Cleinman Performance Partners Weekly Message

Unlocking Your Exit Strategy – February 29, 2024

Hello! My name is Megan McCarthy and I am the Senior Director of Practice Transitions with Cleinman Performance Partners.

Hello! I’m Beth Foster, the Client Relations Manager for Practice Transitions.

Practice Transitions is an area of our consulting business that involves assisting our clients with the structuring, management and severing of relationships. A large amount of our time is spent helping our clients with exit planning.

Today we’re going to talk about 3 of the top things to think about when starting to plan for your exit from ownership.

#1. Why are you exiting? (What’s your ultimate goal?)

When thinking about your exit from ownership, it’s important to start with the “Why?” in mind. Why do you want to leave ownership? Is it time to fully retire? Do you want to give up the management and daily operational headaches? Do you not enjoy the work anymore and have other career aspirations? What is it that you truly want to accomplish with your exit plan?

#2. When should you start?

There’s a saying that the true test of a business owner isn’t in starting a business, but in how they get out. Life moves quickly and sometime opportunities arise when you least expect. As part of your annual strategic planning for your practice, your exit strategy should be a part of that.  Along those lines, you should also make an effort to get organized so that when the time comes, you’re ready to go. The bottom line is that it’s never too early to start thinking about your ultimate exit plan!

#3. What are your options?

We have a famous saying at Cleinman Performance Partners, “If you’ve seen one deal, you’ve seen one deal”. It’s important to understand that there are multiple options out there to get you where you want to go. Partnerships, Associate Successions, Mergers, sale to an outside individual, and Private Equity. Staring with the end in mind, your “Why?” will help guide the best path forward in achieving your ultimate exit from ownership.

To learn more about how we can help you with planning your exit strategy, give us a call!  Or better yet, come see us in person on June 1st in Dallas, TX at our Business of Eyecare Forum on Mastering Succession: Empowerment strategies beyond private equity.

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