An Exit Strategy For Dentists
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Many dentists who own their own practice can relate to this predicament when getting ready to sell and retire. While selling a practice may seem overwhelming, keep in mind an exit strategy is a process, not an event. Here are some steps to take with your dental advisor to ease your stress and prepare for a smooth transition:.
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Do you want to participate in the business after selling your interests? We suggest practice owners surround themselves with trusted advisors who know the dental industry as well as professional services. A team of advisors can illuminate the path to sound personnel, practice management, and financial decisions that will reap the greatest valuation at a future date.
They can balance the needs of the owners with the ongoing requirements of the business. And they can help both sides of the transaction manage their respective cash flows, tax liabilities, and overall financial well-being to best advantage.
How to Create an Exit Strategy for Your Dental Practice
Doug has over two decades of experience as a CPA and finance professional. His insight as a dental CPA allows him to effectively communicate business concepts to dental practices while strategically addressing tax, investment, and retirement planning…. Are you a benefits recipient or looking for help with your client account?
Making Financial and Tax Projections.
View in Google Maps. One thing in life is certain, everything comes to an end.
How will you leave your legacy? If only I had prepared myself years ago. If only I hadn't taken my foot off the gas in my practice? If only I had taken more time on the more important things in my life. Leave a legacy you can be proud of without regret. Light Dinner Served.
No CE available. Since its creation, the Dental and Medical Counsel PC law firm has become regarded as one of the preeminent health care law firms devoted exclusively to healthcare professionals. His clients seek his advice on practice acquisitions and sales, creation of corporations and partnerships, associate contracts, estate planning, employment law matters, office leasing and state board defense. This is a hypothetical example for illustrative purposes only; your personal situation will vary.
Planning to Sell Your Practice? | Aldrich Dental
Consider that most dentists today practice in one of the following situations:. Since these dentists will not have a business to transition from, they should be saving the most today. Dentists in either an individual or group practice. The majority of dentists practicing today fall into this category. The self-employed practitioner generally chooses one of three paths: 1. The default and most common scenario — work until you are old and tired. Then, walk or be carried away.
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From a financial planning standpoint, this dentist is rarely better off than his or her career associate employees. Deliberately transition from a mature and profitable business. This is slightly better from a financial planning perspective. Of course, practice brokerage fees and taxes must be paid, so the retiring doctor is often surprised at how little money ends up in the bank.
The group dental practice model. This strategy is optimal because of the tax-efficient potential to rapidly grow wealth and significantly lower the level of monthly savings needed to achieve the same retirement goal. This is kind of like suggesting that you could save money by riding the bus to work each day — true, but you would have to ride the bus to work each day!
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