BC Advantage - 2014 Issue 12

Understanding Succession Planning

Introduction:Dr. Smith has been practicing as a solo practitioner in New York for many years; although he currently has a very successful practice, due to personal circumstances, Dr. Smith is ready to retire.  As retirement approaches for Dr. Smith, what are his options with respect to his medical practice?  Dr. Smith has essentially two options: he can either sell his practice or just close shop .   Although Dr. Smith would ideally like to sell his practice, the unfortunate reality is that his practice will not be worth as much to a potential buyer since the potential...

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