Not planning an exit strategy? You shouldFebruary 4, 2019The average baby boomer today is approximately 63 years of age, and in seven years, all of them will be over the age of 60. Obviously, this has implications on the number of veterinary practice owners exiting their business. Baby boomers are unique. Unlike generation Xers who value time, traditionalists who value community/family, and millennials who value individuality, baby boomers value success. They are also known for their 60-hour work week. These two attributes—working hard and being successful—should also play a role in how baby boomers approach their exit strategy. The Exit Planning Institute (EPI) estimates 50 per cent of business exits are involuntary, meaning they are unplanned and/or unexpected. If you are fortunate, you will experience an unplanned exit because you received an offer for your practice you did not expect; if you do receive an offer, we would advise you not accept the first offer without seeking professional advice. Why's that? Well, it is likely neither the only offer available nor is it likely to be the best offer. The reality, however, is most involuntary exits are due to death, disability, divorce, or disputes. Avoiding regret and preparing for an unexpected exit Engaging in an exit planning …
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