An exit plan is a plan that details what actions need to be taken when exiting your business, whether it is due to unexpected circumstances or by choice. Having an exit plan is essential, no matter what stage your business is in. According to Value Builder, research suggests that 75% of business owners have regrets one year after exiting. Only 5% surveyed are happy with the net proceeds they received. Whether you are just starting out and looking to make sure you’re on the right track or if you’ve been operating a successful business for years, having an exit plan can help ensure that when it comes time to sell or leave the business, you get the optimal outcome.
An exit plan should be tailored to your specific business goals and objectives, taking into account factors such as current market conditions, potential buyers, and other dynamics of the industry. A well-thought-out exit plan will take all of this into consideration while also outlining steps that need to be taken over time in order to help you achieve your personally desired next chapter.
For dental practice owners, the exit plan should include factors that are unique to the profession such as staff retention, patient records, and changes in ownership. It’s critical to map out a timeline for each of these items so that you can be sure that everything is taken care of when it’s time to depart. Additionally, researching potential buyers and identifying what qualifications they may need from a seller is an important step in preparing for the sale of your business. Having a clearly mapped out plan and a well-oiled machine of a business, prepped and primed for transfer of power, looks extremely appealing to buyers, as no one wants to scramble to pick back up where you left off.
Developing an exit plan can also help you identify areas where improvements can be made while you still have control over them. This could mean making changes to operations or processes that will make your business more attractive to potential buyers or increasing overall efficiency. Steps such as growing your business away from the “Hub & Spoke” model are a key part of what will help you reach your desired outcome.
Having an exit plan is vital for all business owners, as this doesn’t just help you have a plan for a smooth exit when you are ready, but it also helps prepare your business and your finances in the event that you are forced to step down from it due to natural or unexpected circumstances.
Developing an exit plan is not a quick or easy process, but it’s one that every dental practice owner should take seriously, and does not have to take on alone. To learn more about what the term “Exit Plan” embodies and how it can help you grow your business, please check out the easily digestible, complimentary e-book, “The Exit Checklist” at the downloadable link here.
Now is the time to start planning for your future. Take action today and begin developing a comprehensive exit plan tailored specifically for your dental practice.
If you’d like to learn how you can improve your business in preparation for your exit, take this cost-free questionnaire courtesy of our partnership with Value Builder, and learn more about yourself and your business:
https://score.valuebuildersystem.com/bluewater-dental-advisors/steven-huskey
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