View from the AIO: Succession planning is important

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.