I’m going teach you three things it takes for you to be able to successfully exit from your practice and be on vacation like I am right now in Long Beach, California and pretty much live the life you want and live a life with freedom and independence.
The first that you need in order to successfully exit from your practice:
- You need to have systems in place
- You need to have the right people in your practice
When you find the right people, they’re the ones who are going to help your practice grow. So nurturing, finding, recruiting the right staff members is absolutely critical for you to grow your practice so that you can live a life of freedom and independence and step away anytime if you have to.
- Right financial documentation
One of the most important things if you want to exit your practice is the right financial documentation. You need to have the right documents in place because remember a buyer who wants to buy your practice is most likely going to have all your financials independently verified, independently checked by a third party accountant. It’s important for you to have all the documentation in place:
- Your patients
- Your average income per patient
- The number of visits you do
- The contact information of your referral sources
- What’s the average revenue from some of your referral sources
- What are the number of visits you saw throughout last year
- The number of visits per therapist so on and so forth
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Leave A Reply (7 comments So Far)
Luke M.
367 days ago
SYSTEMS!! Among the 3 things you discussed, this is the most difficult to put in place in my case. With all the available technology and software available, it's overwhelming. I'm still in the process of making sure my systems are working and that I have considered all scenarios. I believe I have the right people and my documentation is on the right track. That's two down and one to go.
I will continue following up your blogs while I setup my systems and hopefully, my practice will get to a point where I have nailed all these things. When that time comes, I will go and have my Caribbean cruise.
Veronica
367 days ago
No matter how hardworking one is, there gets to be a point in our career that we feel our time is not our own. We seem to be always trying to catch up and yet, a lot of tasks are left undone. Effective time management seem to be out of our reach. Even with the financial rewards from private practice, I simply do not have the time to enjoy it.
With these three things, I believe I would still have problems leaving my practice to others no matter how capable there are. I guess in my cases, I need to add changing my paradigm as a business owner. Any thoughts on that?
Stacey
359 days ago
How hard is it to actually find a buyer? I have run my own clinic for 8 years and I actually have three out of the three accomplished, and we are quite profitable. The problem arises in the fact that "I" am the business and my well established patients chose to come here because of me. (a blessing and a curse!) I have tried to find reliable, well trained PTs that I can actually afford to no avail.
I would love to start "checking out" over the next three to five years. Thanks for any input! (Anyone want to buy a business in beautiful CO?!)