Do you have a succession plan for your medical practice? In my experience, too many physicians wait until close to retirement age to begin developing a plan to transition out of practice. Given the volatility of the healthcare market, you should certainly not assume that there will be a ready and willing buyer for your practice if and when you decide to slow down or retire.

If your local hospital, or another practice or physician in your community is not interested in purchasing your practice, you could be out of luck. Without someone to take over the practice, your only option is to close your doors and liquidate your assets. If you’re lucky, you may find a local physician who will take custody of your medical records, but if not, you will need to pay to store these to the extent required by law.
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