The decision whether and how to best transition out of your business is seldom easy. Several key factors may include: (i) financial needs moving forward for you and your family; (ii) your desire to remain involved in the business in some capacity; (iii) the involvement of business partners and/or family members; (iv) the impact of income and/or estate taxes; and (v) market conditions.
Realizing the dream of owning your own medical or dental practice takes forethought and careful planning.The financial considerations are key to helping you make the decision to step out on your own and start your own practice.What type of medical practice financing do you need to make this dream a reality—a term loan or a line of credit, or both—and can you afford to take this next step?Starting with a review of your finances and cash flow needs is an important first step.
Learn about succession planning strategies business owners. Lack of proper succession planning is a surefire way to lose the family business you’ve worked so hard to create.You can implement a number of business transition strategies to help you maximize your legacy’s ultimate value.As your family and business change, so should your plans for their futures.