How do I check what a sauna or Nordic spa really earns?

Reported earnings are a starting point. For a thermal-circuit business, the figures should line up with something you can see: people through the door, sessions sold and costs paid. This page is about testing the story, not putting a value on it. Bring an accountant in early, because they will know which records to request and how to read them.

Start with visits

Ask for visit records by day and by season, from the booking system rather than a summary. Ask whether the site has a winter peak and a quiet shoulder season. Check that the busy days match the revenue shown. Ask how much came from walk-ins, how much from advance bookings, and whether private rentals or events are included in the totals.

Passes, memberships and gift cards

Passes and memberships may be paid up front for use later. Gift cards are sold in one month and redeemed in another, and many go unused for a long time. Ask how each is recorded, and compare cards sold against cards redeemed. Find out what the seller owes customers who have already paid, and ask your lawyer how those balances would be handled in a sale.

Costs that move with use

Energy, water, wood, water treatment and laundry all rise and fall with traffic. Ask for several full years of bills and compare them with visits. Look at staffing per shift as well, including who is paid and who is the owner working unpaid. If the owner’s labour is not on the statements, you will need to cost it yourself.