We will all exit our business at some point in time, either by design or default, and having a written succession plan in place helps ensure that you have some control over how the business transfers to the next leadership team.
There are two types of businesses, and this applies to medical practices as well. There are lifestyle businesses and those that can create enterprise value. It’s important to understand which type of practice you are building, and how it will serve you when it comes your time to exit.
There are unique concerns and opportunities when it comes to Exit planning for medical practices, and we will explore them in this discussion. Physicians and their practices often have substantial assets at risk, and proper protection needs to be established early on with the appropriate entity structure in place. There are also many options for Exit and it’s important that you understand, not only those options, but also the true value of your business and how these relate to your personal and financial goals.