The last thing you want to find, at the exit of your practice journey, is that you don’t have the right structures in place to successfully say goodbye to your practice. That’s why you need to ensure you have everything in place, well before the final farewell.
A succession plan for your practice, formulated well before you retire, will give you peace of mind. It will give you the ability to act decisively when the right opportunity or offer to buy or sell appears. So here are 5 things to think about when planning your departure.
- Leave your practice on your good terms
Whatever the reason for leaving your practice (wanting to start another practice, or pursue a different career or spend more time with the family), your departure must be on your terms. If it is a fire sale due to illness or ownership disputes, then you are likely to get a poor sale price with excessive legal and accounting costs involved, especially if the sale is unplanned.
- Have a succession plan
If you plan to leave your practice or colleague, you’ll want time to train the key figures in the practice to take over the leadership role. It can take months to negotiate and finalise the terms of a sale or a merger. Having a succession plan already in place can make it easier.
- Create certainty
When selling your practice, do not spend valuable time bargaining and don’t be concerned that a more rewarding practice opportunity might come a potential buyer’s way. Ask what your target buyer is looking for. Reduce any uncertainties they feel and encourage them to commit to buying.
- You have to let go
You will sell when you are ready to sell; until then you will not. At some point you have to give up control. A transition strategy can involve passing shared control to colleagues in the lead up to, or after, a sale. Our Directors Pathway program shows you how to amicably achieve this. This is called a partial sale. Or, if you’re selling to new owners, it typically means giving up all control upon transfer of ownership, unless otherwise negotiated.
- Obtain Expert Help Today
There are many different ways to exit a practice. The terms and conditions of any sale can have significant financial implications. Using an experienced and qualified professional adviser in medical and healthcare practice exit strategies, is the best way to protecting your most valuable asset and your future.
To find out more about how we can help you, contact us at Health and Life at firstname.lastname@example.org for a no obligation and confidential chat on where to start. It is a process and not an event; so start now.