You should also be comfortable with your accountant. There are tax and practice funding requirements that need to be carefully structured to avoid unnecessary tax consequences for the physician, their families and the practice.
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Start these discussions right away, and revisit succession plans at least annually.
“If there is one takeaway, it is that it is never too early to start thinking about succession,” says Mr. Mann. “There is always a point where it is too late.”
Kurt Ullman has been a freelance writer for more than 30 years and a contributing writer to The Rheumatologist for 10 years.