Dr. A had a successful general dental practice located in a large, desirable metropolitan area in the Northeast U.S. His practice provided him with a good income and long-term financial security. Everything seemed perfect except for one thing: winters seemed colder every year, and he longed for the opportunity to practice in a warmer climate. Every winter he dreamed about palm trees, warm breezes, and the ocean, but picking up and moving South always seemed too difficult to consider.
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I recently had a consultation with a 62-year-old dentist who owned a dental practice that had been recently appraised for $750,000 (let’s call him “Dr. A”). The practice was free and clear of any liabilities, so this amount represented Dr. A’s net equity in the practice. Also, Dr. A had accumulated about $1,000,000 in savings over the years, and when that amount was combined with his practice value, the total could enable him to retire in the not too distant future.
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