Baltimore Dental Brokerage | How To Sell Your Practice For Retirement
Dental Practice Sales & Transitions
Retirement is a major step in every dentist’s career, and you’ve earned the right to enjoy it peacefully. There are a number of things you can do now that will help you retire with confidence in the future.
Step #1: Set Retirement Goals
Setting goals for your retirement provides you with objectives to work towards 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 have that quality?
Asking yourself these questions can provide a clear direction of your retirement planning.
Step #2: Start Saving Early
Establishing a retirement savings account can make a difference in your quality of life after you retire. There are a number of different retirement plans with their own pros and cons. The best one for you can vary depending 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) IRA – 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 plans are established by companies and offered to employees. Money is taken from every paycheck and transferred to the account, making saving automatic. Note that even though you own your practice and have employees, you can still establish a 401(k).
Step #3: Make Sure to Sell Your Practice To The Ideal Buyer
The transition to retirement isn’t just about matters of money. You’re also stepping back from a business that you’ve built for years. Leaving it in the capable hands of a dental brokerage team is important.
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 office.
Retirement is a process that should begin early in one’s career. It involves careful planning. Our team can aid in the transition. If you’re getting close to retirement and would like expert assistance, contact us today at Schiff Dental Brokerage.