Business succession planning now can avoid disaster later

Starting or joining a medical practice as a principal is an exciting time for many doctors. It's a time for new opportunity, career development and running your practice as you see best.

But for every new venture started, there are also those that come to an end.

And while everyone hopes that the end of a business is due to a well-earned retirement or planned sale, the reality is that for some, a sudden departure of a business partner may quickly throw a business into chaos.

As the scenario* below illustrates, things can quickly go from bad to worse if a proper succession plan is not in place.

The accident

Doctors Rocha, Mullins, Sanchez and Khan run a medical practice together. They are equal partners and have worked together for many years in business premises they co-own.