After working 3 years with my brother Alain, who owned an Engineering & Architectural Practice for 35 years, and having myself work in an Architectural practice for 30 years, I’ve learned that most Practice Senior Owners/Operators struggle with 3 main problems.Struggle # 1: They do not know when & how to start Exit planning.Exit Planning is perceived to be very time-consuming and the return on time investment is not clear for them. Most practice owners have no clue what their practice is worth or have an unrealistic value.Struggle # 2: They think they are too busy and will have plenty of time to plan for this in the last 3 to 5 years of their career.Practice owners feel if their company makes lots of money it will sell for a good price. They do not know what a potential buyer is looking for. Profit means nothing to them, If when you are removed from the equation, the company cannot operate at the same profitability. Wait for the last 3 to 5 years for an exit plan, reduces the options substantially. Struggle # 3: They do not realize the financial and emotional impact of poor or no planning For most practice owners, the practice is the main source of income. But if it was built as a source of income only and not also as an asset they are up for a surprise; Leaving a lot of money on the table (paying more taxes than necessary, failing to maximize the value of their practice) or simply will have to consider that closing down is the only option left. 100 % OF PRACTICE OWNERS WILL LEAVE THEIR BUSINESSES, WHETHER PLANNED OR OTHERWISE! About 50% of practice owners, exit involuntarily (Death, Divorce, Disagreement, Distress, Disability…) would it not make sense to be Exit Ready! If you bother inquiry to a broker, they will confirm to you, that about 80% of business owners that approach them to sell their business are rejected because either their business is not saleable, or the value of their business is not even close to what the owner thinks it is worth. At Power Liberation Consulting Inc, we are trained and experienced in Exit Strategy. We know how to build value and how to make your practice attractive to a potential buyer. Many practice owners, unfortunately, believe that preparation for a sale consists of calling a broker and waiting for someone to fall in love with their business. This is hoping to be lucky! How about planning a proper Exit?It would be a pleasure to review your exit goals and highlight your options and how to best prepare the exit strategy you desires.