Selling Your Practice in Order to Retire | Schiff Dental Brokerage
Dental Practice Sales & Transitions
Retirement is an incredibly significant milestone in every dentist’s career, and you have earned the right to enjoy it peacefully. There are a number of things you can do now to prepare for retirement with confidence.
Step #1: Determine your retirement goals.
Having retirement goals provides you with an objective to strive for each day. Take a moment to ask yourself the following questions:
- At what age do I intend to retire?
- When I retire, how much money would I like to have?
- What is the quality of life I would like to enjoy when I retire? In order to achieve that level of quality, how much money should I save?
When you ask yourself these questions, you will be able to establish a clear direction for your retirement planning.
Step #2: Begin saving as early as possible.
It is critical to establish a retirement savings account in order to improve your quality of life after retirement. In terms of retirement plans, there are a number of different options, each of which has its own advantages and disadvantages. Depending on your needs, you may be able to find the most suitable one for you. The following are some of the most common retirement plans:
- Individual Retirement Arrangements (IRAs): An IRA is a personal retirement account you can establish and fund on your own.
- The Savings Incentive Match Plan (SIMPLE) IRA is established by employers. In addition to employers contributing to the plan, employees are also encouraged to contribute.
- 401(k) Plans: These plans are offered to employees by companies. Automatically, money is withdrawn from each paycheck and transferred to the account, making saving effortless. Even if you own your practice and have employees, you can still establish a 401(k).
Step #3: Ensure that your practice is sold to the right buyer.
It is not just about money when it comes to transitioning to retirement. You are also stepping back from a business that you have built over the years. It is wise to entrust it to a dental brokerage team with extensive experience.
It is necessary to follow specific, intricate steps in order to transfer control of the business. Our goal is to assist you with this process as well as find the right buyer.
Let us handle the details of the transition so you can focus on providing quality care to your patients. In addition, you can confidently lead your team until the very end.
It is critical to begin planning for retirement as early as possible in one’s career. It requires careful planning. We can assist you with the transition. Get in touch with us if you are getting close to retirement and would like expert assistance.