Exit Planning — Sell High, Leave Clean

The best exits start 2–5 years out. Why: your sale price ≈ collections × a multiple driven by EBITDA margin, payer mix, tech, and transferability. Every point of overhead you fix and every system you document raises the multiple. A panic listing sells the practice you have; a planned exit sells the practice you polished.

Clean, verifiable books (no 'trust me' add-backs). Modern clinical tech. Collections flat-to-growing. A schedule that runs without you (associate-ready). A lease with 5+ assignable years. Staff who'll stay. Low single-payer concentration. Each is a price lever you control years in advance.

Non-compete: ~15 miles / 5 years is the norm. Your name on the door: usable ≤1 year. Retreatment: you redo failed work or pay 50–75% of the buyer's fee. Work-in-progress: you finish or compensate. AR: buyer collects it for a 5–10% fee, or buys it at an age-bucketed discount. Staff accrued PTO: paid by you at close. Post-close help: ~4–6 weeks of transition assistance is typical.

Valuation → confidential marketing (~20-page prospectus; your identity protected behind NDAs) → buyer prequalification → after-hours tours → LOI (~10 days) → 4–8 weeks diligence → financing 30–90 days → lease assignment (6–10 weeks, runs in parallel) → escrow + tax clearances → close. Go-to-market to close: 6–12 months. Plan backward from your real retirement date.