and the intentions of others in it.
management and clinical work.
· Is there one or more in the practice already?
· What characteristics should they have
and in terms of their career goals?
to have a written legal agreement that covers
all the bases, including:
· Transactional: Are they buying in?
· Transitional: Are they earning in?
· Terms: What if it goes pear-shaped?
· Timing: When do they take over your
choices throughout the transition.
they are from within the practice.
of your various responsibilities.
they have taken on in what timeframe,
how will successful handover in each
area be measured, and what action
will be taken if targets are not met?
in place is one of the major causes of
succession failure. I am often approached by
doctors who tell me they selected a successor,
but now two to three years or more down
the track it isn't working, and they're not
sure what to do about it.
arrangement regularly. If it's not working,
fix or terminate it rather than letting the
problem fester.
shock, Gillian and Jeremy sought some
advice and assistance with their succession
planning. The advisor helped them devise a
strategy and set up a transitional ownership
structure that enabled Kelly to take first
refusal on Jeremy's share of the practice.
Kelly entered an agreement to buy Jeremy's
share of the practice over the next three
years while she gradually stepped up into his
management role.
the business to share and eventually take
over Jeremy's caseload, to cover for Janine
while she volunteered and to allow Ben to
go part-time. In the selection process, they