You worked hard your entire life to build your medical practice, and now you are ready to enjoy retirement. Regardless of whether you choose to sell your practice or gradually wind it down over a period of time, you must take certain legal steps before you can leave.
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January 2016Deciding to Retire and Making a Plan
Once you decide to retire, it is critical to inform your team of advisors of your decision, including your attorney, accountant, insurance agent, and financial planner. Provide your advisors with as much time as possible to ensure that each one has sufficient time to take the necessary steps to assist you in closing the practice. If you are selling your practice, it is best to allow additional time for contract negotiation with the prospective buyer. In addition, you will need to introduce your advisors to each other so they can coordinate efforts. It is important to delegate one advisor as the “team lead.” This individual should be the one most involved with closing your practice and will usually be an attorney or accountant. This person can help you develop a checklist with corresponding due dates for steps to be completed. These steps, and recommendations for timeframes for completion, are discussed below.
Contract Review
Timeframe: Complete as part of your initial decision to retire.
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