• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Considerations when buying a practice


IRA conversion, practice buying considerations are addressed

Q:I'm a young doctor, and the plan is that I take over my father's and his partner's practice in the next few years. As exciting as it may be, I have some concerns about retaining the value of their practice, preserving the assets they have worked so hard to develop, and continuing their legacy as caring and nurturing doctors. What suggestions do you have to help us through their retirement transition?

Retirement income needs of the senior sellers need to be determined in terms of dollar amounts and the flow of the dollars to them over time. Often, in a family arrangement, the sellers will finance the sale over 10 or 20 years at a reasonable interest rate, which allows the junior buyers to purchase with low or no money down and to spread the payments out over time. Doing so allows the future cash flow of the practice to pay for the purchase more comfortably while allowing the junior purchaser, through salary and profits, to afford the desired lifestyle for his family and contribute to a retirement plan.

Dan Deighan, CLU, CFC, is founder and principal of Deighan Financial Advisers in Melbourne, Florida. He has counseled clients since the firm's inception in 1974. Learn more by visiting http://www.deighanfa.com. Send your money management questions to memoney@advanstar.com

Related Videos
Robert E. Oshel, PhD
Gary Price, MD, MBA
Jolie Apicella, JD
Victor J. Dzau, MD, gives expert advice
Ron Holder, MHA, gives expert advice
remote patient monitoring
no shows
© 2023 MJH Life Sciences

All rights reserved.