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    Goodwill hunting: Branding and tax implications

    Two experts offer advice designed to help you when it comes time to plan for transition or retirement.

    When it comes to transition or retirement, dentists have several options.

    They can sell their practices, find associates or simply throw their hands up and reduce office hours and production until they end up closing shop. One option dentists don’t have, however, is to cross their fingers and hope for the best. Ideally, a doctor should start planning for retirement a minimum of five to 10 years ahead to fully maximize the value of the practice he or she has spent so many years carefully building.

    Planning for transition is a process, one full of many variables, but dentists nearing retirement age can take the guesswork out of the process by keeping the intersection of two important areas ­— branding and tax implications — top of mind.

    Related reading: The importance of becoming a digital dentist

    What’s in a name?


    Some dentists believe it’s best to leave the rebranding process up to their successor so the new dentist can do whatever he or she wants with the practice name after taking it over. While that may at first seem logical, it is actually an inherently flawed plan. In reality, taking the steps to rebrand the practice and develop a transferable asset, and an identity within the community that transcends the identity of the practice owner prior to retirement, will pay off in dividends upon retirement.

    In fact, doctors within five or even 10 years of retirement should consider changing the name of the practice well in advance of a potential practice sale to prime the pipeline of potential buyers. After all, what is “Jess Jones DDS” really worth without Dr. Jones?

    More from Naomi Cooper: Top tips for designing a modern dental practice website

    Continue reading on Page 2 ...

    J. Haden Werhan, CPA/PFS
    Feel free to contact J. Haden Werhan, CPA/PFS, principal and owner of Thomas Wirig Doll, an accounting and wealth management firm that ...
    Naomi Cooper
    Naomi Cooper is President of Minoa Marketing and CEO and CEO and co-founder of Doctor Distillery. Naomi is a respected dental marketing ...
    E-BOOK: The Dentist's Definitive Guide to Investing in 2016 - Download now!

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