Preparing for retirement

Retirement is an emotive subject, but if you have your own business there is far more to consider than just giving up work. This is especially true for dentists who will have spent many years and invested so much in building and managing their practice.

Being a dentist is about caring for people, and a practice is the culmination of a life-long dedication to providing this invaluable service, so choosing to sell or close a practice can be a difficult decision to make. In most situations, selling the practice would offer the best financial outcome, providing a substantial lump sum with which to start retirement.

The sale of part or all of a practice is one of the most important, and probably one of the most stressful transactions of a dentist’s professional life. There are many things that must be considered, beyond just the bricks and mortar. As with all big life changing decisions, preparation is key, so it is important to ensure that all the necessary elements are covered so the process can run as smoothly as possible.