Exit Planning: Which Way Out?
Posted Apr 28, 2011 in Management
Seven million U.S. business owners will retire from their businesses over the next 20 years as post WWII and baby boomer generations approach retirement. Joining those millions will be many members of our community, about half of whom are now 55 years or older. Here, LMT offers advice on how to enhance the value of your laboratory in the eyes of a buyer, strategies for the solo and small laboratory owner, and real-life stories of lab owners who have strategically planned their transitions out of their labs to enhance retirement.
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With retirement on the horizon for so many laboratory owners, selling a laboratory is going to become an increasingly competitive situation. In this buyer's market, operating a well-run, profitable lab, maximizing its value and standing out from your peers is going to be essential to your exit planning strategy.
Unless...