Sooner or later, everyone wants to retire. But if you own a dental practice, retirement isn’t just a matter of deciding not to go into the office any more. Besides ensuring that you have enough money to retire on, the question of what happens to the business becomes paramount. Who’s going to manage the practice when you no longer work? How will ownership be transferred? Will your practice even carry on or will you sell it?
Business succession planning seeks to manage these issues, setting up a smooth transition between you and the future owners of your practice. With all businesses, succession planning can be especially complicated because of the relationships and emotions involved – and because most people are not that comfortable discussing topics such as aging, death, and their financial affairs.
Another aspect of successful business continuation is earning the trust and confidence of not only the practice’s patients, but its employees. This means paying attention to the details to retain good employees. Is the work environment pleasant? Do people have the support and technology they need? Do they feel appreciated and a part of things?
Selecting qualified advisors, such as an accountant, attorney, insurance agent and financial advisor can help assure that your succession plan legally, profitably, and affordably considers your needs and objectives, as well as the future owner.