Maximing Productivity
Success Plan and Exit Strategy
Your Story To Business Success
Your Successful Path to Financal Freedom
How to Build a Succession Plan
Many practice owners haven’t even thought about how to build an Exit Plan. Many have thought about it, but haven’t put the time and effort into actually BUILDING a plan.
First Steps
Building a Succession Plan
Your Succession Plan is just as important as your Business Plan. They go hand in hand.
Just like you use your Business Plan to guide you through the years of your business (to help you achieve your business goals), your Succession Plan does EXACTLY the same thing
Your Options
Building a Succession Plan
Your Succession Plan is a guide to help you achieve the pinnacle of your career… YOUR RETIREMENT.
But what are your options:
- Sell to another doctor?
- Sell to an employee?
- Have one of your kid’s take over?
- Scale back until you feel you don’t want to continue?
Selling To A Professional
Building a Succession Plan
Depending upon what area of the medical profession you are practicing in, are there doctors that have the resources to buy your practice? You know your industry. You know your colleagues. You know the overall answer to that question.
Sell to an employee?
Building a Succession Plan
This is a great option. After all, they have worked side by side with you in growing your practice. They know your patients. They know what you do and how you do it. But….
Can they afford to pay you what your practice is worth. If they can afford that, HOW/WHERE will they get the monies to do that?
Having the Next Generation Take Over
Building a Succession Plan
Just about every Business Owner’s dream is to have one of their children take over their business. It’s the ultimate legacy. They have watched (often time since they were VERY young) what it took to build the business, they know the clients and the staff.
The BIGGEST ISSUE is that when that happens, you (as the business owner)never get the FULL value of the business.
Scaling Back
Building a Succession Plan
Scale Back Until You Don’t Want to Continue?
This options happens most often. The main reason… They didn’t have a plan that they continually worked at. They get to the point where they show up everyday, do what they need to do and slow down. As they get older, either the CAN’T or DON’T want to continue.
This is the MOST INEFFICIENT and Financially devastating.
The Bottom Line
there are a few different ways to Build A Succession lan
Be aware of your own timing and the need to plan ahead. We look forward to working with you.