How to Have It All: Exit Strategies and Succession Planning-How to Have It All: Exit Strategies and Succession Planning Recording

How to Have It All: Exit Strategies and Succession Planning Recording

Video Transcription

Video Summary

In this video presentation, Cliff Carey discusses critical exit planning strategies for hearing aid practice owners. He emphasizes the importance of timing when it comes to selling a practice, and suggests preparing the practice for sale at least five to ten years in advance. He also discusses the different buyer types for hearing aid practices, such as manufacturers, medical professionals, and other independent practice owners, and highlights the benefits and considerations for each type. Carey encourages practice owners to have a succession plan in place to ensure the smooth transition of the business. He also advises seeking the assistance of an experienced advisor or broker to help navigate the sale process and ensure the best possible valuation for the practice. Lastly, Carey discusses common barriers to exit, such as penalty costs, lease agreements, and high investment in non-transferable fixed assets, and provides suggestions for overcoming these obstacles.

Keywords

exit planning

hearing aid practice

timing

selling a practice

preparing for sale

buyer types

succession plan

experienced advisor

barriers to exit