Physician Retirement and Succession Planning

Physician retirement and succession planning

To help reduce the impact of retirement on physicians and their patients, a number of divisions of family practice in BC have collected and/or created resources to help physicians prepare for retirement and incorporate succession planning into their practices. 

Practice Optimization - Approaching Retirement (resource page)
South Island
Succession Planning Workbook (Word doc)
As small business owners, physicians are responsible for their own retirement, sabbatical, and parental leave planning. While advice on the financial considerations of changes to a business can be gleaned from accountants, lawyers, and colleagues, the practicalities can be overwhelming. The South Island Division created the Succession Planning Workbook as a tool to ensure a smooth transition for doctors and patients when retirement-related practice changes are being considered.
Surrey-North Delta
The Division provides support for family physicians who are retiring, including financial planning resources and education sessions.
Thompson Region
Family Practice Succession Planning Resources (PDF)
A comprehensive list of succession planning resources including a practice closing checklist, recruitment information, business resources, and practice closure guidelines from the College of Physicians and Surgeons.

Family Practice Succession Planning Template (PDF)
A succession planning template designed to help doctors to create an action plan, and identify resources that can help them achieve their retirement and practice transition goals.
How to Retire Guide (PDF)
Provides guidance for doctors about how to close a practice, leave an office, find a GP who is accepting new patients, and transfer patients, and includes a practice information workbook and take-over guide. The guide has been repurposed by other divisions for use by members.

Match-making between retiring and new-to-practice doctors (PDF)
By matching new-to-practice doctors with retiring GPs, and providing them with business coaching and supports to start and build a practice, the Vancouver Division of Family Practice is giving young doctors confidence to take over existing practices from retiring physicians.