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    5 tips to prepare for selling your practice

    Start formulating an exit strategy years before you plan to sell

     

    Start planning now

    Preparing for the sale of your practice is a very big decision which requires careful planning. Ideally, you should start planning five years before you want to sell your practice. It is recommended to hire a consultant four to five years in advance of listing your practice so he can assist you with increasing annual revenue and positioning the practice to be sold. You may also consider hiring a practice broker approximately one year prior to when you want to sell the practice. Formulating an exit strategy should be taken very seriously as we grow older. Just as it is important to have life and disability insurance, it is crucial to devise your succession plan sooner than you probably realize. This will ensure that you maximize the equity that you’ve created in your practice over the years, and it is also helpful for estate planning purposes.

    Click here to read the lastest practice management advice from your colleagues. 

    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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