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Successful Medical Practice Succession Planning
By: Nick Hernandez, MBA, FACHE
Medical review by Patricia Salber MD, MBA
Succession planning is one of the most important decisions a physician will face, yet many neglect to plan their exit until they’re ready to retire.
Succession planning is one of the most important decisions a physician owner will face. It addresses the critical issues of when and how to retire from your medical practice.
Yet many physicians neglect to plan their exit. All too often, they think they can wait to sell the business until they are ready to retire. They don’t realize that they need to have their practice well positioned and ready to hand off ahead of time. Preparation can be the difference between success and failure.
There are many tried and true steps physician partners can take to facilitate the smooth transition of ownership. While succession planning has some science behind it, it is also an art.
There are indeed any number of variables that must be taken into consideration in specific situations. Perhaps one of the biggest is the physician owner’s personality. This is because it could play a significant and unexpected role in determining how the future plays out for the practice.
