Succession planning, selling your general practice and general practice ownership

A recent Primary Care Taskforce survey of general practitioners (GPs) reported that 59% of GPs are intending to retire or leave general practice in the next three to five years.

The Practice Relationship Manager team has been working with Medical Assurance Society (MAS) to upskill and develop support tools for practices and individuals, who want further support for succession planning and how tp prepare your practice prior to selling. One key tool is a video of a webinar presented by Shaun Phelan from Medical Assurance Society (MAS), which looks at what both buyers and sellers need to consider in their succession planning and the processes of buying or selling ownership of general practice.  Pegasus would like to acknowledge the support from MAS and other professional providers throughout this development project.

Some younger GPs who might have young families, student debt and a home mortgage, may feel that ownership is not attainable for them. This video discusses areas that help you to understand the key aspects when considering buying or selling ownership of general practice.  It gives examples of due diligence, business models, pricing, and valuations for you to consider.

The Operations Manager for Provider Services and the Practice Relationship Manager team are available to provide confidential support and advice about the process and the due diligence buyers and sellers should be undertaking before entering negotiations. They are, however, not able to be a part of the sale and purchase process but support you to understand the areas that make up the full processes required. The team have begun creating a confidential database of those wishing to buy or sell ownership, that may be able to support matching potential buyers and sellers.