As we get closer to the end of another year it is time to reflect on the year we’ve just had and going forward. Are you exhausted? Are you over it? Are you suffering from burn-out?
Eventually getting rid of your healthcare practice is inevitable.
You can’t take it with you and unfortunately it is usually for one of the following six reasons. Death, disability, divorce, disagreement, retirement or just plain burnout.
Burn-out can happen for a number of reasons:
- being tired of dealing with staff,
- tired of worrying about income v expenses
- tired of trying to grow your healthcare practice
- a feeling of lack of control
- insufficient reward for your efforts
- work overload
Therefore, it’s a good idea to at least consider about how you might get out so that if one of the above events happen you will have a game plan.
Somethings to consider are:
- Do you have an employee internally that you could mentor and put in place should any of the above happen?
- Is there someone in your family that might want to take over – the prodigal son or daughter perhaps?
- Can you run it like an investment and put someone in place to manage it for you?
- If you think selling might be your escape plan – things to consider before putting it on the market are:
- Is your practice financially stable and growing? If not, you should take action now, not when you want to sell it?
- Are your employee contracts up to date and in place?
- Do you have a practice procedure manual?
- Does your practice operate efficiently?
- Is your practice clean and tidy? Or dated and cluttered?
Don’t think about an exit plan as a negative thing, think of it as a successful transition.