Succession Planning Guide for Members Released

Published in Physical, Occupational & Speech Therapy on February 01, 2022

Succession PlanningWe are excited to release our latest member-exclusive resource, “Succession Planning: Identifying What Is Next for Your Business and How to Make It Happen,” written by Mark Higley, vice president of Regulatory Affairs, VGM Government Relations. Members may download this guide in the members-only portal on vgm.com.

“By numerous requests from my friends and colleagues in the industry, I am honored to have had the opportunity to coordinate and develop the ‘Succession Planning: Identifying What Is Next for Your Business and How to Make It Happen’ Guide,” said Higley. “Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.”

The past few years have brought unique issues to us in the home healthcare marketplace. If you could say anything positive about the COVID-19 pandemic and the associated tough operational obstacles, it might be that it required a lot of businesses to get better at accepting and acting upon the need for change and planning for the future. Succession planning is one step in planning for the future.

“Taking an all-inclusive view of current and future goals, this type of preparation ensures that you have the right people in the right jobs today and in the years to come,” said Higley. “In the long term, succession planning strengthens the overall capability of your organization by identifying critical positions and highlighting potential vacancies, selecting key competencies and skills necessary for business continuity, and focusing development of individuals to meet future business needs.”

Mark Higley has helped guide members through the process of deciding what is next for their businesses for years, whether that be selling the business or setting up a plan for transferring the business to a trusted employee or family member. This guide is a toolkit to assist in the initial planning steps and procedures to transfer ownership of a business.

The guide is made up of four parts, including a detailed guide on how to start to identify what is best for your business, a succession planning template, steps to write a succession plan, suggested steps to take to purchase a home healthcare supplier, and considerations to take when determining if an Employee Stock Ownership Program (ESOP) is right for your business. Download this resource today!


TAGS

  1. operations
  2. regulatory
  3. vgm government

From Our Experts

Know Before You Go: Evaluating and Quantifying DME Market Expansion Opportunities thumbnail Know Before You Go: Evaluating and Quantifying DME Market Expansion Opportunities Defining market expansion opportunity is the name of the game in 2022. Data will enhance your planning efforts to ensure you're selecting the right markets and setting your growth plan up for success. Help Wanted: Combating Employee Shortages thumbnail Help Wanted: Combating Employee Shortages There are many contributing factors to the current economy and mass labor shortages and there is not a one-size-fits-all solution. Brooke Kraft, Talent Acquisition Specialist at VGM Group, Inc explains. VGM Therapy: Where You Are Part of Something Bigger thumbnail VGM Therapy: Where You Are Part of Something Bigger VGM Therapy is a membership community built to bring significant value, business resources, and leverage to therapy practices across the country. Interested in learning more? Join VGM Therapy and be part of something bigger! Welcome to VGM Therapy thumbnail Welcome to VGM Therapy We are so excited to have you. Watch the video below to learn more about your exclusive benefits. Introducing VGM Therapy thumbnail Introducing VGM Therapy VGM is excited to announce the introduction of our newest member community focusing on the Physical Therapy industry- VGM Therapy. Great Opportunity: 2023 Breece Fellowship Announced thumbnail Great Opportunity: 2023 Breece Fellowship Announced The National Association for the Advancement of Orthotics and Prosthetics (NAAOP) has once again opened applications for the George and Dena Breece Fellowship. The Latest in Billing & Reimbursement from Ronda Buhrmester: February 2023 thumbnail The Latest in Billing & Reimbursement from Ronda Buhrmester: February 2023 Read for several billing & reimbursement-specific updates regarding the oxygen policy updates, a reminder on the enrollment contractor, additional HCPCS codes added to F2F/WOPD required list, and continuous glucose monitor HCPCS codes. Timothy VanAntwerp Named Director of Retail Services for VGM & Associates thumbnail Timothy VanAntwerp Named Director of Retail Services for VGM & Associates Timothy (Tim) VanAntwerp has joined VGM & Associates as the Director of Retail Services. In his new role, Tim will focus on assisting members to meet their revenue goals through the implementation of retail sales.