Future Planning - Succession Workshop by Mark Corduff and David Collins Summary notes prepared by Jim Colley
Summary Mark emphasised the importance of planning and gave some examples of how ProVision has assisted Associate Members and Members looking to retire to come together for a successful win-win situation. Mark went on to present insights, tools and resources available to Members to enable a smooth transition of their succession plan. In particular, he introduced the succession planning checklist for members to use as a starting point for further discussion. David Collins introduced the financial considerations Members need to visit, as well as insight into how practices are valued. He discussed factors that can improve a valuation outcome and how to maximise price over a threeyear journey. David shared some common metrics and discussed financial differences and tax considerations. Finally, Mark stressed the support available in terms of Business Coaches, Business Services, Accountants and Synstrat.
Key Take Aways: 1. Failing to Plan is Planning to Fail. 2. The earlier you begin the better: 5-10 years. 3. Use the Succession Planning Checklist to help formulate a picture of where you are at in the process. 4. Discuss first with your Business Coach and Mark Corduff to help identify needs. 5. Your practice needs to meet a range of criteria to make it an attractive proposition for a potential buyer. 6. Provision currently has 85 associate members looking at a future in independent ownership. 7. If your practice does not meet their criteria, they will and are choosing ‘greenfield’ sites instead. 8. Help is available through Business Coaches, Mark, David and Synstrat, your accountant and financial advisors.