Medical Practice Management
May 27

Practice Succession

PUBLIC NOTICE

The office of Milton W. Shepperd, D.O., P.A. will be closing June 30, 2005. Records will be available for a fee. Please call in advance to make arrangements.

We would like to thank you for your trust in us. We have appreciated your loyalty and support.

I am at our lakehouse in the beautiful Texas Hill Country for the Memorial Day weekend. As I was reading one of the local newspapers, I saw the advertisement above. This practice is shutting its doors and the doctor is walking away to hopefully what will be a great retirement. I am wondering – how many physicians are in "the same boat?" I wonder how many physicians do not have a succession plan in place. I bet I can answer this one – NUMEROUS.

It’s a shame in my opinion that a doctor who has worked all of his or her life just basically walks away from a practice they worked so hard to build and sustain without getting anything in return. I guess sometimes people forget that medical practices are or can be very valuable assets. Physicians in solo practice should make succession planning a priority as they near retirement. I think a physician should begin planning succession at least 5-7 years before retirement.

Otherwise, "Last one out, would you please turn out the lights?"

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →