Professionals · Also relevant
Plan the exit long before the exit
A practice transition is a financial event, a tax event and a personal one. The owners who do well start the work years ahead of the closing date.
The transition sequence
- Step 1
Define the outcome
Sale, associate buy-in, merger or gradual wind-down.
- Step 2
Prepare the corporation
Clean up structure, surplus and agreements ahead of time.
- Step 3
Fund the agreement
Insurance and financing behind the buy-in or buyout.
- Step 4
Plan the after
Convert proceeds into a retirement income plan.
Start the succession conversation
There is no wrong time to begin, but earlier is always cheaper.
Information on this page is general in nature. Recommendations depend on your circumstances and may involve coordination with other licensed professionals.