Succession Planning: It’s Never Too Early

No matter the size of your practice, a solid succession plan is an important piece of preparing for the future. Whether you envision yourself retiring, moving, or selling, you’ll want to leave your practice in the best capable hands.

It can be difficult to create a succession plan objectively. After all, YOU built your practice, so it seems obvious that it will take another person just like you to successfully manage it after you’re gone. However, resist the urge to create a “2.0” version of yourself. Don’t think of it as recruiting a replacement, but rather finding the best fit that matches the future mission/vision of the practice. A successful practice is not built on personality types, but rather nontangibles such as patient care, fair practices, and solid decision making. Those elements are at work no matter if the faces change. They are the foundation for the future of the practice.

As difficult as it is to let go of your ideation of the perfect candidate, the hard work begins once you’ve established the criteria for the type of candidate you’re seeking. The interview/evaluation process is hard because it’s almost impossible to remain objective and realistic about something you care so much about. This is where others in your practice may be able to provide valuable insight and feedback about potential candidates. Extend the decision making to include other staff members so that you can get a true picture of candidates through multiple lenses.

Naturally, the most difficult step in this journey is the letting go. That’s why it is of paramount importance to think through the entire process (including the ending) before starting down this road. By creating a plan and sticking to it (and knowing when it’s time to move on), you can best serve the practice’s needs, both now and in the future.

Contact us today. We can review your professional liability policy to ensure your coverage accurately reflects current and future personnel contingencies.