To do so, the practitioner must set up systems to run the practice predictably and automatically, eventually replacing herself with highly competent practitioners and administrators. Industrious practitioners from early outset should be preparing for the day when they will pass their turnkey operation over to a new owner, at a lucrative market value. If you do not show up for work one day, is there still a functioning, quality practice in place, serving your local community? If not, you have got some work to do before you retire. Ray Kroc, founder of the immensely success McDonald’s franchise, put functional systems and good employees in place at his flagship location before he could move on to open subsequent successful locations and eventually franchise. The business, inextricably meshed with the practitioner when the business is new, must eventually take on its own identity to be salable and transferable. This is of great value to the practitioner during tenure, but what happens when the practitioner approaches retirement? Practitioners who have worked hard to deliver compassionate care may not be able to transfer the value of their business to eager new therapists looking to buy unless the retiring practitioner has created a tangible, valuable asset via a carefully crafted practice design. These qualities are not easily transferable, so clients become quite attached and assertive in maintaining their care relationship with a particular practitioner. Personal matters are often disclosed, and the client leans heavily on their practitioner to demonstrate care, ethical behaviour, confidentiality, and kindness. Patients rarely switch between practitioners and maintain long-standing care relationships. Massage therapy is often a very personal experience. This may be an opportune time to put together those with established reputation and location, systems and contacts with budding practitioners eager to fast-track their learning and their earnings. Presumably, some of those may be looking to shift out of the profession, or find a successor to take the reigns of operation as they gradually withdraw. The same report demonstrates a quarter (26%) of RMTs are at the entry-level 1-5 years looking to get a foothold, some perhaps a practice to invest in.Īt the tail end, 11% of RMTs are 21+ years in practice. According to the College of Massage Therapists of Ontario Annual Report 2019, 5.11% – or 765 – massage therapists left the profession that year. It remains to be seen how many RMTs will retire this year…the pandemic has likely forced the hand of many to consider their position under the new requirements. What will happen to your practice? Do you plan to shutter, and direct your patients to practitioners in the area, or might you capture inherent value in the practice you have worked hard to cultivate? It may be difficult to imagine now, but you will retire due to age, overuse or change of circumstances.
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