Cash Flow CFO


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Episode 43: Navigating the Sale of Your Mental Health Practice: Tips from CPA Expert Robert L. Whittley

Navigating the Sale of Your Mental Health Practice: Tips from CPA Expert Robert L. Whittley


“I was that young, hungry, ambitious, CPA, and I made it my mission to like, climb the proverbial ladder. Right. Little did I know that at the top of the ladder, or golden handcuffs. That looked good, but they didn’t feel good. So, I look back sometimes at my old school timesheets, because I don’t look it but I’m kind of old. So we had to put it on the green ledger sheet, get a sign off, then it’s stupid. But those weeks were still like 70 hour weeks.”

-Robert Whittley

Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Robert L. Whittley. Robert is the founder and CEO of Healthy Coin, a boutique CPA firm that works exclusively with mental health professionals. Robert is a licensed CPA and the creator of the “Know Your Numbers Blueprint” that’s helped over 70 private practices scale from five and six-figure businesses to seven-figure enterprises. Since 2019, he has been featured on many podcasts for private practice owners and as a frequent speaker at industry conferences

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“At the end of the day, that number is very, very different. Because they’re not set up correctly, and they’re not prepared to go through that process.”

-Andrea Jenson

Key Considerations for Sellers:

Robert highlighted several critical considerations for practice owners contemplating a sale:

Succession Planning: It’s essential to determine whether you have a succession plan in place. Are you looking to retire, sell, or pass the practice on to a family member or employee? Your goals will significantly impact your approach to the sale.

Valuation and Due Diligence: Don’t fixate solely on the initial offer (Letter of Intent or LOI). The final purchase agreement (Asset Purchase Agreement or APA) often differs from the LOI. Be prepared for a more detailed due diligence process, which may affect the final sale price.

Ownership Structure: Understand your practice’s ownership structure and whether there are other stakeholders or partners involved. Ownership complexities can impact the sale process.

Transaction Structure: Decide on the transaction structure—whether it’s an asset purchase or equity sale. Each approach has tax implications that require careful consideration.

“you’re gonna have it for 20 years, 30 years, take distributions, do whatever you need to do, that’s a different lane, that I’m building this asset to sell it, you’re not taking those distributions or those dividends or you’re letting it sit in the business because you’re building up that basis.”

-Andrea Jenson

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