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Do you want to still be working full-time in
your practice in 2020? If not, when will your
successor start? Don't tell me you haven't
found one yet!
Realistically, if you're planning to step
back or completely away from your practice
within the next five to eight years, then the
time to start planning is now.
It's a sad fact that, on the retirement
of one partner, many GP practices simply
follow a semi or unplanned process that
often ends up with the practice bought out
for very little or closing its doors completely.
This is obviously not good for the remaining
partners, and is worse still for loyal
employees and patients.
Yet there are three workable succession-
planning options every practice should
consider as soon as possible even before
anybody is actively talking about retirement
or departure.
1. Wind down the practice in a managed
way and close the doors.
2. Maintain business as usual while seeking
a buyer or appointing a successor.
3. Actively grow the practice to hand
over to more than one successor.
Linda Sirol is a Practice
Succession Specialist at
Corporateyes Pty Ltd.
Fruitful succession requires strategic planning well in advance of your proposed
retirement date.
Linda Sirol offers some practical advice.
SMART MOVES
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