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Physicians often count on the eventual sale of their practice to fund their retirement.
Q: Will the sale of my practice fund my retirement?
If you are depending on the sale of your practice for part of your retirement, the sooner you begin the process of identifying a buyer and planning for the eventual sale, the better. While you are building your practice and its value, it is important to develop an exit strategy by forging strategic relationships with younger physicians or merging with a larger group and planning in advance on how to structure the sale. Waiting until five years before your optimum retirement age is not enough time.
Send your money management questions to firstname.lastname@example.org (please include your regular postal address). The answer to our reader's question was provided by Carlo Panaccione, principal, Navigation Group, Redwood Shores, California.