3 Steps to Selling Your Dental Practice Before Retirement | Baltimore Dental Brokerage
Dental Practice Sales & Transitions
If retirement is in your near future, or you’re planning ahead, make sure you are prepared to sell your practice as part of your financial planning. There are several things you can do now that will help you retire with confidence in the future.
Step #1: Set Retirement Goals
Before you think about selling your practice, it is vital to set goals for your retirement years. Goal setting provides you with objectives to work toward every day. Ask yourself some of the following questions.
- By what age do I want to retire?
- How much money would I like to have when I retire?
- What quality of life do I want when I retire?
- How much do I need to save to reach my goal?
Asking yourself these questions can provide clarity as you look ahead.
Step #2: Start Saving Early
Establish a retirement savings account as soon as possible. It can make a difference in your quality of life after you hang up your lab coat. There are a number of different retirement plans, each with their own pros and cons. The best one for you depends on your needs. Some of the most common retirement plans include:
- Individual Retirement Arrangements (IRAs). This is a personal retirement account that you can open and fund yourself.
- Savings Incentive Match Plan (SIMPLE). SIMPLE IRAs are set up by employers. They are required to contribute savings to the plan, and employees can contribute, as well.
- 401(k) Plans. These are set up by companies and offered to employees. Money is automatically deducted from every paycheck and transferred to the account, making saving easy and relatively painless. You can establish a 401(k) even if you are a sole proprietor and have employees.
Step #3: Make Sure to Sell Your Practice to The Ideal Buyer
Now that you have established retirement goals and are working toward them, the next step is outlining a transition plan. It can be difficult to step back from a business that you have spent years building. It would be easy to just walk away, but most retiring dentists want to ensure the buyer is a good fit for the patients.
One way to help ensure a mutually beneficial sale is to put the transaction into the hands of an experienced dental brokerage team.
The process of transferring out of an ownership role requires specific, intricate steps. Our team will assist you in this process and in finding the right buyer. By letting us handle the details of the transition, you can focus on providing quality care to your patients, while confidently leading your team until the last day in your Townson, MD Dental Brokerage office.