We’re not in the business of leaving it to chance.
Leaving it to chance with minimal lead time and planning can put the future of your practice(s) at risk. It will also limit your options.
In our experience, having a well thought out succession plan ideally 10-15 years in advance will give you the best chance to:
When I first spoke to ProVision about selling, it was a real wake up call.
Ask yourself the following questions:
- Have you thought about your succession plan and can you envisage what this looks like?
- Do you know all of the options available and considerations associated with each?
- Do you know that a best-practice succession plan should be formulated 10-15 years ahead?
- Are you aware that ProVision has the expertise to help you develop and execute your plan?
If you answered ‘No’ to any or all of the above, don’t worry, you’re not alone.
The good news is that ProVision is here to help you plan for your future today, and the sooner we start, the more options you’ll have available.
Here is a practice sale success story. Hear from Majella O’Conner, former owner of Ocean Eyes Optometrists. Majella advises “start early, seek advice, think about the format you want the succession planning to take, don’t wait until you’re exhausted. Do it while you’ve still got the energy to make it happen.”
Sale of practice.
Ensure your practice can be presented at its best to achieve the best possible sale outcome for you.
Best case:Â Start considering 5-10 years prior to exiting so you can maximise value and interest from purchasers.
Minimum: 3 months to prepare practice documentation ready to market.
We would like you to consider ProVision to be your trusted adviser. Come to us and talk through what you’ve been offered and what your other alternatives might be so that you get the best possible outcome for your circumstances.
It’s really important that you get good advice to ensure that the deal that you take is the best possible deal for you.
Benefits
- Allows immediate realease of you all your business responsibilites
- May offer or require part time employment for a period to permit transition of patients to the new owner.Â
- Provides you with the ability to sell to your preferred purchaser.
- Allows time for forward planning to ensure your practice can be presented at its best to achieve the best possible sale outcome for you.
Considerations
- Do you know the true value of your practice?
- Are you prepared to stop working if the purchaser doesn’t require your services?
- Can you work in a practice for a new owner, who will potentially make changes to the practice you have run for many years?
- Have you sought financial planning advice to determine if the value of the practice will provide enough funds in your retirement.Â
Our expertise
- We help between 5 and 10 members to sell their practices each year.
- We provide guidance around all the considerations important for preparing your practice for sale in the years leading up to this event.Â
- We can provide you with an estimated practice value in the current market.
- We have vast experience in putting together an ‘information memorandum’ and other critical documents to facilitate the sale of your practice.
- We can promote your promote your practice to a pool of interested parties and be an intermediary with the aim of achieving the best outcome.
READY TO DISCUSS YOUR NEXT STEPS?
- Regularly assess where you’re at in your business and your future goals, with succession planning front of mind.
- Remember, it’s never too early to start or revisit the conversation with us, as ProVision is your expert sounding board and will add value to your thinking at any stage.
- We can provide you with more detailed information to assist with your planning and decision making.
- Get in touch with Mark Corduff for a confidential discussion around any aspect of planning for your future.
Planning for your future. It's never too early to start.
READY TO DISCUSS YOUR NEXT STEPS?
- Regularly assess where you’re at in your business and your future goals, with succession planning front of mind.
- Remember, it’s never too early to start or revisit the conversation with us, as ProVision is your expert sounding board and will add value to your thinking at any stage.
- We can provide you with more detailed information to assist with your planning and decision making.
- Get in touch with Mark Corduff for a confidential discussion around any aspect of planning for your future.
