What is in this article?:
- An effective succession plan can ensure the practice you’ve built will carry on into the future.
- If your practice involves multiple owners, ensure everyone is involved in the succession planning.
Get It In Writing
Dr. White says he ensured his business succession plan was in writing when it was initially created nearly 20 years ago.
“We wanted to spell out how we planned to transfer the stock, provide the equipment he would need and adapt to a changing practice,” he says.
Because the succession plan has changed with Brad’s move to academia, Dr. White says his new succession plan is a work in progress. One thing is certain; a plan is a “must.”
“It’s important for a practice to develop a plan, as the veterinary medicine business is so unique,” he says. “You must have a transition process in mind to move into the next phase of your life – whether it be a different career within the vet medicine industry, or to retirement.”
It’s not the most pleasant topic, Dr. Spragg says. But it is important.
“It helps to have things somewhat spelled out, and it can certainly save grief or a bad situation from occurring,” he says. “In the case of sudden death or a disabling injury, it helps protect you and your practice.”
The Spraggs’ plan is continually evolving and Dr. Spragg says he and his brother will soon develop a plan to pass the practice onto the next generation.
“My nephew wants to continue on, and I’m sure we’ll get it figured out,” he says. “No one wants to face their own mortality, but life’s just like that. You have to do some planning.”
By taking the time and making the investment of developing a succession plan for your practice, you can ensure your life’s work can carry into future generations.
What better way to allow your legacy to live on?