A common question practice owners ask themselves is: How can I use my private practice to retire with $2 million or more to replace my $150,000 per year salary? Here’s the answer to that question.
Net cash flow is a barometer by which the health of the practice is measured. It is also a primary component of a practice’s value. As cash flow increases, the practice value increases. Here are some of the best ways to boost your practice’s cash flow.
Before we can look at what happens in a bad deal, we must first understand the three central components of a good deal: Both the buyer and seller agree the price is fair, the terms are fair to both sides, the buyer is able to pay the price, and there are no hidden time bombs in the practice. If any of these components break down, then the deal devolves into a bad deal, and will eventually fall apart.
When graduating optometry school, retiring from practice seems a lifetime away. But there are steps you need to take in each phase of your career, including at the beginning, to eventually be able to retire without financial worries.
As you build your practice, there comes a point when you should focus on building your own wealth, or retirement savings. Follow these guidelines to set goals for a more secure future.
Practice ownership should be viewed as part of a career path with distinct entry points, a wealth-building phase and an exit strategy. Here’s how to make that last phase—the exit—a success.
Building your practice takes more than increasing patient volume and practice revenues. You need to make a financial plan and strategic investments. Here’s how to do that.
Success in practice has many definitions. Here’s how to plan for long-term practice success, and how to implement a value-building strategy to ensure that you…get there.