You are special because, unlike the average person, you are a private practice owner. Owning your own practice makes you special when it comes to financial planning because your practice is a key contributor to you household finances. Therefore your practice must necessarily be included in your personal financial plan in order to truly have a real and valid plan that relates to your household.
Look at the current condition of your household finances. What do you see? Are you making enough income to meet your needs? Are you putting away enough of that income to meet your future needs? Are you getting the maximum potential out of your practice financially now and for your future? These are key questions and each one is directly related to the viability of your practice and how well that viability is translating to your household finances.
Now let’s look specifically at your future plans regarding your practice. Are you going to sell it? Die with your boots on? Bring on a partner? Each one of these options carries with it a financial consequence. That consequence directly relates to your household bottom line financially. And now we confront the elephant in the room… Will you confidently be able to transition out of your practice the way you intend it to happen without the slightest bit of concern? Not sure?
Don’t worry. Econologics Financial Advisors now has the tools to address your plan for transitioning out of your practice, including measuring your Household Wealth Gap, which is a key measurement of the shortfall amount of assets needed to pay for your essential lifestyle expenses in the future in comparison to your current financial scene. The solution is here! Say goodbye to Mr. Elephant and hello to your transition plan!
