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The Private Practice
Summer 2013/14
also looked at the potential of the
applicants as successors who could
buy Gillian's share of the practice and
allow her to retire as planned.
As a result, the practice continues
to thrive and grow, with new
practitioners building on Gillian and
Jeremy's success, and Janine and Ben
both having the option to return to it
in the future.
SO, HOW ABOUT YOU?
If you're planning to retire or exit at
all ­ and particularly in the next five
to eight years ­ sit down now and plan
a fulfilling exit that:
· Gives you a great financial return
and/or ongoing income.
· Allows you to control the timing and
terms of your exit from practice.
· Provides peace of mind that your
patients are being cared for by
doctors you have helped train
and are aligned with your values
and culture.
· Is transitional and a less `jarring'
change in lifestyle.
Clearly Option 3 is the one I'm
advocating here! It's up to you to decide
what is most important to you in terms
of your legacy and your future income,
and to assess the three options against
your timeframe and resources. Once
you have done this, decide firmly on
your option and implement it. With
some forward thinking and solid
planning, retirement can be a whole
new beginning.
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