.
Assessing the clientele and its loyalty
The customer base constitutes the main asset of a spa. Analyse the number of active customers (having visited at least once in the last 12 months), the average visit frequency, and the average basket per visit.
The retention rate measures the percentage of customers who return. A rate above 60% is satisfactory in the wellness sector.
The transferability of the clientele after takeover depends on the quality of facilities, the brand, and less on the seller's personality (unlike liberal professions). Verify whether the clientele is linked to the establishment or to specific therapists.
Customer profile and segmentation
Identify the main segments: regular local clientele (subscribers, regulars), tourists (one-off stays), and businesses (gift cards, B2B events).
Excessive dependence on one segment presents risks. An urban spa with 80% local customers is less vulnerable to tourist fluctuations than an establishment in a resort.
Analyse geographical origin, age groups, and purchasing power. This data allows you to adapt the marketing strategy post-acquisition and identify development opportunities (new segments, corporate partnerships).
Loyalty indicators
The retention rate (percentage of active customers from one year to the next) and average seniority reveal the quality of the customer experience.
Examine the share of subscribed versus occasional customers. A base with 50% subscribers offers more stability than a 100% one-off model.
Consult online reviews (Google, TripAdvisor, social networks). A rating above 4.2/5 with a significant volume of reviews is a positive indicator. Analyse recurring comments (positive and negative) to identify the establishment's strengths and areas for improvement.
Examining operational costs
The cost structure of a spa is specific and requires detailed analysis.
The main items include:
- Rent and rental charges
- Wage bill (40 to 60% of turnover)
- Energy (heating, hot water, electricity)
- Maintenance of technical installations
- Products and consumables
- Professional liability insurance
Energy often represents 8 to 12% of turnover for an establishment with swimming pool, sauna and hammam. Verify the evolution of energy costs over the last three years and anticipate future increases.
Wage bill and team
Staff constitutes the main cost item. List the number of employees, their qualifications (qualified masseurs, therapists, beauticians, reception staff), and types of contracts (permanent, part-time, self-employed).
High turnover (more than 30% annually) signals management or working conditions problems. Identify key people whose departure could affect the clientele.
Salary costs generally represent 40 to 60% of turnover. A ratio above 65% indicates a profitability or productivity problem to investigate.
Maintenance and technical investments
Technical installations (sauna, hammam, jacuzzi, water filtration system, massage equipment) require regular maintenance and periodic investments.
Verify the date of the last renovations, the general condition of equipment, and compliance with safety and hygiene standards. Request inspection reports and maintenance contracts.
Anticipate short-term (1 to 2 years) and medium-term (3 to 5 years) investments. An ageing filtration system or a sauna requiring renovation represent significant costs (15,000 to 50,000 CHF) to integrate into your financial plan.
Verifying legal and regulatory aspects
Before any takeover, carry out essential verifications:
Commercial lease: Remaining duration, transfer conditions, renewal rights, rent amount and charges. A lease with less than 3 years remaining limits financing options.
Licences: Operating licence, health compliance, authorisation for technical installations (swimming pool, sauna).
Insurance: Professional liability, facilities insurance, employee coverage.
Verify the absence of ongoing disputes (customers, employees, suppliers, neighbourhood). The Leez expert network (lawyers, fiduciaries) can support you in these legal verifications.
Estimating value and negotiating
The valuation of a spa combines several methods: EBITDA multiple (generally 3 to 5x for the wellness sector), valuation of tangible assets (equipment, fixtures), and goodwill linked to clientele and reputation.
Rigorous financial due diligence is essential. Examine accounts over a minimum of 3 years, verify consistency between tax declarations and operational reality.
Use the Leez valuation tool to obtain an initial estimate. Consult the spas and wellness centres for sale on the platform to compare market valuations.
Taking over a spa or wellness centre requires rigorous analysis. The revenue structure, between individual services, subscriptions and product sales, must be transparent. Customer loyalty and visit recurrence are essential indicators of financial stability. Operational costs, particularly the wage bill and maintenance of technical equipment, can weigh heavily on profitability. Regulatory and health aspects must be verified carefully.
An accurate valuation relies on this concrete data. Each spa has its specificities, and thorough due diligence protects you against unpleasant surprises. If you are considering taking over a wellness centre, start by exploring available opportunities. Discover spas and wellness centres for sale on Leez and access verified financial information to make your decision with full knowledge of the facts.
