Successful Exit Strategies
It is never to early to begin your exit strategy! In fact you need to begin with the end in mind. At BCS Leadership we realize that this seems quite premature to many of the doctors that are just beginning their careers and the biggest concern is the looming student loans.
In fact, this is the exact time that the most successful doctors begin to plan with the end in mind. Based on many of the best financial studies, they will tell you that you need to know what your ‘fixed’ expenses will be at that point when you choose to retire and what will be the monetary requirement in order to live your life and not worry about those expenses, and then we have a starting off point. From a planning perspective we must then work backwards and determine what amount of money will be required to be in your portfolio in order for this to happen.
Have you asked yourself the questions:
- How long will I practice dentistry
- In what capacity will I practice, and until what age
- Will I hire an associate to work my practice as I start to slow down in my career
- Will I sell a portion to an associate
- Will I sell the entire business at one time
- Will I want to hold back and finance some of the monies of the sale is order to fund my lifestyle over the next 15 years
- The questions are endless
Have you started the conversation yet? If you haven’t, it is the perfect time to call our office and begin the conversation with the end in mind. Your profitable, planned and enjoyable transition! CALL TODAY 480-452-1070
CALL TODAY 480-452-1070