For many doctors, the focus is on building a career, growing a practice, and providing for patients. What often gets pushed aside is the question of what happens when it is time to step back, sell, or transition to retirement. Succession and exit planning is about making sure your years of effort turn into lasting value, rather than uncertainty or lost opportunity.

Without a plan, medical professionals can find themselves in difficult situations. A sudden illness, burnout, or unexpected life change can force an exit that feels rushed and financially disappointing. Practices that are not prepared for succession may lose patients, staff, and value very quickly. Even for those not running a practice, a lack of planning can mean superannuation, investments, or business shares are not structured to support a smooth transition into retirement.

Succession planning starts with clarity. If you own a practice, it involves identifying future leaders, setting up agreements, and structuring ownership in a way that makes transfer simple and tax-effective. If you are planning to sell, it is about making the business attractive to buyers by showing strong systems, reliable income, and compliance. For individual doctors, exit planning is about ensuring your personal finances are aligned so you can step away without stress.

The benefits of strong succession and exit planning are significant. It allows you to control the terms of your departure, maximise the value you receive, and protect your legacy with patients and staff. Most importantly, it gives you confidence that when the time comes, you will not be forced into decisions under pressure.