If you are an associate in a professional practice your options, earnings and flexibility can be somewhat limited. On the flip side, so is your risk, which can be appealing – but that means you also don’t have nearly as much to gain. Practice ownership, however, can put you in the position to maximize your career trajectory, impact and earning power.
On this episode of unsuitable on Rea Radio, we discuss how a business valuation can be used to help you get more from your ownership experience from day one while helping you secure the long-term financial wellness that will propel you into your optimal retirement scenario. Our guest brings a targeted perspective to the conversation. Mary Beth Koester has worked with a large number of veterinary and dental practice owners over the course of her career and is well-versed on issues unique to professional practice ownership.
With Lots of Risk Comes Lots of Reward
Although two veterinary or dental practices may share some similarities, every business is different, and those differences are a big deal when it comes to determining the value of a business. There simply is no effective one-size-fits-all approach to business valuations, and no substitute for consulting a professional valuator.
Mary Beth notes that while you can’t get a valuation too early, you can definitely get a valuation too late – and many owners do.
You cannot wait until the day you are ready to walk out the door to get your practice valued; you can’t even wait until a year before then to get it valued. If your practice is not worth as much as you want it to be, your practice valuator can help you identify problems, find opportunities and make a plan to improve … but having the time to implement your plan is necessary.
Mary Beth also offers advice to associates who are interested in pursuing practice ownership. She explains why a practice appraisal early on is needed to begin the next steps of the buy-in process.
This episode is sure to touch on advice relevant for all professionals, regardless of where you are in your career. Listen if you are interested in:
- Earning more money throughout your career.
- Having the authority to shape a practice using your own values, desires, and expertise.
- Realizing the flexibility to balance your personal and professional life, while also growing your retirement nest egg.
- Learning how business owners can leverage the expertise of a skilled business valuation professional to prepare for a comfortable retirement.
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official transcript
Click here to read the official transcript for episode 80, the value of valuations: increase your practice ownership potential.