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Practice tip of the week: Succession planning

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Your weekly dose of wisdom from the Physicians Practice experts.

lightbulb doodle © Matias - stock.adobe.com

lightbulb doodle © Matias - stock.adobe.com

With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In this May 2022 story on practice succession planning Nick Hernandez gives this tip:

Prepare your successor (and yourself) for success

Once you have finished your private practice succession planning, chosen a successor and taken care of the legal arrangements, you will need to train your successor to successfully run your medical practice. I cannot stress enough the importance of this step and yet it so often is overlooked after the attorneys have drafted the legal documents and departed the practice.Even if your successor is passionate about your practice, you should set up a training plan that exposes them to every area of your medical practice so they can learn the critical management tasks that you may take for granted. In addition to training your successor, you should also plan your own exit strategy. Give your successor room to learn and grow while you are still in a place to offer advice, but be prepared to start giving them more control as you approach retirement. This can prove to be difficult for passionate private practice owners, but it’s essential to gradually let go and allow your successor to take ownership when you’re ready to depart.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!

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