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Do you know your escape velocity?

Posted on August 15, 2023 in Articles & Frank Taylor & Associates

Until today, the expression was unfamiliar to us too. It appears to denote the speed at which one can finalise the sale of their business.

Our most accomplished clients are thoroughly prepared and possess the ability to rapidly conclude transactions, wrapping up all loose ends within a span of 120 days. We refer to this as achieving a “120-day escape velocity.” The completion involves receiving the entire payment in cash, eliminating the need for a transitional phase.

Attaining liberation from business ownership is undeniably satisfying, isn’t it?

To ascertain your personal escape velocity, consider this: How swiftly could you feasibly be prepared to sell your business?

One vital consideration is whether you and your spouse share the same perspective on this decision.

Instances exist where professionals, such as principals consumed by their demanding practices (the very sources of their stress!), have sold their practices only to realise that their spouses weren’t yet ready for such a transformational move. This regrettable scenario has led these professionals to re-enter work – a predicament worth avoiding. Trust us, once you step away, the last thing you’d desire is to return, a sentiment shared by retirees.

On the contrary, certain individuals have spouses eagerly anticipating their retirement, yet they delay the sale excessively. Regrettably, due to advancing age and physical frailty, their envisioned extensive travels become limited.

Post-sale, it’s imperative to evaluate your household and travel expenditures to gauge your immediate financial requirements and long-term savings. Will your post-ownership spending pace exceed your capacity to fund your newfound zest for life? In simpler words, will your savings and retirement income suffice to sustain your desired lifestyle?

Most individuals find contentment with their existing circumstances. Once we step away from the “wheel of fortune” that is work, we often curtail our expenditures.

Here’s some 10-second investment advice:

  • Talk to a qualified, financial adviser who understands the unique nature of dentists and how the dental profession operates. For example, the NHS pension is a minefield.

Knowing when to sell:

  • Determining the opportune moment to sell is profoundly personal, and you’ll recognise it when it presents itself.
  • If you often find yourself waking up with work-related anxiety multiple times a week, it’s likely a sign that you’re primed for retirement.
  • As a broker, we’re available to assist you in valuing your enterprise and guiding you through the process of selling at the right time.

The timing of the sale remains entirely under your control.

Anyone who asserts “Now is the time” is essentially speculating – at best. What do they truly comprehend about your circumstances?

Trust your instincts.

The next steps:

We recommend that all dental practice principals possess a comprehensive practice valuation.

Take a moment today to draft your own resignation letter. It’s an invaluable exercise.

Be the individual who’s well-prepared to sell.

Unexpected events can materialise when least expected.

Require a discreet discussion about all of this?

Feel free to directly reach out to us on 0330 088 1156 or email us.

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