The Remarkable CEO for Chiropractors 268 - The Legal Side of the Remarkable Exit Process with Attorney John Colucci
Get some free legal insight (NOT advice*) from Dr. Stephen’s very own business attorney, John Colucci. Dr. Stephen and John walk through the 5 Stages of the Remarkable Exit Process with an eye on the legal elements of each. Building your Chiropractic Practice with an eye on an eventual sale is very smart… A business “built to sell” will be more productive, more profitable, more fulfilling - and more fun to operate.
Get John’s insights around the following stages:
- Vision: Your Ideal Exit Strategy
- Readiness: What you need to do to get your practice / business ready for sale
- Go to Market: Start your legal check-list now
- Transaction: the paperwork, documents, contracts and checks
- Transition: what’s the next chapter for you?
Episode Highlights
01:09 - An outline of the five phases of the remarkable exit process: vision, readiness, go-to-market strategy, transaction, and transition.
04:10 - Advice on the vision and readiness phases, emphasizing the importance of starting with the end in mind.
06:03 - The importance of documenting all processes and procedures from the beginning to make the practice more attractive to buyers.
09:32 - The go-to-market and readiness phases, focusing on making the business more attractive to buyers.
10:30 - The importance of accurate financial reporting and having a financial team in place.
17:45 - Legal Considerations for the transition phase.
20:27 - Having key team members in place and ensuring their contracts are secure.
21:45 - The typical process of a transaction, starting with a letter of intent or memorandum of understanding.
23:07 - The timeline for due diligence, document drafting, and negotiation, leading to the closing.
29:57 - The differences between an asset sale and a stock sale, including tax implications.
33:23 - The pros and cons of seller financing and the importance of securing the promissory note.
36:23 - The importance of having a post-sale plan to maintain personal identity.
41:23 - State tax planning strategies, such as gifting interests to an irrevocable trust to avoid estate taxes.
45:59 - Being open-minded about the value of their business and listening to prospective buyers and brokers.
48:39 - Final advice on the importance of being prepared and having a clear plan for the transition.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
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Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business