Mark Mitchell Saying Good-Bye To Hair Dressing
Posted May 28, 2006 10:50 a.m. EDT
RALEIGH, N.C. — After 38 years, Mark Mitchell is cutting his links to the hair dressing business.
Mitchell confirmed Friday that he has sold Mitchell's Hair Styling, which operates 12 salons in the Triangle, to Regis Corp. Mitchell said he will now concentrate his attention on two day spas that he owns in the Triangle.
"There comes a time in life when you get that warm, fuzzy feeling that it's the right time," said Mitchell when asked why he decided to sell the business launched by his father, B.R. Mitchell, in 1950. The price of the sale was not disclosed.
"He was a Zorro," Mitchell said affectionately of his father's hair dressing skills. Mitchell had dinner with B.R. recently and told him about the sale. "When I told him the price, he said, 'Well, you're kidding me.' He couldn't believe it," the younger Mitchell said.
Mark Mitchell followed B.R. Mitchell into the hair styling business in 1969 and was a hairdresser for 15 years before moving into management.
Regis operates a chain of hair dressing salons, and Mitchell said he had often joked with executives in the rival firm about buying each other out. Recently, he decided to get serious.
"I called them a couple of months ago," Mitchell said. After exchanging numbers and other information a deal was made. "You want to sell when you are on top," he added.
Regis will maintain the name and the salons that are spread across the Triangle, Mitchell said.
Now, Mitchell, 57, said he would concentrate his efforts on the day spas. "I didn't want to retire," he said.
One spa is located at Cary Town Center. The other is at Triangle Town Center. He said he also planned to open additional ones.
"They're doing good," Mitchell said of the spas. "We'll probably do $4.2 million the first year."
The sale also did not include the four Mitchell's Academy training schools. Those are operated by Mitchell's two brothers.