Why do you need a Succession Plan?
As a practice owner, one day, you'll inevitably leave your practice. Whether you decide to sell up, retire or leave due to health reasons, it's essential that you plan for that day. In our experience, few practitioners think about succession and how they will manage the transition to retirement.
How essential is a succession plan?
A succession (or exit) plan outlines who will take over your practice when you leave. It is incredibly crucial, especially in the face of personal relationships, family issues, staff, relinquishing control, as life's circumstances can be unpredictable!
By planning your exit early, you can maximise the value of your practice while helping to meet future needs. Consider this; planning means not leaving the future of your business and wealth to chance; it means planning to ensure security for your family, your practice and yourself.
The benefits of succession planning are:
- Choose when you wish to retire.
- Minimise disruptions for your patients.
- Maintain continuity of employment for staff.
- Reduce the pain of forced retirement.
- Avoid conflict with practice partners.
- Maximise the value of your practice.
- Ensure adequate funds for yourself and your family.
- Increase the number and quality of potential successors.
- Retain the confidence of banks and financiers.
- Manage lease and loan liabilities properly.
| The outcomes give you peace of mind:
- being financially independent at your desired retirement age,
- being able to pass your patients onto a successor,
- mitigating the impact of catastrophes, and
- realising maximum value in all scenarios.
Where are you now? What are your goals, needs for succession? These questions and more are an essential part of the service process. We can assist you to manage the following elements:
- Voluntary & Involuntary Succession
- Legal Documentation
- Financial Transaction
- New Owner Agreement
- Funding Options
- Risk Management
While it can be challenging to discuss, the matters, if a plan is established well in advance, then the outcome will give you, your practice, and your family peace of mind.
Helping practice owners achieve their goals is our passion, and our strength is in our dedicated professional team.
Make the time today to book an appointment to discuss the benefits with one of our expert advisors.
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