Future Proofing Your Practice Integrating a Chiropractic Associate into Your Succession Plan

Introduction

In this video, Dr. Tom discusses how to future-proof your chiropractic practice, ensuring that the incredible culture and legacy you've built can be passed on to future generations. It's essential to share your knowledge and experience to help the profession grow and thrive. Here are the steps to effectively pass the torch and secure the future of your practice.

Deciding on a Transition Plan

The first step in future-proofing your chiropractic practice is deciding whether you want an outright sale or a gradual transition. While both options have their merits, a gradual transition, such as a 15-20% junior partner buy-in, can be less emotionally and financially taxing. This approach allows the junior doctor to earn their place and provides a smoother handover.

Appraising Your Business

Knowing the value of your practice is crucial. An accurate appraisal helps you understand what the junior partner buy-in should be and sets the stage for a fair transition. Consider professional appraisal services to get a precise valuation of your practice.

Choosing the Right Successor

The best successor is often someone already familiar with your practice. An existing associate knows your patients, culture, team, and systems, making the transition seamless. If you don't have an associate, start recruiting and look for someone who can uphold your standards and values.

Mentoring and Transition Process

Once you've chosen your successor, set up a mentoring schedule. Identify the traits, skills, and capabilities they need to develop. Draft a detailed contract and outcomes assessment to guide the transition. This structured approach ensures that your successor is well-prepared to take over.

Conclusion

Future-proofing your chiropractic practice is a strategic process that benefits both the senior and junior doctors. By planning ahead, mentoring your successor, and ensuring a smooth transition, you can preserve the legacy of your practice. If you need assistance, consider professional services to help navigate this important journey.