strategy usually associated with the
launch of a practice, but why shouldn't
one end serve as another beginning?
successors. Let's look at a case study
whereby Gillian, 56, is a GP and co-
owner in a group medical practice with
physiotherapist Jeremy, who is 62.
services, and is very busy. Gillian and
Jeremy both have full patient loads
and oversee the management and
administration, as well as making all
key business decisions. The business
supports three younger practitioners:
Janine (38), Ben (46) and Kelly (43).
He and Gillian discuss their plans, and
Gillian says she wants to retire in six
years. Based on casual conversations
in the past, both are confident that
the younger practitioners will be keen
to take over the practice, and they
decide to call a meeting to formalise
those arrangements.
wants to spend two years as a volunteer,
and is planning to leave for Africa the
following year. Ben's father has been
diagnosed with Alzheimer's, and he was
about to ask if he could go part-time so
he can spend more time caring for him.
Only Kelly is ready and able to step up
into ownership of the practice.
OPTIONS
Jeremy, let's have a look at the pros
and cons of three options.
wind down.
full patient load to few or no
patients and it can be sudden.
successor can't be found, or the
arrangement does not work out.
for employees and patients.
of `succession failure'.
small patient load can be retained
as ongoing income streams.
successor during transition.
a sound strategic plan.
successors already working
in the practice).
ideal but daunting after all, they're
planning to retire not relaunch. But
the planning can be broken down
into simple steps and, with the right
guidance and a forward-thinking
approach, the rewards and satisfaction
of `passing on the torch' and
maintaining a retirement income
are fully achievable.
WITH YOUR SUCCESSOR
succession planning: