One of the often unexploited options that independents have when looking to retire is to pass their practice on to long serving and trusted employees. There are a variety of ways of doing this, but unquestionably the best way is through forward planning that allows for succession over a period of time.
The problem is that many independents do not plan ahead and end up trying to sell their practice to third parties, often with a desire to complete a quick exit. Depending on the state of the market, the result is that they may not realise best value for all their years of hard work. There is also a greater proclivity for practices to fail under completely new ownership.
AIO has a number of members that are looking to retire in coming years, but there is no single route map that sets out how best to evaluate if selling a practice to trusted and often long serving employees is an option. As a result the Association has taken on the task of trying to help members and the independent sector more generally to look at succession planning as an option for their business. This includes both those selling the practice and those buying into it over time.
AIO will be holding a special session on this subject at the annual AIO Conference which will be held at the Moller Centre in Cambridge on October 1. There will be presentations from specialists in this area as well as some real life case studies for delegates to hear how others have successfully followed this route and how the practices continued to thrive as a result.
It can be a win-win with all parties happy, and it does of course contribute to the sustainability of the sector.
If you are interested email Lin@aiovision.org or call 0800 1300486.