As the population ages, so too do small business owners, trying to figure out what to do with their business as they retire. As a network for privately-owned physical therapy clinics, usually with only one or two locations, PTPN tries to help members navigate the trials of small business ownership, including transition planning. This post came out of a poll that PTPN did with its owners on how soon to start planning and how they planned to transition the business to other owners.
Transition planning for your physical therapy practice: Are you ready to retire? Is your practice?
With the calendar year coming to a close, many private practice owners are preparing for 2014. What about the longer term? Have you considered what will happen to your practice when you decide to retire?
PTPN recently surveyed the therapist owners of its member practices about their thoughts and experiences regarding transitions plans for their practices. Here’s some of what we found: