DOCS SPEAK OUT

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—Devising an exit strategy.

Most ECPs interviewed for our poll have an exit strategy (69%), with plans to retire in the not too distant future””35% in five years, 39% in 10. The vast majority of these ODs (74%) intend to remain active by working part-time. While many say they’ve thought about teaching part-time, selling outright, or handing their practice over to a son, daughter, or an associate, at least 31%  have not thought their plans through saying its “too far away” to consider or that they’re not really sure how and are too busy to stop and figure it out. For those who are prepared, here’s what they say they’ve worked out:

“A couple of options come to mind…1) continue to own the practice and hire ODs to do the day to day work or 2) merge with  another practice and continue to work part-time for a longer period.”

“I plan on hiring a new grad to take over patient care while still “˜running the practice’ myself.”

“I became an employee of the practice and cut down on the number of hours worked per week.”

“I will be working on a strategy over the next five years as I plan to retire in about 10 years.”

“Reducing days at office, supplemented by additional part-time ODs.”

“I will work until I no longer wish to, sell the equipment and the building.”

“To mentor the next generation and to exit.”

“Since I see patients in a group setting, my patients will be gradually referred to my associates for their ongoing care. I am currently down to two days a week and an extra day at one of our satellite offices each month. Next year, I’d like to cut that back a little bit more, and the following year even more!”

“My two partners are buying my shares.”

“I’d like to try and sell my practice through a consultant.”

“To sell my practice along with building and land.”

“I have goals but no real strategy.”

“I plan to list with a broker.”

“Find a larger office space, bring in a young doctor, and then begin transferring responsibility to her/him before my planned retirement.”

“I already sold my practice to a younger OD and am now employed by the practice working two days a week.”

“I own my building but it looks like I’m going to be taxed out of the property before I retire.”

“Sell both practices and move to California for a better lifestyle.”

“My exit strategy doctor left the practice so”¦not sure. Need to re-think.”

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