Setting the healthcare and social assistance industries up for a better future
As Australia’s healthcare system becomes more connected and person-centred than ever before, the rise of chronic disease and the possibility of epidemics like COVID-19 challenges it to build resilience and capacity in times of change.
While traditionally managed across federal and state lines and between public and private models of care, we have seen the whole sector come together to tackle the current challenges. Key trends that are shaping the sector and driving growth include:
Australia’s ageing population
Technologies that maximise good patient outcomes
Managing capacity while increasing patient throughput
High but decreasing industry assistance
The rapid pace of change
At Fortitude, we work with businesses in every sector of the Healthcare and Social Assistance industry, bringing our wealth of knowledge and extensive experience to help you achieve the profitability, security and lifestyle you seek.
Case study: Succession planning and inter-generational business transfers
In any industry, succession planning is a vital aspect of transitioning wealth from one generation to the next.
A chiropractor with decades of owning and operating a successful practice behind him wanted to hand his practice over to one of his children. He sought to pass on the goodwill he’d generated without incurring significant tax bills or disrupting his many happy patients.
How we helped
We began the succession planning conversation several years prior to the client’s retirement. At that time, his son was working for a practice overseas. We:
Ensured the parents were financially secure and not reliant on practice income or any sale proceeds
Ensured the parents’ wills were up-to-date, properly addressed the gift of the business to the son, and provided equity among the rest of the clients’ children (a precautionary step to avert potential disputes)
Provided the son with an appropriate business structure without interrupting the business or triggering any capital gains tax
Secured the parents’ other assets in appropriate asset holding entities and leased the practice premises to the son
Transitioned patients and business operations over two years while the father stepped away from full-time work and business management.
Their business seamlessly transitioned from one generation to the next, while ensuring:
The parents were secure in their retirement.
All children were treated fairly and equitably.
Patients were well cared for.
The son had a major head start in life and was able to reinvigorate the business with the passion and enthusiasm of youth.