E39: Exit Planning For Your Private Practice (with Craig Goldslager)

We know how difficult it can be to place a dollar value on your private practice… you’ve built it from the ground up, and you want to make sure you’re getting a fair offer. Today, we’re chatting with Craig Goldslager of Utterly Financial, who has a passion for helping private practitioners prepare a strategy for retirement and exiting their business! 

Craig Goldslager is a graduate of the University of Miami Herbert Business School and has received a Master of Business Administration from Nova Southeastern University. He is also the creator of Utterly Financial, a financial company that was founded on helping private practice owners plan for an exceptional retirement.

HIGHLIGHTS:

• What is an Exit Plan?
  • Creating a strategy to exit your business - can be a written-out plan or a general outline
  • Generally developed with a financial team and the private practice owner
• "Begin with the end in mind!"
  • Set yourself up for success by creating an exit strategy early
• Ask yourself...
  • Who will be my successor?
  • How do you want to exit your business?
  • How much will you sell the business for?
• How to determine your value?
  • Sellers Discretionary Earnings - tells you the health of the business and provides you with a number that your financial advisor will use to develop the value based on a number of additional factors

LINKS & RESOURCES:
GreenOak Accounting
Therapy For Your Money Podcast
Utterly Financial - Craig Goldslager
SLP Money Podcast
Rocket Fuel by Gino Wickman