Create an Exit Strategy

Create An Exit
Strategy

Exit Planning

You will leave your practice at some point, either voluntarily or otherwise. We believe that all private practice owners should create an exit plan to address the inevitable departure from the practice. An exit plan begins by identifying three critical components.

Future Successor

You can sell to a 3rd party, like a strategic buyer, or transfer to an insider, such as a family member or group of employees.

Timeline

Identify how long of a time period you want to remain with the company. The longer the timeline, the more flexibility can be built into the plan.

Sale Price

A successful exit plan requires you to achieve financial independence upon the sale of your practice.Combining the sale price of your practice with your non-business assets should result in financial independence.

What are the components of
a successful exit plan?

Once you identify your departure date, the sale price and the person who will be your successor, you can address the other important components of an exit plan.

These include:

  • Evaluate business and personal financial resources to determine
  • Identify potential successor including employees and strategic buyers
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  • Develop a contingency and continuity plan so your practice can continue if you are unable to lead it
  • Establish an estate plan so your familial and legacy goals can be accomplished

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Ready To Reduce Risk, Maximize Value, Leave on Your Terms? Then Let’s Get Started

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