Painless Practice got me to the point where I knew I wanted to sell the business and helped me gain the maximum from it.”
Janet Bell, Osteopath
The best time to think about your exit strategy is when you start your practice! The next best time is now. As the author of ‘Seven habits of highly effective people’ Stephen Covey says ‘begin with the end in mind’. All too often businesses grow organically with no clear end point in place or even more often, no clear plan to get to that point and when the owner/s near retirement, there is a sudden panic of getting the business in a saleable state or a manageable state ‘from afar’ or less hands-on.
If you want to sell your practice it is a lot more attractive to a buyer, and will, therefore, command a higher purchase price, if it is not reliant on you. A business sustainable without the owner is much more valuable than a business where you bring in the bulk of the revenue i.e. you are the main practitioner or the highest earning one.
Should you want to step back and have the practice give you a monthly income without working in it, the two vital things you will need to focus on are the people you bring on board and the systems you have in place.
We can help you think through what the best model for your practice and exit is, what your succession plan needs to look like, what systems you need in place, how to get your practice ‘due diligence’ ready and how to maximise the potential of your clinic. Why wait any longer?Contact Celia today