Sale of Practice, Retirement & Estate Planning
Just like other business people, physicians and dentists need a sound market exit strategy, preferably at the very early stages of practice development. Whether you decide to leave permanently or temporarily, and whether you seek to leave immediately or plan for the distant future, The Stewart Firm has a solution that suits your individual needs.
- Practice Sales and Transfers
One of the worst pitfalls of leaving the practice of medicine or dentistry is that a major part of your goodwill is nearly impossible to transfer. Physician-patient and dentist-patient relationships, regardless of the contractual arrangements between you and your patients, are always individual to you and cannot be sold or transferred in the same way as the goodwill of any other business. However, with the correct guidance from an experienced attorney, most of your patient base can be successfully transferred to your colleagues that wish to step into your shoes. The Stewart Firm will assist you with timely notifying your patients of your retirement, obtaining their consent to the transfer of protected health information, confidential and secure handling of the transition of practice, and all other matters associated with the sale.
Simply leaving your practice when you decide to retire is a malfeasance in the eyes of the law. In order to avoid claims of patient abandonment, you have to notify everyone that you treated within a certain period prior to your retirement for them to be able to secure alternative care. You may also require assistance with winding up your business affairs, such as collecting on the yet-to-be-paid bills, terminating prior engagements, and so on. If you opt to retire without transferring your practice to somebody else, whatever your reasons for doing so may be, our firm will be there to secure a worry-free closure and a maximum benefit from the conversion of your practice assets into your retirement funds.
- Estate Planning & Administration
It is needless to say that everyone needs a will. You may even have one. However, preparing for the unexpected involves one extra step for the physicians and dentists, and your current estate plan may not reflect that. Even though you may no longer be there for anyone to claim against, your estate may be an easy target for a prospective suit. Moreover, your current business arrangements may severely diminish the value of your estate if it is not administered and disposed of properly. Our firm will work on behalf your estate and proactively prepare everything that is required to ensure that a maximum legacy reaches your intended beneficiaries and that your interest in any professional entity is disposed of at its real cost.