Succession Planning
Plan for a Smooth Transition to Retirement
Retiring from a healthcare practice is about more than stepping away – it’s about ensuring your business thrives under new ownership while you maximise its value. Succession planning provides the framework for a seamless transition to retirement, allowing you to safeguard your legacy, support your patients, and secure your financial future.
Effective succession planning requires more than personal decisions – it demands a comprehensive approach. Starting at least 2–3 years before retirement is essential to organise financial records, evaluate operational details, and address legal requirements. Whether you’re planning a complete exit or a gradual transition, having a clear plan tailored to your goals will set the foundation for a successful handover.
Key Considerations for Succession Success
One of the first decisions to make is whether to sell your healthcare practice outright or continue working part-time under new ownership. Additionally, the physical location of your practice plays a vital role in the transition. If you own the building, consider whether selling it alongside the practice or leasing it to the buyer aligns with your retirement goals. If you lease, ensuring there’s sufficient time left on the agreement – typically at least five years – can increase buyer confidence and make financing approval smoother.
Beyond these logistical decisions, succession planning also focuses on optimizing practice value. This includes maintaining strong patient numbers, updating equipment, and ensuring financial records are complete and accurate. Addressing these areas not only boosts your practice’s appeal to buyers but also helps maximise your financial return.
Strategic Succession Planning Involves:
- Forming an expert team (specialist accountant, lawyer and business broker)
- Practice valuation and due diligence
- Financial and legal documentation preparation
- Practice optimisation to ensure you get the best price for your practice
- Patient retention strategies to preserve your practice's value during the sale process
How Amalgam Advisors Can Help
At Amalgam Advisors, we specialise in guiding healthcare practice owners through every stage of their career, from buying their first practice to retirement, and everything in between.
From minimising tax liabilities to organising your financial data and connecting you with trusted brokers and legal professionals, we can ensure your journey to retirement is smooth and stress-free. Retirement is one of the most significant transitions in your career – let Amalgam Advisors help you make it a success.
