Five Transition Planning Mistakes
When planning to retire, or leave the work force many people make mistakes. These mistakes range from decisions made early in the practice to poor decisions made right before leaving the practice. While it may not seem like a mistake at the time, during retirement or later in the process, you eventually realize it was. Without knowing these planning mistakes, you can affect the sale of your practice. In Practice Sales California or wherever you may choose to relocate if you plan on doing so, practice sales are hindered by these five transition planning mistakes.
While some practitioners are aware of the value of their practice, others are not. It may seem obvious, but it is important to get an expert valuation of your worth. This does not matter if you are selling to someone within your practice, or to an outside buyer. You must know how much you need to earn. While you may have been saving or planning for retirement in some other way, this is the one of the most effective ways to earn a large amount for your ‘other’ life. A professional that is credentialed and with demonstrated expertise can perform this important valuation for you, such as those at Premiere Practice Transitions.
You finally realize it’s time to end your practice, but you have no buyers lined up. Moreover, you have no understanding of how to list your practice. You would not necessarily want to list your full dental practice in the classifieds of your local newspaper. You rely then, on word of mouth from a network that may too be the same age as you, transitioning into the retired life. At Premiere Practice Transitions, we help with practice sales. With more than 20 years of experience, and an extensive network of buyers and practice listings, we fully expose your practice for individuals in the market.
At the first thought of retiring so many years ago, you most likely hired a bright, young dentist. You did this, in hopes that they would show promise, and perhaps buy the practice from you. Now the time has come, and that original conversation is causing a bit of contention. An associate arrangement still seems possible for the two of you, but you need help. At Premiere Practice Transitions, we deal with step-by-step transition plans for practice sales. We ensure that everyone remains involved, and in agreement throughout the process.
Life changes quickly and often means you must move around, moving your practice with you. If your practice or the practice you wish to purchase has been bought and sold multiple times, there may be multiple details involved in its transfer. Because of this, practices sales California are more complicated than simply signing some paperwork.
Often one only considers the building that a practice is in as the only asset that they need to liquidate. However, there are far more things to consider. Sometimes there may be more things wrapped up in the details, that take far more time. That well-earned vacation to the Caribbean may have to wait while accountants and suppliers are sorted out, as well as attorneys you may have had on hand.
When transitioning from life in the active workforce to that as someone who is retired, there are many details to look after. In the details, mistakes are often made. They vary from overlooking a professional valuation of your practice, to legal matters that need to be tied up neatly before you finally relax.
Premiere Practice Transitions will help you avoid these mistakes and more!