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    5 tips to prepare for selling your practice

    Start formulating an exit strategy years before you plan to sell

     

    1. Know your goals.

    When developing your exit strategy you’ll need to decide among the following:

    • Do you want to work full-time hours for the new owner, work part-time and slowly phase out from working in your practice, or do you want to break ties immediately and “ride off into the sunset?”

    • If you own your own building, do you want to sell it at the time of the practice sale or maintain ownership for the rental income?

    Related: 7 finanacial challenges that ODs will face in 2015

    • How much do you want to get from the sale of your practice vs. how much do you need to get for your practice so you can afford to retire? Remember that the proceeds from the sale of your practice are taxed. You should consult with your CPA to determine what rate you can expect to pay when you sell your practice.

    Unfortunately, optometry practice owners often think their practices are worth more than what the market can bring. However, with enough advanced planning, you can take steps to increase the value of your practice and reach all of your goals.

    2. Know your timeline

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.

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    Optometry Times A/V