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Business successions for solo practitioners

On Behalf of | Feb 24, 2021 | Estate Planning

Whether you are a physician, veterinarian, attorney, accountant or other licensed professional, you face unique risks if you operate a solo practice. This means planning for incapacity and death falls directly in your hands to a greater extent than if you worked for a large corporation that has a framework of programs and benefits in place.

Taking a few simple steps today can give you the peace of mind that your loved ones as well as your clients/patients will be protected in the event you are no longer able to watch over your practice in person.

Safeguarding your practice

You can get a strong start in the process of safeguarding your practice by taking a few simple steps today:

  • Buying insurance policies: From disability insurance to business interruption protection, having strong policies in place can ensure you and your practice are protected in the event of a loss.
  • Managing ethical responsibilities: It is one thing to meet your ethical responsibilities while you are practicing, but another when record management and bookkeeping are out of your hands. By planning ahead, you can establish plans to help agents, representatives and other parties navigate legally sensitive issues such as patient confidentiality.
  • Establishing a succession agreement: Do you have a colleague or perhaps a family member who will be taking over your practice? By thoroughly planning the succession of your business assets, you can ensure a smooth transition.

Whether you are actively planning your retirement, or it is far on the horizon, you can gain peace of mind by planning today. An attorney who is experienced in both business law and estate planning can help you navigate the process.