When you are running a doctor’s practice, your patients are your priority. When you’re also dealing with day-to-day business issues and working within strict regulatory and reporting regimes, it can be hard finding time to think about the future.
After you have worked hard to build and grow your practice over a number of years, you also want to make sure it continues to move forward when partners leave or retire.
At Haslers accountants and business advisers in East London and Essex, we believe it is never too soon for doctors to put in place succession planning arrangements to achieve continuity in the practice’s operations and smooth transitions of leadership.
Our specialists will help you focus on key questions, including the financial impact on the practice of equity partner retirements and the future structure of the practice.
For example, while salaried role may suit some medical professionals starting out in their career, for many others a practice partnership – with the opportunities this brings to contribute to decision-making, shape patient services and achieve greater security – is the preferred career choice. For the practice, bringing on board new partners can also help to contribute to continuity of care and strengthen its leadership.
For smaller practices, the impact of a partner retirement can be particularly significant and reinforces the need for succession planning. In these circumstances, a merger with a neighbouring practice or a sale to a private specialist company may be the preferred choice.
At Haslers, we have comprehensive experience in practice transactions of this kind and can provide expert support at every stage, including advising on due diligence issues and raising finance.
To find out more about Haslers’ East London and Essex-based chartered accountancy, tax and business advisory services for doctors, or to arrange a free financial health check, please contact us.