Did you know that almost 60% of all business owners do not, I repeat do not have a back-up plan in case of a disability. Guess what, you as a Plastic Surgeon, are included in that number? Seriously, do you have a plan that outlines what will happen to your business, if you become permanently disabled and need to sell your practice? If you, don’t than there is no time like the present.
As a specialist in Plastic Surgery you should know that there are products available that will allow you the business owner to sell to anyone in your organization whom you trust to take over the successful business you have built. These are special types of disability policies known as key man/woman. Several companies offer them and most work like this. You as the owner of a plastic surgery practice need a way out in the event you become permanently disabled. There is and individual within your practice that you trust and know can run the business the way you do. An agreement is drawn-up with this key man/woman. The contract illustrates the purchase terms upon your exit. The disability policy pays for or offsets the loan amount of the business. That is it in a nut-shell.
You really have nothing to lose. Retiring due to a disability will be a little less stressful knowing you have sold your Plastic Surgery practice to someone within your circle of trust. This plan sets aside the notion that you or members of your family will have to sell your practice for whatever they can get. Talk with your advisor or better yet give us a call. At Income Protection Specialist we work with plans like these all the time. You’ve put so much into building your Plastic Surgery practice why leave its continued success to chance if you are become permanently disabled.
