How do successful professionals leave their businesses in good shape and exit on a high note? In his recently released book, Finish Big, Bo Burlingham admits that it’s not easy, and most small business owners have a hard time “letting go.” We know that physicians – who have long invested their time, energy and effort to build a thriving practice – struggle with making a transition of ownership and/or retirement. They are not alone as many small business owners face the same common challenges. Based on interviews with dozen of entrepreneurs across a range of industries, Burlingham offers recommendations to help ensure happy transitions — for the business and the owner.
While many of the scenarios in the book are not relevant to a physician practice – especially since younger physicians prefer employment over practice ownership and regulators are limiting hospital options in this area, Burlingham does offer examples of transitioning a business as part of the leader’s retirement plan. He hits on several key points, helpful to any physician ready to consider a practice succession. These takeaways include:
- The Day Will Come Retiring is inevitable, so proactively managing the transition will ensure a more satisfying progression.
- Strengthen The Practice Now Assess its strengths (and vulnerabilities) then begin to make the necessary improvements to make it competitively attractive to others.
- Price Isn’t Everything Buyers who offer the best financial deal may not make the most idyllic owners. Consider the practice qualities that are most important and work with potential acquirers who can best deliver on the needs of the practice (and provide the “peace of mind” needed after the transition).
- What’s next? It’s not easy to replace the challenging work life of a physician with golf, travel, family and/or solitude. More than most professions, physicians, who make significant contributions to the lives of patients, employees and the community every day must find a way to feel that sense of purpose and fulfillment – before the actual change takes place.
Making these transitions takes time. Done well, planning a practice ownership shift should take years — not months. By starting early, physicians can build a stronger, more attractive offering and look forward to a happier, more fulfilling transition.
After all, don’t we all wish to “finish big?”