Let’s talk about exit planning. This is a very confusing topic for a lot of people because we might talk with someone who’s earlier in the phase of their career and their thought is, “Well, why would I need to plan for exiting? I’ve got five, 10, 20, 30, maybe 40 years that are ahead of me that why should I concern myself with this?”
And surprisingly, exit planning doesn’t just involve the sale of a business. It’s the preparation of everything in between.
So think about if you were an aspiring practice owner, a business owner that wanted to start their business. We have to have the end in mind, which the end is, “Well, how do I intend to get out of my business at some point?” And during that time period, all of the decisions that we make need to be aligned with that timeline of, “Well, if I want to sell my business by the time the age of 60,” or “Maybe I want to retain partial ownership,” or “I want to bring on some partners, want to sell it for the highest dollar possible.”
How does that fit into the rest of your financial plan? When we think about exit planning, exit planning should be starting from the very beginning, from the start of the business, from the acquisition of a practice.
How do you plan to get out? And this involves everything from understanding the risk during the time period of when you are accumulating wealth and growing the business to eventually the one point of how are you going to go sell your business? What are you going to get for it? And on the tail end of it, what is my income going to look like when I get out of the business?
Because there are so many people who use their business as a checkbook to where there is no consistency of how they’re using that money to build personal wealth. So much of it gets retained inside the business to where they have no idea what it actually does from a profitability for them and how it improves the value.
When you think about exit planning, you should be starting from the very beginning, and being able to coordinate your own personal financial plan with the business is vital. Think about if your entire plan becomes business reliant where you have to sell your business for retirement. What is that number going to look like? What number do you need? Oftentimes people don’t know this, and they wait too long to address it. So, if you haven’t started considering exit planning yet, this is the time. There’s no better time.
Think about it like planting a tree. The best time to plant the tree is either today or 40 years ago. So think about this: If you haven’t started, reach out to us. We’d be happy to start the conversation, see where you’re at and see where we can go from here.
Video Recap:
When most veterinary practice owners think about exiting their business, they picture retirement or selling to a corporate group. But exit planning isn’t just something to think about in your final years—it’s a foundational part of running a healthy, profitable practice from day one.
Whether you’re just starting out or already thinking about your next chapter, here’s why early exit planning matters.
Exit Planning Is More Than a Sale—It’s a Strategic Mindset
Exit planning isn’t a “retirement-only” topic. It’s a strategic lens that guides big decisions from the beginning—such as:
- Will you bring in an associate with future ownership potential?
- Do you envision transitioning to a corporate buyer?
- Would you prefer to stay partially involved or step away completely?
Each choice impacts how you build your practice today. Planning early gives you time to align operations, ownership structure, and financials with your ultimate goals.
Align Your Practice With Your Personal Wealth Goals
Your practice shouldn’t just fund your paycheck—it should help fund your future.
Veterinary owners often run their business like an extension of their personal finances, but that approach can make it harder to position the practice as a true asset. Exit planning helps you:
- Track and improve profitability
- Reduce risk and dependency on you personally
- Build a business others want to buy or invest in
The goal is simple: ensure your practice supports your lifestyle today and becomes a valuable piece of your long-term financial plan.
Waiting Too Long Can Cost You
If you wait until you’re ready to retire to start planning, you may find yourself scrambling to fix financial records, update systems, or train a team to operate without you.
That kind of pressure can reduce your options—and your practice’s value.
Starting now gives you the time and space to prepare gradually, create a smoother transition, and leave on your terms.
Final Thought: Plan Ahead, Not Out
Exit planning doesn’t mean stepping away tomorrow. It means being intentional today.
By building with the end in mind, you gain clarity, control, and confidence—not just for yourself, but for your team, your clients, and your future.
This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Tom is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors and The Next Step Planning Group are not an affiliate or subsidiary of PAS or Guardian. California Insurance License #0K80141. AR Insurance License #15823672. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. 7993217.1 Exp 5/27