I read an anonymous quote the other day that said, “After climbing the mountain, you can finally enjoy the view.” Then I started to think about how building and running a practice is a lot like climbing a mountain: sometimes it’s an easy hike up a gentle slope and sometimes it’s a treacherous climb up the vertical face of a cliff!
Yet, every day practice owners put their gear on and go back to that mountain. Why? Well, I believe we all want to help others improve their lives with the services we offer. And I also believe we want to retire someday—am I right? Did you cringe when you read the word “retire”? I did. Retirement seems like a long time away so it’s not something we need to think about right now…or is it?
The truth is retirement is eminent for all of us. It is a natural part of the life cycle of a practice owner, so it’s best to prepare for it. The key to this is “prepare,” which means to plan in advance or make ready beforehand for some purpose or use. Preparing suggests an element of time and forethought. So retiring wouldn’t be something you would do at the last minute and without preparation. And since your practice plays a major role in your retirement, it only makes sense to start as soon as possible on planning for your transition.
You will need plenty of time to ensure you maximize the value of your practice during this preparation, so the sooner the better! Then, you can truly enjoy the view from that mountain you climbed! Private practice owners who work with Econologics Financial Advisors know the value of preparing for their transition and have the “gear” they need to plan for their retirement. Are you working with Econologics Financial Advisors?
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