20/20 Money Episode #317 – The Emotional & Decision Making Journey of Selling One’s Practice with Ashby Daniels, CFP

Welcome to this episode of 20/20 Money!

My guest on today’s show is my friend Ashby Daniels, CFP® and we have what I think is a very engaging and revealing conversation about the emotional and mental journey a business owner goes through when considering a sale of their business. We talk about getting over the fear of selling, how to think about regrets, the alternatives to selling, the importance of having something to retire to, and the surprising truth about what it feels like when the check from the sale of your business hits your bank account. I really enjoyed this conversation and I trust you will as well, especially if you are a practice owner that has considered selling (or know, deep down, that you should be thinking about selling, if for no other reason than you’d like to enjoy the next chapter of life post-practice ownership).

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.

And with that introduction, I hope you enjoy my conversation with Ashby Daniels.

Resources:

20/20 Money Membership Information

20/20 Money Episode #284 – Dr. Jennifer Stewart’s “tepid” start optometry practice: the power of vision & intentionality, the importance of an ideal patient avatar, and reconciling business risk with a conservative personality

My first conversation with Ashby

Tim Ferriss Fear Setting Exercise

Inside the Contrarian Mind of Sam Zell