Top 4 tips for succession planning

October 6, 2020
Christopher Mann

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Logan Lutton
Logan Lutton

Associate Editor, Medical Economics and Physician's Practice

Positioning yourself and your practice for a smooth transition takes time and thoughtful planning.

It’s easy for many physicians in private practice to avoid an important professional priority: succession planning. While retirement or a reduced role in the practice might feel like a long way off, the reality is that positioning yourself and your practice for a smooth transition takes time and thoughtful planning. The consequences of failing to prepare appropriately can be financially damaging and can leave even a flourishing practice in a state of uncertainty and even lead to dissolution.

With that in mind, physicians in private practice would be wise to familiarize themselves with the legal and economic considerations involving succession planning, including basic tips and best practices for optimizing planning and preparation to ensure a smooth transition.