Thinking Succession Strategy

A "short play" its not. In a recent consultation with a doctor planning his ultimate exit from practice we discussed a series of suggested steps. He had been anticipating 1-2 year time period to consummate a practice transfer. We discussed and worked through several succession structuring options. But, after we discussed the nature of his significant size two location practice, reality started to dawn. He had grown up with the practice, knew it inside out and could even sense when performance was slightly off. He readily acknowledged that for a younger professional to come into the practice, gain his same level of productivity and manage his size of staff was no ‘short play’. Where and how to start became the focus of our discussion at that point. My suggestion for him, in part, was the same as for most larger or unique format practices we help. Build a transition plan to educate and guide a prospect to the nature and method of maintaining top level practice performance. My experience is that prospects become purchasers when they have a plan provided as part of the practice transfer.