ProVision has further developed its succession planning program for members, launching an interactive tool to make life easier at each step of the exit journey.
For independent practice owners, the benefits of effective succession planning are twofold. Long term, planning ensures a smooth exit into retirement, maximising the value of the practice while also ensuring the legacy continues under new independent ownership. This means loyal patients continue to receive the same level of care for years to come.
ProVision’s agile business planning methodology identified an opportunity to provide members with a tool that interactively outlines their options…
In the shorter term, a clear succession plan can often bring a new level of energy and focus into the business, that can ensure owners’ final years in the practice are enjoyable, and most importantly, they leave on their terms. This renewed focus also has the commercial benefits of increasing the business value and ensuring the practice is more attractive to potential purchasers.
PRIORITISING SUCCESSION PLANNING
ProVision’s agile business planning methodology identified an opportunity to provide members with a tool that interactively outlines their options and considerations. Additionally, it identified an opportunity to enable members the options to connect and confidentially discuss plans at any time with Business Services Manager, Mark Corduff.
“The purpose of Successionpro is to bring together the resources and expertise within ProVision via a one stop shop for members to assist with planning their future,” Mr Corduff said. “There are common questions members ask when considering their plans, so the focus is on addressing these in detail at each stage of the journey.”
Set out as an easy to follow and thought provoking five-step guide, Successionpro is full of inspiring video content, as well as direct access to important tools, documents, and templates for members.
“The five steps are to work through considerations, consider the options available to you, understand the value of your practice, create a plan that will work for you, and then execute that plan,” Mr Corduff explained.
A soft launch of Successionpro to a select group of members in May, followed by an official launch in June to the broader membership, returned positive feedback.
BENEFITS OF INDEPENDENCE
“It is encouraging to see that in 2021 independent optometry is alive and flourishing, as more optometrists recognise the intrinsic benefits that come from independent practice: clinical freedom, continuity of patient care, practice flexibility, the ability to pursue special interests, work / life balance, and enhanced financial reward among them,” Mr Corduff said.
He continued, “ProVision is actively engaging with a healthy pool of candidates looking to acquire independent practices through our rapidly expanding Associates program, in addition to existing members looking to expand their practice portfolios”.
A common prerequisite for owners planning their exit, is that their practice remains independent. Mr Corduff said ProVision is dedicated to assisting members retire on their terms, while ensuring their hard work and legacy lives on well into the future by matching them with the right buyer wherever possible.
“Selling a practice or entering a partnership requires careful planning and the right advice from the outset. Often in the current environment, owners are being approached to sell their practice before they had originally planned. In these situations, it is critical to be aware of all the options available and seek the most appropriate and best-informed professional advice.
“Engaging with a solicitor, accountant, and ProVision as trusted business advisors, is permitted under most non-disclosure agreements, so leaning on this breadth of experience and knowledge will ensure the right commercial and personal decisions are made,” he said.
DON’T LEAVE IT TO CHANCE
It is never too early to plan, in fact ProVision recommends a well-considered 10 to 15 year plan to provide owners with the best chance of success.
“Whether it is time to revisit an existing plan, or start one from scratch, beginning with the end in mind and working backward from that, will ensure a healthy work life balance in the lead up to retirement and a smooth transition out of practice ownership,” Mr Corduff concluded.