Part 6: Keys to maximizing your practice value: have a contingency plan for death & disability

Practice value can deteriorate rapidly upon the death or disability of the practice owner. Therefore, it is crucial to have a contingency plan in place should an unfortunate event occur. First and foremost, notify your spouse, and/or attorney, of the time sensitivity associated with a practice sale upon your death or disability. I advise you to interview brokers now and make a selection now. Secondly, ensure your family knows who to contact to facilitate the sale of the practice. Lastly, make sure that all practice financials and management reports are easily accessible.

We can also offer a pre-death and disability planning, which includes an appraisal and a directive as well as other essentials. By planning ahead and focusing on these key factors, you can rest easy knowing that you will be in the position to maximize the value you receive when it's time to sell your most valuable asset.