A look at planning for your financial future.
When you decide that the time is right to retire, there are many things to consider and prepare for. One of which is selling your dental practice, which is far from straightforward. But it doesn't have to be an overly-stressful process when you have the right help at your side.
Plan well ahead of time
In dentistry, it pays to be prepared, and so even if retirement is still a few years away, creating a well-mapped strategy will prevent undue stress further down the line. This includes planning for your practice sale. Giving yourself time before you sell to plan appropriately not only helps to reduce future stress but also allows you to maximise the value of your practice, gaining the most competitive deal for yourself. In addition, it gives you time to prepare your team and your patients for the change.
Financial planning is a key part of preparing for your practice sale and ultimately, your future after dentistry. When your financial situation is mapped out clearly, this can provide you with much needed clarity on where you are currently and what this means for the future. With this in mind, you must exercise caution when seeking financial adviser services. They will be working closely with you, and so there are several things to bear in mind to ensure you make the right decision for you.
Your individual circumstances
Every dentist is as unique as the next and so the financial advice you seek should be fit for purpose. Think about what you need from an adviser – do you need additional help with retirement planning? Are you interested in investing once you’ve retired? The experts you collaborate with must be able to support you in appropriate ways.
So, how do you choose the right people to guide you through the process? Their experience is key. Dentistry is a unique career and can be nuanced – so, your financial adviser should have in-depth and constantly-expanding knowledge specifically about the dental sector. This not only helps you now, but an expert will be able to foresee potential challenges on the road ahead and help you plan accordingly. There are numerous, dental-specific circumstances that could impact your practice sale and your retirement, so experience is key to helping you perfect your exit strategy, improve the value of your practice and optimise your finances.
Choose wisely
Not all financial advisers will be able to provide the same type and standard of service. For example, restricted advisers are only able to offer guidance on a narrow range of products and/or product providers – some may recommend services from a single company. Independent financial advisers provide unbiased and unrestricted advice, able to recommend the most suitable solution from a vast range of products and/or product providers across the entire market. Both have their uses, but independent financial advisers have the ability to tailor their services to suit your needs and give you that ‘breathing space’ to get the optimum outcome.
Of course, you can always consider recommendations from family or friends, but it’s still prudent to ensure they can offer you what you’re looking for. Plus, when researching, you can always take heed of testimonials left by previous or existing customers.
Many leading advisers will offer a free consultation, which provides you the opportunity to see if they’re the right partner for you. Bear in mind the adviser’s fee structure – this may be displayed on their website or be available upon request. You may find that some companies use the consultation in order to provide you with an accurate fee for your individual situation. Do your research and don’t settle on the first company you find. Which? recommends gaining three quotes prior to making your final decision.
Financial advisers you can trust
The team of independent financial advisers at Money4dentists are committed to providing excellent service for every client. The award-winning team of advisers have decades worth of experience – with their ‘no one-size-fits-all’ mindset, every client receives a service tailored to their needs. Money4dentists provides support for retirement planning and dental practice sales, alongside a range of other services.
The years leading up to your retirement can be fraught with stress, especially if you have a practice (or several) to sell. Having the right guidance can streamline the process for you, allowing you to plan effectively without any added pressures or hidden surprises further down the line. If you want to start planning the sale of your dental practice to kickstart your retirement, contact an independent financial adviser today.
For more information call 0845 345 5060, email info@money4dentists.com or visit www.money4dentists.com