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Succession Planning - How To Plan For Retirement

Succession Planning - How To Plan For Retirement

In the last two decades, the private practice has grown to an average of 2.6 doctors

, with the associated support staff. Very seldom are sole proprietor practices found. Due to the economics and cost of remaining current with advances, both medical and technological, it is more profitable for doctors to work together, sharing expenses as well as the profits. Once a practice has been successfully established, owners often begin to consider an exit strategy. Succession planning may include selling their portion of the practice to the other, but more often it includes selling to family members or a third party entity.

Regardless of the method, the goal is to be profitable. The key to clear succession planning is to develop a three to five year business plan will help transition the new leadership into the business. Estate planning is especially important if family members will retain ownership in the event of the founder's death. One of the most effective transition methods is to incorporate succors into the practice while the founders are still there. Clients will be will be introduced and everyone will be given time to adjust without experiencing changes in service levels.

This change is an evolution. It does not take place overnight. Responsibilities are shifted slowly over the course of months or sometimes years. Communication is a critical part of a successful practice. It is important for the successors to understand how it has helped the business grow and become successful. Recruiting the right people, developing key staff members and empowering them to exercise authority are vital components in succession planning. Adopting new business practices, developing customer centric programs and offering a wider range of services will make the practice more appealing to the next generation of owners.

Now that the right people are in place and clients are comfortable with the new owners, it is time to implement the last phase of the plan. Begin to remove yourself from the day-to- day aspects of the business. You have spent years building the practice and creating a successful business. After all of the preparation, you must be willing to take the final step and retire. Celebrate your success knowing that your future, as well as that of the business is secure. Ready to get started with the best systems for running your own practice in solo conditions? Now is the time to move forward and investigate new strategies!

by: Troy Truman
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Succession Planning - How To Plan For Retirement