Dentists Nearing Retirement

With an aging American population, it’s no surprise that dentists are following the trend. Many recent discussions on dentistry cover selling the practice or targeting the aging population. The average age of a dentist is about 49 years, depending on the state, and the peak value of a dental practice is reached when the dentist is age 50 to 54. That doesn’t give today’s average dentist much time to prepare. In a Wealthy Dentist survey, general practitioners planned for retirement at age 64.

The best way to prepare is to come up with a contingency plan. Whether you want to keep the business in the family or sell the business outright, your accountant can help you with business succession planning and can prepare a valuation. If you want to hold on to your practice, but are considering retirement, having younger dentists on staff can help raise the value of your practice if you ever consider selling.

Davis & Hodgdon Associates has been assisting businesses within all industries including dentistry in the Burlington Vermont Metro area for more than 20 years. The firm provides tax planning and compliance as well as a complete menu of business services including succession planning to businesses of all sizes. For more information visit: http://www.dh-cpa.com/entrepreneur-services.html or call 802.878.1963 or email [email protected].

Alyssa McBride, Associate Accountant

Davis & Hodgdon Associates CPAs