Private Practice Solutions

If you have a private practice, you have the added responsibility of your practice to worry about on top of your family.  The following information can help you start thinking about possible solutions to your needs and help you prepare to consult with us.

Helping Your Practice Grow
Business Continuation Planning
Retirement Estate Planning
Life Insurance for Risk Management
Employee Benefits

Helping Your Practice Grow:
How can you learn to manage the business side of your practice?  Read, study, ask lots of questions, and seek out sound advice from your tax, legal and financial advisers.  You can also turn to us to discuss how the financial and insurance products that we offer can help you support your business growth plan.

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Business Continuation Planning:
As a business owner, you are the lifeblood of your organization, the driving force behind its success.  Have you considered what will happen to your practice when you are ready to retire?  Do you have children or other family members ready to continue the family business?  Or is there another successor in line who will be able to pick up the reins?  Most of all, if you died prematurely or became disabled, will the practice you worked so hard to build be able to continue...and will your family be financially provided for?  Tough questions, yes, but ones you need to ask.

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Retirement/Estate Planning:
One of the nice perks of being self-employed or a private practice business owner is that you don't HAVE to retire or you can retire early.  You're a doer.  You like to make decisions and see results.  But maybe someday -- perhaps when you're 55, 65, 75 or older - you just might WANT the option to trade the fun and frustration of work for golf, gardening, vacationing with the grandkids or sitting back and relaxing with family and friends.  Just as important, you also want to have all your ducks in a row, so to speak, when it comes to making sure your loved ones are well provided for in the future.  Neither of these goals just happens.  They are the result of decisions you make today.  That means retirement planning and estate planning – mapping out a strategy to create options for you and for your family.  Fortunately, there are more retirement and estate planning choices available today than ever before for business owners and those self-employed.  We are here to help you begin the process of planning.  As the old saying goes:  Those who fail to plan...fail.

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Life Insurance for Risk Management:
As a private practice business owner, you live with risk.  That's the nature of business.  You take on risk when you borrow money to expand, launch a new product or service, hire a new employee, extend credit to a patient.  There are dozens of risks in business...and few guarantees.  Successful business owners, therefore, work to minimize risk, so they can focus on meeting their objectives.  Life insurance is a risk management tool.  For instance, if your company invested in new facilities or new equipment, you would insure their value against the danger of theft, fire and accident.  In the same way, life insurance can help protect the value of key employees to your business, reduce the risk that a loan might default if something happened to you, and, most of all, reduce the risk that your business and your family would suffer financially if you did not live to see your long-term plans completed.

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Employee Benefits:
Finding quality employees is half the challenge.  Keeping them – and keeping them well motivated – is the other half, especially in today's tight labor market.  One way to do that is to provide competitive benefits.  I know, when many small private practice owners hear the words "employee benefits," they immediately think, "one more expense I can't afford!"  If this sounds like you, you might want to think again.  Two reasons:

(1) Carefully selected benefits can help reduce costly employee turnover, boost morale and, in turn, help assure your practice's stability and productivity.

(2) Benefits need not cost you an arm and a leg.  For example, a voluntary payroll deduction program lets workers – including you as an owner-employee – acquire valuable benefits at virtually no cost to you.

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Let’s work together to analyze your needs.  We can then help you decide what products and services would be right for you and your business.  Please use the contact us button to e-mail us.