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Planning Your Exit Strategy
When we finally sold Clear Complexions Clinics to ASX listed Vita Group Pty Ltd, I reflected that we could have been better prepared for the exit. That’s not to say we weren’t happy with the outcome, we were, but after going through a full year of arduous due diligence with a team of consultants, I realised there was so much more we could have done over the 13 years.
Be Business Intelligent
Alarmingly one of the first questions my clients ask after I have reviewed their business is “am I doing ok?”, meaning is the business performing well? Not a good start - you should know what shape your business is in. Not many of us happen to be financial analysts but if you run a business you need to know your numbers, starting with monthly Profit & Loss statements.
Your ‘Secret CEO’
Our industry is unique. It’s made up of medical professionals, doctors and nurses who, having started their own practices, are now by default businessmen and women. Initially it’s possible to stay in your lane and remain largely in the treatment room but as time goes on, you find yourself having to dedicate more and more time to ‘managing’ the business, a role that sits uncomfortably for most.