What is Exit 360 Pathfinder?
Exit 360 is a practical and highly effective tool to help you as a practice owner to:
- Objectively take stock of what you have and to gain a true understanding of your full range of exit options and key considerations
And then to:
- Empower you to select, plan and execute the timing and pathway that delivers on your personal goals to ensure you achieve the optimal exit outcome and maximum value
Why invest in formal exit planning?
The decision of how
to exit from your optical business - often a lifetime’s work - is one of the biggest and most important decisions you will ever make. What’s more, you only get one chance to get it right.
It, therefore, goes without saying that the sale of your practice is not an event that you can afford to stumble into based on anecdotal evidence and recommendations from peers and suppliers, or ‘generic advice’ from professional advisors with insufficient understanding of the nuances of this niche and dynamic market. Likewise taking ‘exit advice’ from an experienced potential purchaser who has approached you, is only ever going to favour one party - and it is not you!
Knowledge is power
There are a whole host of questions, uncertainties and emotions which can conspire to make the key decision of when to sell, and how to approach it best, extremely difficult.
Common thoughts from business owners include:
- What is my practice worth? Can I actually afford to sell?
- What price and sales terms could I genuinely achieve if I went to market now?
- Are there things that I can do now to make the practice worth more in the future?
- Are there things that I can do now to make the sale of my practice smoother and more tax-efficient?
- What happens to my staff in a sale scenario, and when should I tell them?
- Is it possible to reduce the time I spend running the practice and still retain it as an income-generating asset? [A ‘soft’, or partial exit]
- Can I trust other parties who have approached me to buy, or that others are signposting me to?
- Are there potentially any strategic buyers out there, who – if I positioned my practice correctly - may be prepared to pay a premium price for my business in the future?
Myers La Roche’s Exit 360 Pathfinder, puts practice owners into a situation of knowledge in these key areas, allowing you to make a fully informed decision based on clear facts.
The objective report will:
- Provide a technical value of your practice, as well as our appraisal of the genuine realisable value of your business factoring in market/competitive forces.
- Analyse your KPIs, the structure and presentation of your accounts, your services offered, trading style, and property situation amongst other key areas of your business to allow us to;
- Provide you with solid advice and recommendations, highlighting areas of potential growth which will ultimately enable you to increase the value of the business.
- Signpost the pros and cons of the available options open to you to enable you to plot out the optimal path.
- Identify potential barriers to purchase and provide a plan to proactively remove them to ensure maximum appeal to the market and an expedited transaction process once a deal has been negotiated.
What can you expect after commissioning Exit 360 Pathfinder?
Optical business owners who commission an Exit 360 report that the exercise helped them to achieve clarity to make decisions which ultimately led to superior outcomes both financially and emotionally.
Some admit their businesses had drifted for a number of years, others have experienced impressive sustained growth, creating a high-yielding asset, but one that is too reliant on them personally.
Undertaking this work with Myers La Roche helped them understand the full spectrum of options and empowered and motivated them to chart a clear and decisive course, with the confidence that they have chosen the optimal path and timeframe.
Some owners elect for an immediate sale. We will advise this if we feel it is in your best interests, and that the economic and local market conditions are ripe. Using our Practice Sales service, vendors benefit from our specialist knowledge and experience. In one case in 2020, we were able to achieve a price that was 140% over the technical value, amounting to an almost additional £190,000 for our client.
Other owners work in tandem with the Myers La Roche consultancy team to streamline their businesses to increase the value of the practice and improve their work-life balance.
The journey of each practice owner will be unique, and our report will give you a fully balanced and objective 360-degree viewpoint, allowing you to decide your future and take decisive action and to chart the right course from a fully informed position.
Exit 360 Pathfinder in Action – what our clients are saying:
‘’Via Exit 360, we arranged for an evaluation of our business as well as a valuation. I must say that the money we paid for the evaluation was probably one of the best value pieces of advice I have ever personally paid for. The suggestions for how we could improve the business were fair, practical and positive. Nobody likes to hear that their business is not perfect, but the professional and detailed assessment I received from Myers La Roche about a month later was constructive, professional and a fair assessment of the practice. The result being that we clearly added some serious value to the practice over the next 18 months…. ‘’
RR, [recently retired ex-practice owner, Surrey.]
“The pragmatic advice which followed has allowed me to achieve immediate results”.
SM, Independent Practice Owner and Optometrist, Scotland.
‘‘It was the right move, at the right time. Thank you for changing my life”.
JK, recently retired Independent Practice Owner and Optometrist, Surrey.
“The support and assistance has been invaluable.”
SP, Vendor and Independent Optometrist, Coventry.
Our Methodology & What to Do Next
All data supplied to us is treated in the strictest confidence. We provide a personal and empathetic service, working with you to provide the optimal advice to fit the unique characteristics of your situation.
The cost for a one-branch Exit 360 Pathfinder is £1,850 + VAT.
(Pricing for multi-branch businesses available on request.)
Payment can be made in one of three ways: via our webshop, over the phone using a debit/credit card, or by BACS.
Upon receipt of payment, we will discuss the next steps and inform you about the documentation we require to proceed.
How do you picture your future? Take that first step by placing your order online, or by calling the office on 0161 929 8389
. The sooner you take action, the sooner we will be able to help you maximise business value and attain your lifestyle goals.