Exiting Your Group Practice: Insights and Strategies
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of Green Oak Accounting, discusses the intricate process of selling a group therapy practice with Nicole McCance, a retired psychologist who successfully sold her group practice. The conversation covers Nicole's initial reluctance to sell, her eventual decision influenced by seeing a peer's successful sale, and the detailed steps she took to ensure her business was attractive to buyers. Key topics include the importance of systemizing your practice, ensuring profitability, retaining a strong team, and the significant role professional advisors play in navigating the sale process. Nicole shares her personal journey of scaling her practice to 55 therapists, her experiences with the actual sale, and the emotional and practical considerations of exiting a business she built from the ground up. The episode provides valuable insights for private practice owners contemplating or embarking on the sale of their practice.
Episode Highlights
- 00:00 Introduction to Therapy for Your Money
- 02:02 Welcoming Back Nicole McCance
- 02:23 Discussing the Challenges of Group Practice Ownership
- 02:52 Nicole's Journey to Selling Her Practice
- 08:34 The Importance of Systems and Profitability
- 12:52 Team Retention and the Selling Process
- 14:32 Nicole's Experience Post-Sale
- 15:19 Reflecting on the Transition
- 16:12 Communicating the Change
- 16:46 Employee Reactions and Benefits
- 18:29 Preparing to Sell the Practice
- 20:14 The Importance of Professional Help
- 23:31 Post-Sale Reflections and New Beginnings
- 26:04 Nicole's New Venture
- 28:14 Conclusion and Contact Information
Links and Resources
- Webinar: Unlocking your Exit Strategy https://www.greenoakaccounting.com/exit-replay
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- The Business Savvy Therapist podcast: https://podcasts.apple.com/ca/podcast/the-business-savvy-therapist/id1681659688
- Free Training: https://mccancemethod.com/webinar-free-masterclass-from-solo-to-superteam/
- Instagram: https://www.instagram.com/nicole.mccancemethod/
- Podcast Production and Show Notes by Course Creation Studio
Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi
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