Not ready to sell?
Transitioning your practice is another option to consider in developing your exit strategy. You can:
- Transfer full ownership now and work for the new owner;
- Create a partnership; or
- Hire an associate with buy-in intentions.
There are several pros and cons to each option and it’s important to determine which is best for your circumstances.
In a transition scenario, numerous questions will need to be answered. Some examples are:
- Can your practice sustain two incomes?
- Is there room for additional growth?
- How long do you want to continue to work? At what level?
- What level of control do you need or want to maintain in the practice?
Once we have answers to those and a few other questions, we would analyze the timing, financial feasibility and the functional aspects of the project to develop a plan to help achieve your goal.