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

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

All Episodes

Therapy For Your Money

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

September 20, 2024 • Julie Herres • Season 5 • Episode 147

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

Get our free KPI tracker to see how you practice measures up to others in the industry!
www.therapyforyourmoney.com/kpi