CONTACT US

 

Practice Transition Association

100 South Saunders Street

Suite 150

Lake Forest, Illinois 60045 

 

Phone: (847) 780-7070

 

Business hours:

By Appointment Only

 

“Someone’s sitting in the shade today because someone planted a tree a  long time ago.”  


- Warren Buffett

Practice Transition Association

The Practice Transition Association is a team of highly qualified independant service providers assisting medical, dental, and veterinary practice owners to plan and execute exit strategies.  

 

A health care practice goes through many transitions, some planned and some unplanned.  How solid is the legal, tax, and financial foundation for your health care practice?  How will your practice weather the transitions to come?  The members of the Practice Transition Association give you the answers.

You have spent your life building your practice.  Now that you are ready for the next chapter of your journey, we can help you to maximize the value of your practice and structure its simless transition.  Due to such an overwhelming supply of practices for sale and a limited number of qualified buyers, the practice transition landscape will likely experience a dramatic change.

  • The baby boomers turning 65 at a rate of 10,000 a day.* 
  • It is projected that 1 out of 2 businesses are going to be for sale within the next 10 years.**
  • 96% of the polled boomer business owners understand that an exit strategy is important, but 87% of them have no exit strategy.***

 

A health care practice goes through many transitions, some planned and some unplanned.  How solid is the legal, tax, and financial foundation for your health care practice?  How will your practice weather the transitions to come?  The members of the Practice Transition Association give you the answers.

 

Unlock Your Practice

The business with the most value is the one that has been planned and prepared for transition long before the contemplated transition.  A health care or dental practice is no different.

 

By starting early, you’ll have the confidence and peace of mind that comes from closing gaps in your legal, tax, and financial foundation.  Most successful practice transition plans contain

the same basic steps:

 

Assemble your practice transition team Your team may include a banker, business attorney, accountant, financial planner, appraiser, and estate planning attorney. 

 

Set your practice transition goals Answer the questions important to your personal and practice objectives.  “When do I want to retire?”  “How much money will I need?”  “Who do I want to take over my practice?”  And the most important question, “do I know

how to achieve my goals?”

 

Prepare your practice for transition Examine the legal, tax, and financial strengths and weaknesses of your practice.  Prepare a plan that puts your practice in the best possible position for transition.

 

Implement your practice transition plan Prepare or update your estate plan, buy-sell, and asset protection documents, the critical business and practice enhancement processes, and your tax and financial plans.

 

Review your plan to stay on course.  Stay on top of your financial and estate plans via periodic reviews with your practice transition team.  Make sure the plans you prepared are on track and still meet your goals.

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