Operate your practice as if it were for sale

Operate your practice as if it were for sale

In this episode of True to Form, David Mandell, partner at OJM Group, attorney, and wealth management expert, returns to the show to discuss a powerful principle: operate your practice as if it were always for sale. He explains how implementing systems and processes maximizes value, how to position a practice for its end goal, and why owners should work on their business rather than just in it.

The Mindset of Always Being For Sale

Mandell's central idea is that running a practice as if it could be sold at any time forces owners to build a stronger, more valuable business. A practice that is sale-ready is one with solid systems, clean financials, and reduced dependence on the owner, qualities that make the business better whether or not a sale ever happens. This mindset shift drives better decisions across the board.

Systems and Processes Maximize Value

A recurring theme is that documented systems and processes are what create transferable value. A business that runs on the owner's personal involvement is fragile and hard to sell; one that runs on well-designed systems is robust and valuable.

• Reduce owner dependence. A practice that can run without you is worth far more.
• Document everything. Clear processes make the business consistent and transferable.
• Build a strong team. Capable people executing good systems sustain value.
• Maintain clean financials. Well-organized financials are essential to value and saleability.

Working On the Business, Not Just In It

Mandell stresses the distinction between working in your business, doing the day-to-day clinical and operational tasks, and working on your business, building the systems, strategy, and structure that create lasting value. Owners who get trapped working only in the business limit its growth and value. Stepping back to work on it is what builds something valuable and scalable.

Positioning for the End Goal

Whether the end goal is a sale, succession, or simply a more valuable and sustainable practice, Mandell advises positioning the business toward it from the start. Beginning with the end in mind shapes better decisions and ensures that the practice is built to achieve the owner's ultimate objectives.

Value Beyond the Sale

Importantly, the benefits of operating as if for sale apply even to owners with no intention of selling. The same qualities that make a practice saleable, strong systems, reduced owner dependence, clean financials, also make it more profitable, less stressful to run, and more resilient. The principle is a recipe for a better business, period.

Key Takeaways for Practice Owners

• Operate as if always for sale. This mindset builds a stronger, more valuable business.
• Build systems and processes. Documented operations create transferable value.
• Work on the business, not just in it. Strategy and structure drive lasting value.
• Begin with the end in mind. Position the practice toward your ultimate goals.

Mandell's principle offers a powerful framework for building value, reminding owners that the disciplines that make a practice saleable are the same ones that make it a better business to own.