Succession Planning for a small business becomes an oxymoron because we often don't use the word planning when we speak of succession. It is a known fact that most professional entrepreneurs never really get around to the actual planning part because like most things they feel it will work itself out. This is seldom the case and sometimes we wait too long and lose some of our early options. Solaris has a method for succession planning that enables you to be in control of your succession options that best suit you and your ideal retirement.

The most commonly cited components when dealing with succession are the technical aspects. These aspects include accountants and lawyers who help with title and share transfers, taxes and filing with the governing bodies. But, what of the vision you have for yourself, the necessary training of your successor and their anticipated role. Do you understand their goals so that the clients you worked so hard for over the years are treated with the quality of care you would expect they deserve?

The right fit, the right price and the right ideas to make it all work out. Whether you are buying in or selling, Solaris wants to be on your side to help with the issues surrounding important aspects of the success such as:

• Who will monitor the training progress?
• How will that progress be measured?
• Will you be setting the objectives?
• Will your strategy include transitioning form a "doctor-run" pratice to a "practice-run" practice?
• Can we develop a financial plan?
• Can we assist you with the negotiations?

As an outgoing doctor, you are likely to want to secure your financial future. Your successors naturally want to ensure the financial health of the practice they will be buying into. And sometimes, associates simply want to be part of something but not participate in ownership for personal reasons or to avoid stress but rather have someone else run the practice.

Changing a practice from a “doctor-driven” one to a “practice-driven” one has a new set of challenges. These goals must be coordinated and be aligned; Solaris can help greatly with these factors and your decisions.

A Succession Plan is your map to enjoying the rewards of your success. And, it ensures that your clients are cared for even after you've decided to hand over the reigns.