All business owners reach a point when we will no longer control our businesses. Perhaps we’ll be able to sell our business for a fair price and will enjoy a well-deserved retirement. Or perhaps something unexpected and unanticipated will shatter that dream. This is simply reality.
With this knowledge in hand, we face the choice of acting or being acted on. We can choose to respond thoughtfully to circumstances or to react reflexively. Responding and taking action means we are consciously choosing our path forward. It means acknowledging that the actions we take now will have an impact on our retirement. And it means that succession planning begins now, regardless of how many years we plan to continue working.
This is a mental shift in attitude. This means stepping outside of the busy routine of your life and reflecting on your role in creating the future you want. A successful succession plan begins by creating the practice you want now, and that will become a valuable asset in the future. This will not happen if you simply react to events and allow your practice to grow around whoever happens to come in your door.
Being proactive means accepting and taking responsibility for the outcome of every choice you make. No longer drifting with the current, you take up an oar and paddle towards your destination. Choosing to act and to respond thoughtfully will take you closer to a prosperous retirement. Reacting reflexively can take you further from that goal.
Yes, there will be challenges ahead. And unexpected events, like the passing of my good friend Norton, can unleash chaos in our lives. Withdrawing into victimhood is seductive. But now I’m in the process of figuring out how best to act so that Norton’s vision is as fully realized as possible.
As your first step in developing a successful succession plan, I encourage you to be proactive and to call me today so we can get started. I’ve helped many other dentists create succession plans that will help them make their dreams come true, and I can help you too. It’s only too late if you don’t start now.
Eric Burgmaier, CPA, CVA is a Certified Valuation Analyst and can help you build a valuable and profitable practice. Call our office today at 505-492-2440 and talk to Eric about steps you can take today to put more dollars in your pocket now and throughout the life of your practice!