SMARTPro Succession Assessment

Emergency Planning

I have an emergency plan in place for my practice in the event of an unplanned exit (serious health issue, death, etc.).

I have not considered this.

I have considered how my business would run without me but have not discussed it with my staff or advisors, in addition, I have a will in place but am unsure if it is up to date.

I have a will in place and have discussed my objectives with my lawyer, however, I have not formalized, nor shared with my advisors, my plan for dealing with emergencies in my practice.

I have an up-to-date will, power of attorney, and documented emergency plan, which would address my wishes with respect to my family and my business. I have shared it with my family, employees, and professional advisors, as appropriate.

Wealth Needs

I have a plan in place to protect my family’s ongoing wealth, cashflow, and estate needs, including insurance if applicable.

I have not considered this.

I have thought about it but have not put anything in writing or developed a plan.

I have worked with my advisor to answer some of these questions but have not developed a formal plan.

I have sought advice and have a formal plan, which reflects my current status and protects my family for the long term.

Equipment Considerations

My equipment requirements are aligned with my practice needs and client expectations, as well as my personal timelines for exiting my practice.

My equipment requirements today, are not meeting patient needs, future growth plan, and practice needs.

My equipment requirements are somewhat aligned with current patient needs, expectations, and practice needs, but are unlikely to keep pace with growth plans and my personal timeline for exiting my practice.

My equipment requirements are aligned with current patient needs, expectations, and practice needs, but I have not considered their timelines in conjunction with practice growth and exiting my practice.

My equipment requirements are aligned with patient needs, expectations, and practice needs, and are aligned with my personal timeline for exiting my practice.

Will and Estate Planning

I have a trusted individual in place who can take charge in representing me in my absence and who would have access to all the information they would require.

I have not considered this.

I have considered this but have not formally established individuals who would be able to manage these areas or consolidated all my information in a way for which they would have easy access.

I have someone in place, but they do not have access to all required information.

I have someone in place for all these areas and the information is readily accessible to that person and appropriate professional advisors.

Efficiency & Long-Term Needs

I have implemented measures (scheduling systems, staff utilization, etc.) to optimize the efficiency of my practice to protect my family’s wealth and long-term needs.

I have not considered this.

I know I need to consider this, but I don’t know where to start.

I have implemented a few things but am unsure of their effectiveness.

I’m content that my practice is operating efficiently in a way that protects my family’s wealth and long-term needs.

Technology

I am using technology to ensure the optimal level of patient service and practice efficiency.

My technology is not up to industry standards.

I am applying standard industry technology.

I am unsure of what is available and how to utilize current technology to improve my practice.

I am satisfied that I am optimizing current technology in my practice.

Cyber/Privacy

I have adequate protection of my patient data to avoid a privacy breach and safeguards in place to avoid financial loss to my practice (e.g. ransomware attack). I also have proper policies and procedures in place to comply with privacy legislation in the unlikely event that a breach was to happen.

I have not considered this.

I have concerns about this, but don’t know how to address the risks.

I have identified the risks but need help to implement a proper plan.

I have adequate protection and am prepared for a breach should it happen.

Debt Considerations

My debt, financing agreements, and terms are aligned with my timelines for shifting or exiting my practice.

I have not considered this.

Some of my practice and personal debt, financing agreements, and terms are aligned with my timelines for shifting or exiting my practice, but I’m uncertain if they all do.

Most of my practice and personal debt, financing agreements, and terms are aligned with my timelines for shifting or exiting my practice, but some may need updating and/or further thought.

I am confident that my exit or transition will not be burdened by bank or other debt repayment requirements, as my loans, lease agreements, and other debt obligations have been reviewed, and align with my timelines for shifting or exiting my practice.

Lease and Vendor Agreements

My leased premises and supply/ vendor/ equipment agreements have been contemplated and align with my personal timeline for exiting my practice.

I have not considered this.

I have started considering this, but do not have a defined plan regarding it.

Most of my lease and vendor agreements are aligned with my personal timeline for exiting my practice.

All my lease and vendor agreements have been contemplated and are aligned with my personal timeline for exiting my practice.

Tax Efficiencies

I am confident that I have the correct corporate structure to permit the most efficient means of accumulating, retaining, and extracting practice profits to protect and meet my family’s cash flow needs.

I have not considered this.

I have thought about this, but don’t know what the correct corporate structure would be.

I have discussed this with my advisors and know, somewhat, what should be done, but I haven’t yet implemented any changes.

Based on meetings with my professional advisors, I have peace of mind that I have in place a corporate structure which allows me optimal tax efficiency on profits earned in my practice and on value retained in my practice.

Recruitment and Retention

I have protections in place to help recruit and retain qualified staff (they will be most important to ensure sustainability and growth in patient flow and related cash flow).

I have not considered this in my business.

I have thought about who would be important to the business through a transition.

I have an idea of key individuals and a retention plan in place, but it needs to be updated to reflect the business more accurately.

I have sought advice to ensure the right people are in the right positions. I have also determined the cost of employees who will not be needed in the business transition.

Information

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