{"id":50848,"date":"2024-03-22T07:37:50","date_gmt":"2024-03-22T11:37:50","guid":{"rendered":"https:\/\/wwwprodaz.fprofessionnels.com\/?p=50848"},"modified":"2024-08-07T15:07:35","modified_gmt":"2024-08-07T19:07:35","slug":"sell-my-dental-practice-and-secure-my-retirement","status":"publish","type":"post","link":"https:\/\/www.fprofessionnels.com\/en\/sell-my-dental-practice-and-secure-my-retirement\/","title":{"rendered":"Sell my dental practice and secure my retirement"},"content":{"rendered":"

The couple\u2019s financial and legal situation<\/h3>\n\n\n\n\n\n\n\n
<\/td>\nJohn<\/strong><\/td>\nSylvia<\/strong><\/td>\n<\/tr>\n
RRSP account<\/strong><\/td>\n450\u00a0000\u00a0$<\/td>\n250\u00a0000\u00a0$<\/td>\n<\/tr>\n
TFSA account<\/strong><\/td>\n100\u00a0000\u00a0$<\/td>\n90\u00a0000\u00a0$<\/td>\n<\/tr>\n
Non-registered account<\/strong><\/td>\nN\/A<\/td>\n40\u00a0000\u00a0$<\/td>\n<\/tr>\n
Pension plan<\/strong><\/td>\nNo<\/td>\nNo<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
  • The couple live in a de facto union in a comfortable house in Laval, of which John is the sole owner. The fair market value of the house is approximately $1.5 million, and the mortgage was paid off last year.<\/li>\n
  • Located in a busy shopping mall, John’s dental practice has just generated record income. His lease is due to expire within the next year.<\/li>\n
  • John has no pension plan, but has always maximized his RRSP and TFSA, on the advice of his financial advisor. Incorporated for over ten years, he has accumulated approximately $550,000 in his company.<\/li>\n
  • John had his will redrafted a few years after meeting Sylvia, but has not reviewed it since. He would like to ensure his wife’s financial security in the event of his death. Unfortunately, he does not have a very good relationship with Sylvia’s children.<\/li>\n<\/ul>\n

    \u00a0<\/u><\/strong><\/p>\n

    How to prepare for retirement and achieve financial stability?<\/h3>\n

    At 58, John has been thinking seriously about retirement for some time. Since managing his staff has become a source of stress that is causing sleepless nights, he would like to sell his practice as soon as possible and retire within five years. His goal is to make the most of this new stage of life from a financial standpoint, while ensuring that he doesn’t run out of money. He has little concern about leaving an inheritance for his children, who already have stable, well-paid jobs, and will be the beneficiaries of a substantial life insurance policy.<\/p>\n

     <\/p>\n

    Points to consider<\/u><\/h4>\n
      \n
    • John is increasingly concerned about selling his dental practice<\/strong>. He has questions about the selling process and doesn’t know where to start.<\/li>\n
    • Having invested some thirty years in his practice, he wants to optimize the financial aspects<\/strong> of the transaction and know what mistakes to avoid<\/strong>.<\/li>\n
    • John wonders whether he’ll have enough money to maintain his current standard of living<\/strong> in retirement.<\/li>\n
    • He also wants to make sure that his loved ones<\/strong> are well protected<\/strong> in the event of his death or illness.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      John opened his dental practice in the Quebec City area in the mid-1990s. For the past fifteen years, his wife Sylvia has worked with him as his dental secretary and has also helped him run the practice. Each is a parent of two children from a previous union, who are now financially independent adults.<\/p>\n","protected":false},"author":1047,"featured_media":50883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5654],"tags":[],"categorie-profession":[],"class_list":["post-50848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-and-estate-planning"],"acf":[],"yoast_head":"\nSell my dental practice and secure my retirement<\/title>\n<meta name=\"description\" content=\"John opened his dental practice in the Quebec City area in the mid-1990s. 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