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

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

Pdf Summary

The document is a transcript of a webinar titled "How to Have It All: Exit Strategies and Succession Planning" hosted by Clifford Carey from EarQ and Ted Annis from IHS. The webinar focuses on the challenges and considerations associated with selling a small business, specifically a private practice in the hearing healthcare industry.<br /><br />The webinar begins by acknowledging that selling a practice can be a difficult task for small business owners and addresses common questions such as determining when the right time to sell is, finding a buyer, recommended strategies, and determining the value of the practice.<br /><br />It emphasizes the importance of seeking professional advice from experienced advisors who can help manage the sale process, vet potential buyers, and determine a proper asking price. It also mentions the role of merger and acquisition firms in assisting with exit strategies and transition management.<br /><br />The webinar then discusses the timing considerations for selling a practice, including the optimal preparation timeframe and the ideal conditions for the business, such as a growing business, established staff, and a stable patient base. It also explores market conditions and factors such as tax implications, interest rates, and financing options that may affect the selling process.<br /><br />The webinar provides insights into potential buyers in the market, including manufacturers and retail options, medical options such as hospitals and ENTs, and competitive professionals looking to reduce expenses or seek practice ownership.<br /><br />Barriers to exit are also discussed, including closure costs, high investments in non-transferable assets, redundancy costs, and potential market changes that may impede the desire to leave the practice.<br /><br />The webinar concludes by highlighting the importance of creating a succession plan and finding a suitable successor, and it suggests further reading material for those interested in the topic. It ends with a question and answer session and provides contact information for the presenters.

Keywords

exit strategies

succession planning

selling a small business

private practice

hearing healthcare industry

professional advice

merger and acquisition firms

timing considerations

market conditions

potential buyers