Retiring Dentists
Whether or not you have an exit strategy in mind, it’s important to understand that if it’s poorly planned, it can cost you a lot of money. Remember, once your income stops, you’ll have been accustomed to a certain type of lifestyle that you’ll likely want to maintain. Experience has shown that you need to start planning and preparing for retirement 5-15 years in advance.
Many “retirement planners” do not specialize in dentistry and therefore don’t understand your business. Since they typically work in silos, they fail to consider the broader perspective. TMFD Financial recognizes that other areas of your tax and financial planning contain overlapping strategies that can put money back in your pocket.
We are aware of the data stored in the practice database used by brokers to evaluate a practice, and that it does not accurately reflect the full value. The value of a practice should not be derived strictly from the past 1-3 years billing, the capital equipment and age of equipment. There is other intrinsic value in your practice that you should realize upon its sale. Your retirement depends on it!
The TMFD Financial team can help you identify your target retirement number and position yourself successfully. The subject areas we would evaluate for your plan include, but are not limited to:
Tax & Financial Planning
Preparing practice for sale
Written retirement plans with Individual Pension Plan in place
Estate planning
Reviewing share sale or asset sale
Associating after sale
Comprehensive investment strategies for retirement income
Tax planning from relevant income sources
We welcome you to contact us today for a complimentary consultation.
Complimentary Practice Purchase Assessment
If you’re in the process of acquiring a dental practice, our Practice Purchase Assessment will provide you with the clarity and confidence you need to make the right decision. Our in-depth analysis includes:
Cash flow projections
Loan repayment assessments
Identifying strengths and areas of concern
No matter where you are in your dental career, TMFD Financial is here to provide expert guidance on the complexities of practice ownership and acquisition.