Exit planning for dental and medical professionals
While leaving pensions and investments to IFAs, as a specialist firm of dental and medical accountants, Figurit can help prepare for your exit.
Exit planning is not something that you should start thinking about just a couple of years before you are ready to start winding down; it’s a process best started early, with a plan that is regularly reviewed and updated.
People often put off exit planning because it’s complicated. There are a lot of things to consider; but remember, plans can be changed. Preparing as far in advance as possible just gives you more information to make the best decisions.
We can help with the things you need to be considering as you start your planning:
What are you going to do when you exit your business?
Some retired professionals like to keep working; others want to do something completely different. Whatever your plans are, your retirement funds and/or reduced income will need to cover all your expenses.
Take a hard look at your practice finances
If you’re planning to sell the practice, you need to start planning three to five years’ ahead of time. To make it as attractive a proposition as possible, a practice owner needs to think about increasing the number of patients, reducing overheads, updating the equipment and décor, updating administrative and clinical procedures, increasing revenue and improving team performance – and more. We can help identify what needs to be done.
Analyse your personal finances
One issue that people face on exit is living within their budget. We can assist you by taking a good look at your personal finances prior to selling up and stopping work. Saving should be a high priority, especially as you move closer toward retirement.
Create an estate plan
Estate planning is an integral part of protecting your personal finances. We’ll work with you and an authorised financial planner to make sure that all your assets, insurance policies and financial needs are considered. Estate planning can be revised as life situations change. Preparing a Will allows you to plan for exit and the needs of your spouse and family, in the event of illness or death.
Have a succession plan
You need to consider how the business will carry on after you’ve entered retirement. If you own the commercial property your practice is located in, do you plan on selling property and practice together? Are you planning to sell to a colleague? Do you have partners who you would like to sell your share to, or perhaps you’d like to sell to a corporate? All of these things mean taking steps to prepare the practice, your team members and patients. We can help with this.
There are tax traps – as well as opportunities – at every turn. At Figurit, we use our skills as specialists to the dental and medical sector to help you maximise your exit.
Supporting practices in London and throughout the UK
To learn more about how our services can support you and your dental or medical practice and receive a free no-obligation meeting, contact us by calling us on 020 7376 9333 or use our contact form.