Daniel H., from Florida asked

Should I start or cancel my dental office retirement plan if I am close to retirement?

1:04m video / 1 min read

Transcript:

Ask The Experts - Providing insight for commonly asked transition-related questions

Today's topic: Should I start or cancel my dental office retirement plan if I am close to retirement?

Many practice owners ask us if they should terminate an office pension plan, or alternatively, start an office pension plan prior to selling.

Most often my answer is... No.

To eliminate an employee benefit could cause turnover during a crucial time when you need the staff to remain, and to participate in a successful transition.

In the other direction, to add a pension plan may cause stress to your profits, that close to a sale, which could affect the purchase price, or the ability of a buyer to obtain financing.

In addition, the new owner may have wanted to introduce a different type of benefit or plan, and would now have to make changes. The staff could interpret such change as a lesser benefit, causing hard feelings early in the new and fragile relationship.

Thanks for watching. For additional information on this topic or any other transition related questions, contact us at 877.365.6786.