If you’re contemplating how to prepare the exit strategy for your company, improving your method of dental practice management can help make the transition more beneficial to you and all involved. When you need thorough, informed dental consulting, turn to the experienced professionals at the Arkansas-based Level 5 Dental Consulting,
As you create an exit strategy, be mindful of these factors:
- Timing: Begin developing your plan as early as possible. Many dental professionals delay until approaching retirement, but procrastination comes with the opportunity cost of increased value and preparedness.
- Financial Needs: Consider your individual needs and the life you hope to have following your exit from the practice. What are your current cost of living and minimum requirement for expenses? Do you have fixed, recurring costs? By weighing this along with the full scope of your assets, you can have a comprehensive plan that preserves your quality of life following the transition.
- Individualized Strategy: Your dental practice management plan will also depend on the scale of your enterprise. Options include selling the practice’ s building and other assets but be mindful of how the bottom line will look after taxes and other fixed fees. For some practices, dental practitioners use a group model that allows associate dental professionals to buy into the business prior to retirement, using the final proceeds of the practice’ s sale to fund its pension plan. With this route, a practice can collectively build wealth for its employees without punishing taxes, but it’ s also much more entrepreneurial and can involve complex business processes and legal issues.
Preparing for your next phase in life is challenging and inspiring, and dental practice management can positively impact the process. A dental practice consultant at Level 5 Dental Consulting will be able to use years of professional experience to create an individualized, adaptive plan for you. Call Level 5 Dental Consulting at (501) 483-3939 or visit online to explore their others areas of expertise, including dental staff training and transitional planning.