Closing Your Therapy Practice 101

One of the fundamental facts of life is that things change. They just do.

You get pregnant. You move. You need an extended medical leave. You need to take time off to care for an ailing parent. You retire. You decide you’ve had enough and it’s time to move on.

Regardless of the reason, change happens. And if you have a thriving private practice, you need to figure out what to do with that practice when faced with one of these major life changes.

That’s what I was faced with in the Spring 2010. My husband got a job out-of-state, so all of a sudden I needed to figure out what to do with my music therapy practice. That’s where the Closing Shop 101 series comes in.

In this series, I walk you through your various options and alternatives should you need to close shop. My intention is for this to serve as a resource for you and that it helps you decide on your exit strategy:

• Closing Shop 101: An Introduction to the Exit Strategy
• Closing Shop 101 (Week 2): Is Selling an Option? – In week 2, we cover the basics and the pros and cons of selling a business. Plus, I share my reasons for not selling Neurosong.
• Closing Shop 101 (Week 3): Liquidating, Circuit City-Style – This week, we cover your second option: liquidation. Although technically an option, it’s not a common one for us.
• Closing Shop 101 (Week 4): Keep the Business, Hire a Manager – In week 4, we cover a third option: hiring a manager.
• Closing Shop 101 (Week 5): Break It Up, Piece It Out – This week, we consider your final option for closing down your private practice.
• Closing Shop 101 (Week 6): Short-Term Solutions for Short-Term Leaves –  We pick-up with our Closing Shop 101 series with a discussion of some of your options if you need to take a short-term leave.
• Closing Shop 101 (Week 7): The Final Touches – This week we officially wrap up our “Closing Shop 101” series. We end the series with some final thoughts and considerations. Some are logistical matters you’ll want to cover. Others fall more in the “strategic planning” realm.

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