You may or may not have an exit strategy in mind yet, but either way, a poorly planned exit can cost you a lot of money, noting that once your income stops, you will have been accustomed to a certain type of lifestyle. Experience has shown that you need to start planning and preparing for retirement 5-10 years before you retire.
Many “retirement planners” do not specialize in dentistry and so they do not understand your business. They also typically work in silos and so do not look at the big picture plan, as other areas of your tax* and financial planning have overlap strategies that can put money back in your pocket.
We therefore know what data sits in the practice database that brokers use to evaluate a practice. However, we also know that the value of a practice should not be derived only from the past 1-3 years billing, the capital equipment and age of the equipment. Unfortunately, this data alone does not give the full value of a practice. There is other intrinsic value in your practice that you should realize in the sale of your practice. Your retirement depends on it.
The TMFD Financial team can help you with identifying your target retirement number, and how to position yourself for a successful retirement. The subject areas we would evaluate for your personal plan include, but are not limited to:
We welcome you to contact us today for a complimentary consultation.