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Most buyers will ask for a period of
time to ensure the transference of good- will. Generally, it is 1 to 3 years, Acker- man said. Then what? David McCormick says
that one of the biggest mistakes owners make is not planning what they will do after they sell. List agrees. “Don’t view exiting a prac-
tice as the end,” she said. “Instead, think about it as the beginning of whatever you will do next.” Wright, who is 60, is doing relief work
3 days a week and helping his son with a business. “I’m relatively young, so I’m still keeping my options open,” he said. “I’m doing some mentoring and may do some mission work in veteri- nary medicine.” McKim and Love moved to Charleston,
S.C., to be near their children and work at a new nonprofit pet shelter and a spay and neuter clinic. They alternate days there, each working 2 days a week. They also do relief work. However, they say they have more time now to enjoy them- selves since they are no longer owners. “One of the loveliest things we have
found is that after a day of work, we can put on our bathing suits, grab our beach chairs and drive 5 minutes to the ocean,” McKim said. Having a plan for what comes after
you no longer own your practice will help you avoid separation anxiety. “Since most of us resist change, it’s important to focus on the positive side relating to whatever will follow your exit,” List said. “Having something to go to makes it eas- ier to go from your practice.”
Carleen Brice is a former senior associate editor of Trends magazine and an award-winning writer in Denver.
“Don’t view exiting a practice as the end. Instead, think about
it as the beginning of whatever you will do next.” —Lorraine Monheiser List, CPA, CVA
Trends magazine, April 2012
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