How to retire happily from your practice: Building a business that others want to buy is key

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How to retire happily from your practice: Building a business that others want to buy is key

Shaun Phelan
Shaun Phelan 2017
Shaun Phelan

I’m a GP owner in a large group practice. We practise under a cost-sharing structure where each owner has a patient base and receives their own revenue. Although we had good revenue streams during the pandemic, the last year has been difficult, with increased costs, workforce issues and more clinical administration time. I’m the oldest in the group and am considering retiring in the next five years. What must we do to help make the business successful and attractive to a future buyer?

– Getting a bit tired, Wellington

The past three years have been highly challenging for many general practices. And like many areas that receive government funding, general practice is