Succession planning needs to begin long before you think you need to start
Financial planners work with clients for years helping them make an achievable plan for retirement. With community physician-owned practices, that plan involves a larger conversation. Beyond the financials there are the staff, equipment, and most importantly, the patients to consider.
Questions to think through might include:
- What is the timeline for retirement? Are you, as the physician, planning on stepping back and reducing your workload or number of patients seen until you fully retire?
- What if your spouse or a family member is involved in the administration of the practice – are you making plans for that aspect of your practice as well?
- Succession planning does not always mean a planned retirement – have you considered what might happen in a life-changing event, like a serious illness or needing to be caretaker of another family member?
- How does your practice deal with an unexpected change in leadership, not tied to a retirement?
- How are you managing the expectations of senior leadership in your practice?
- What other things do you need to consider that are critical to the long-term success of your practice?
Succession planning is essential to ensure a seamless transition of leadership and to ensure the continuity of care for your patients.
Some practice owners do not want to invest their time into thinking about the future, believing that they will take on a younger partner who could provide some income in retirement or they believe their practice would be an easy and quick sale. Those options might be available, but possibly not on your timeline.
Our team of consultants will learn to understand what your goals are – whether you are a single provider practice or have multiple physicians dependent on the practice success for their own future. With a well-drafted succession plan, you will be able to confidently make decisions to ensure your future success. Start a conversation with one of our business consultants to see what you might need to consider. Reach out at firstname.lastname@example.org.