Formulating an exit strategy is a must in today’s operating environment for the licensed professional. Many practitioners operate in the marketplace for 20 years or more with no plan for their exit. No successful practice was founded without extensive planning, and the same holds true for the transition of a practice. Without a proper succession plan, it is difficult to capture the full value of a practice. Any practitioner contemplating retirement should consider the following:
Can I afford to retire?
Where is my retirement funding going to coming from?
Is my practice my retirement plan?
Do I know how much my practice is worth?
How will I replace my practice income?
What are my exit options?
Hire an associate with later sale
Walk away analysis
What happens if something happens to me?
Who will take control of the practice assets if I die?
Do I have a plan for disability or incapacity?
Are my estate planning documents up to date?
Will my family be taken care of?
If you are struggling with any of the questions enumerated herein let's find a time to chat and assess your goals, operational challenges, and income needs. You have worked extremely hard to build a successful practice; I can assist you with designing and executing a plan to capitalize on the value you have created.