Exit Planning Strategies: Thinking About Selling Your Laboratory?
Posted Apr 28, 2011 in Management
Experts say you should be thinking about how you'll retire from the moment you open your doors; at the very least, you should begin formulating your plan 10 to 15 years in advance of your expected retirement date. If you're one of the 48% of laboratory owners who are more than 55 years old and don't yet have a strategy in place, the time to start planning is now.
"You should have been thinking about this yesterday!" says Richard Harrell, CDT, president of Americus-Clearwater, Florida, a Dental Services Group (DSG) laboratory. "You can't stick your head in a hole in the ground and ignore where the industry's headed. Instead, start thinking about where you fit in the new world order."
An exit plan is not just about the day you'll leave the laboratory; it's about setting long-term goals for your business and yourself so the future doesn't sneak up on you. When you manage your business with the end in mind, it gives you a strategic plan and the...
