A professional practice (dental, medical, legal, and so on) is unlike any other type of service because it is not freely transferable and it can not be owned or operated by someone who is not a licensed member of the profession.
Establishing an exit technique is essential, particularly one that creates worth for your family and does not leave behind partners and clients in chaos upon your departure.
The Magic Ingredient
A Buy-Sell Arrangement (likewise known as a buyout arrangement) is essentially a binding contract in between partners (investors, members, partners, are utilized interchangeably here) whereby each agrees to buy the interests of a withdrawing or deceased investor. The magic active ingredient to effective conclusion is to get in into a Buy-Sell Arrangement before it is evident which owner will be the first one to leave (due to death, health problem, loss of license, etc.) so that the terms are fairly worked out among all partners not knowing whether they will be the buying or the offering partner.