Planning the succession of your optometry clinic

Our wealth management team helps you with your decision to sell your optometry clinic and paves a path forward. Indeed, to get the most out of your business, the first step is to have a sales plan that covers all angles, ensuring a smooth transition for everyone. You'll need to start by determining business transfer goals. Doing so establishes the foundation for your transition or succession plan. Points to consider are:

Establish the asset's value: It's also crucial to work with an independent party to assess your property's value objectively and with accurate data. We always recommend seeking the services of someone recognized by the Canadian Institute of Chartered Business Valuators. This individual will establish a dollar value that generally fluctuates within a 10% range of the final amount (5% below; 5% above). This assessment, usually valid for a period of six months, serves as a baseline for negotiating the final transaction. Determining the selling price of your business can be an emotional endeavour. Remember, you must always rely on facts and data to ensure a satisfactory transaction.

Identify your successor. What's the timeline for your transition process? There's also the question of the type of buyer you're looking for. How do you find the right candidate to appreciate your organization's fair value? Who will be ready to ensure your clinic's sustainability while offering an acceptable price? Of course, the person who takes charge of your business may be one of your key employees, and you should recognize this possibility. When running your clinic, it's vital that you establish a solid team with key players capable of pursuing your mission. Quality and commitment are forged by you. As a leader, you're the one setting the watermark for the next generation. That's why, before any transaction, you must ensure that your business processes are well managed, that the company is performing well, and that the work environment is healthy.

Ensure that a tax lawyer reviews all tax strategies. A tax lawyer's role is to determine the best structure for your business operations and to minimize your taxes. This individual assesses all possible taxation avenues for you to optimize your wealth at the time of the transfer.

At this stage of your succession, determine the best way to finance the transfer while accounting for tax, financial, and legal implications. Financing solutions offered by your bank may prove useful during this crucial step. Your transfer manager and account manager can suggest a range of solutions for you and the new owner. Our team regularly supports clients in financing their business and managing their assets after the sale is complete. Remember, the sale of your business is not necessarily a one-payment transaction. And this brings us to our final step.

Carry out a complete financial plan to ensure the sale of your clinic provides the security you need to live out your retirement goals. Wealth management teams like ours can help you with this crucial step by creating a complete financial plan.

Following these succession steps allows you to increase the value of your optometry clinic, minimize risks, and cement the future you're dreaming of. Indeed, there are many stages to transferring a business, but thanks to our process, you can sleep easy.

Whatever your needs, it's important that seasoned experts guide your succession. Our team is here to answer your questions, establish realistic timelines, and put you in touch with the right specialists at the right time. They'll accompany, support, and guide you to ensure the successful transfer of your optometry clinic.

The Schulman Group Family Wealth Management team has been working with healthcare professionals and entrepreneurs for more than 15 years. We believe that when risks and emotions run high, it's necessary to have a proven process and a rigorous investment methodology. Always valuing your priorities and objectives, our team will guide you through the many spheres of wealth management (investment, loan insurance, mortgage, taxation).

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Nicolas Schulman, Portfolio Manager and Senior Wealth Management Advisor, National Bank Financial, Schulman Group Family Wealth Management