Planning Your Exit: The Checklist

 

airline-pilot-checklist

 

I gave a talk recently at a conference of assisted living providers.  The purpose of my talk was to help those business owners have a plan to prepare for selling or exiting their business one day.  Many were perfectly happy running their business, and they had no intention of selling – for now.

Every business owner will leave their business one day – one way or another.  So, operating your business with an exit plan in place helps you be prepared if the timing of your exit comes at an unexpected time.  Plus, it often helps you operate more profitably, more efficiently, and with more peace of mind than if you don’t have a plan for your exit.

While each of the points below may be self explanatory, there is a lot to be said for each of them.  Many of these points will be subjects of future blog posts and emails (click here to subscribe if you haven’t already).

As always, I look forward to your comments and questions.  Those questions keep me writing and doing my best to answer your questions about starting, growing and (someday) selling your assisted living facility.

 

PERFORMANCE          

Net operating income:  MAXIMIZE

Occupancy rates:  FILL VACANCIES

Resident fees:  ADJUST TO MARKET

Private pay percentage:  CLOSE TO 100%

Expense management:  CUT DISCRETIONARY

Quality:  EXCELLENT

 

PROPERTY

Condition:  REPAIRS COMPLETE

Title:  CLEAR

Debt:  PAYOFF CONFIRMED

License:  CORRECT DEFICIENCIES

Extra assets:  SEPARATE

 

PEOPLE

Partners:  CONFIRM PLAN

License specialist:  CLEAR

Residents:  NOTICE PER REGS

Staff:  COORDINATE ANNOUNCEMENT

You:  PLAN FOR NEXT

 

Speak Your Mind

*