Episode 147: Exit Strategy Series Part 1: Preparing to Sell your Practice (with Nicole McCance)

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