6 Exit Planning Tips for Small Lab Owners

When planning to exit from your lab, there are important factors to consider beyond your last day of work. Larry Weiss, CPA, CEPA®, offers advice for small lab owners to help design the best path for you, your business and your employees.

Don’t let burnout lead your decisions. When lab owners seek my advice because they want to leave the lab, they’re often overworked and have lost sight of their personal and business goals. I start by asking them the following questions: What’s your stress level on a scale of 1-10? How many hours a week are you working? And, finally, what’s the longest vacation you’ve taken in the last three years? The answers help determine if they are really ready to retire or just burnt out; sometimes just a change in hours or more time out of the lab can make a huge difference, help them see more clearly and avoid making a rash decision.

Know your numbers: How much are you making, how...