268 - The Legal Side of the Remarkable Exit Process with Attorney John Colucci

The Remarkable CEO for Chiropractors

Kandungan disediakan oleh Dr. Peter Camiolo and Dr. Stephen Franson, Dr. Peter Camiolo, and Dr. Stephen Franson. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Dr. Peter Camiolo and Dr. Stephen Franson, Dr. Peter Camiolo, and Dr. Stephen Franson atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.

19d ago 52:05

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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

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 LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

271 episod