Recently, the soccer coach of my son’s soccer team passed away. On top of being the coach of my son, he was the owner of a sportswear manufacturing and distributing business for 15 years.
From meeting with his family members, he and the business were synonymous. There were other no systems in place. With no other systems in place, then it is not a sell-able business.
Many practitioners I talk to are in a similar situation. THEY are the business.
They exit out and the practice fades away in thin air. Their practice is not an asset of any real value.
They, in essence, have a job and not a good one because they work an insane number of hours and carry all the stress and responsibilities of a practice owner.
But sadly, there is NO business to write home about.
There are 3 ways to avoid this:
Make it less dependent on you.
A practice that is dependent on you is on weak ground. Get out of the day-to-day doing and running of your practice.
Create a “how we do it here” operations manual.
Learn to work “ON” your practice.
Become very comfortable and adept at looking at your practice as a whole and scheduling time to work on the integral parts that makes a stronger whole.
Author: Salim Omar