Exit Strategy Allows a Practice Owner to Sell and Retire
An audiology practice owner in Missouri was looking for a way to retire and sell his practice. The owner of a second Missouri audiology practice sought expansion opportunities as well as the means to transition away from direct involvement in the daily operations of her practice.
A third Missouri audiology practice became an Audigy member. She, too, wanted to expand her practice. The retiring owner agreed to sell to the other two practice owners, and they would do business together under a new name.
The retiring owner was able to sell his practice and retire. The buyers not only achieved their growth and expansion goals; each also entered into partnership with someone who shared their goals and vision of what the practice culture should be
The solution emerged when the owner of a third Missouri audiology practice became an Audigy member. She, too, wanted to expand her practice. The retiring owner agreed to sell to the other two practice owners, and they would do business together under a new name.
Audigy provided a business valuation of the seller’s practice as a basis for negotiating the sale as well as a pro forma budget to model the financial performance of the acquired practice three to five years in the future.
Audigy convened a cultural summit at which the staff of all three practices met together for the first time. Learning about personality profiles provided a springboard for team building, and the team together crafted core values and a mission statement.
Audigy outlined the framework for the transaction with the seller, outlined the financial feasibility and structure of a partnership with the buyers, and streamlined the new Audigy member’s platforms and processes according to industry best practices. They also consolidated clinic locations based on maps and a demographic study.