The Roar Gets Louder

It is common to come across doctor CEO's who have loved their practices and invested themselves totally. To the point that whole decades go by. One recent client email stated, "I cannot believe I have been in practice for over 28 years. Where did the years go?" The unusual aspect is the doctor CEO who plans early enough, though late in their career, to effect a beneficial transition. Although most doctor CEO's are pressed with day to day practice and personal activity to the point there can be little time left, the roar of the coming end of practice gets louder. Today, as never before with larger and more sophisticated practices it is imperative for doctors to plan sooner rather than later for a potential transition. What combination of transition/succession options fits best for the practice and doctor? Is it an associate and then a sale? Is it a partner with a planned buyout? Is it an immediate sale? Any hire back period for a founder? All of these aspects and others need to be reflected on to design the optimum approach for each doctor CEO.