Accountancy Practices Succession Planning

If you have an associate within your business who you feel would be a good fit to purchase the practice, there are several ways to "groom up" individuals to take over your practice and to test them and ensure they would be a good fit.

This is especially important in more rural locations where it can be more difficult to find an individual that fits well with the rest of the team and patients that are in a financial position to purchase a practice.

While you can do everything in your power to prepare an associate for practice ownership, if it is not in their nature, or you have a stronger desire for their success than they have personally, it is not worth pushing the idea too heavily. It takes an impressive skillset to be a great clinician and almost an entirely different skillset to be a great business owner and not everyone is able to do both successfully. There are several ways to test whether an individual will be suited that we can talk you through.

We can advise you on how to structure the package so your successor either purchases or earns his equity gradually in your business, there are many more different options subject to your ideal exit strategy and the level of trust between yourself and your colleague.

Accountancy Practices Client Bank Merger (with Accountancy Practices Principle) >>