Planning for Retirement: Bringing In An Associate

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Many veterinarians use the practice that they have built up over a lifetime of hard work as their “retirement account.” Unfortunately, unless they have planned properly, that “account” might not have the value that the veterinarian thinks it should have when the time to retire is at hand.

Credit: Photos.com You should plan for your retirement and decide who will take over your practice.

Credit: Photos.com You should plan for your retirement and decide who will take over your practice.

At the 2013 AAEP Business Education Focus meeting, Charlotte A. Lacroix, DVM, JD, and James E. Guenther, DVM, MBA, MHA, CVPM, AVA, discussed how to help you successfully plan your exit from veterinary practice. In this article we’ll hear tips from Guenther and Lacroix on options that you should consider.

“There is no better time to plan for the future than right now,” stated Guenther. “Most exit planners state that it will take at least three to five years to have the practice in a strong position to garner the most for the business (when it is sold).”

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Planning for Retirement: Bringing In an Associate