Does having an exit plan mean you have to exit. No.
Is having an exit plan essential to your practice growth strategy. Yes.
Hi, I’m Dr. Andrew Arnold (Chiropractor), The Practice Leverage Expert, and Founder of the Million Dollar Wellness Practice.
Today I want to talk about the importance of factoring in your exit strategy right from the outset and why this doesn’t mean leaving.
A partnership contract should have an exit plan built in should anything not go to plan. Your partner is your practice entity and the same rules should apply.
Where-ever you are in practice now is the time to review this if you haven’t already.
The intention is if someone hypothetically, was to knock on your door and make you an offer, you need to have the keys ready. This means having your operating manual, accounting and bookkeeping papers and statistical analysis ready to go.
You also need to know how you want your practice to look should someone come knocking.
I’m talking about gross revenue, size of database, number of new clients coming thru, practitioner and reception team size and look, the building, the room layout… How many contact hours you’re working, how many admin hours, or is it fully leveraged.
Even further, think about where you might be living, your house, your personal wealth…
What’s the timeframe? What does your exit plan look like?
We need to think about our future planning. We’re not getting any younger. Maybe your exit plan has several stages starting with reducing hours, then employing a manager, handing over to an associate, fully leveraging yourself out or on selling and leaving completely.
You need to know the destination now so you can direct your energy with purpose.
The Million Dollar Wellness Practice is founded upon this idea, we call it the ‘DREEM CIRCLE’, which stands for DESTINATION – REVERSE ENGINEER – EXIT STRATEGY and then Momentum.
So what’s your DREEM.
About the Author:
Dr. Andrew Arnold (Chiropractor) is the ‘Practice Leverage Expert’; Principal Chiropractor and owner, Cranbourne Family Chiropractic and Wellness Centre; Accredited Business Coach; Founder, Million Dollar Wellness Practice. Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.