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Create a Long-term Practice Plan and Protect What You’ve Built

March 16, 2021

Create a Long-term Practice Plan and Protect What You’ve Built

3 Minute Read

Explore the three areas where SMARTPro can help you plan for the future.

It’s great to see you’re interested in learning more about your succession options. With everything you have to worry about, it can be challenging to plan five to ten years into the future. But creating a plan is exactly how you can achieve your long-term goals and put your practice and your family in a position to adapt to change.

SMARTPro helps you develop that solid plan, minimizing risks and identifying the options at hand, should you need to alter your path. Here are three key areas SMARTPro addresses.

Enterprise risk and business resiliency

COVID-19 and its resulting effects have shown business and practice owners that low-likelihood, high-impact events need to be taken seriously. By addressing the negative possibilities and understanding how your practice can adapt or react, you’ll give your organization a better chance at weathering storms and maintaining value. Risks to your practice include internal fraud or cyber crime – two issues that are increasing in frequency – and span to issues like a personal emergency that takes you away from work.

No one can guarantee you protection from these events, but you can mitigate the risks and their impacts through planning.

A tax strategy for operations and exit

Taxes are a necessary reality of running a practice, but you can proactively manage the tax burden to be efficient. The tax strategy you adopted years ago may no longer deliver the maximum benefits to you and your family as tax legislation is dynamic. For example, the tax on split income changes in 2018 had a major impact on practice owners. If you didn’t adjust your strategy, you paid the price.

The same applies to your exit from practice and the associated taxes. This is a complex process that can turn into a missed opportunity to get the most from your hard work.

SMARTPro delivers an updated tax strategy and adjusts your approach as legislation changes. We also work with you to model the taxes you’ll pay upon practice exit and help you maximize return on your investment.

Long-term financial planning for your family

Do you know how much cash you’ll need to live the retirement lifestyle you’ve dreamed of? If your child wants to go to medical school, can you afford to support them? What would buying a vacation property mean for your finances?

These are all questions you can answer with a strong financial plan. Some plans direct you down a path but don’t adjust as your life changes. SMARTPro helps you anticipate the impacts of your lifestyle changes and provides clarity for related decision-making.

We also work with you to develop a LifeBook — a comprehensive document that includes all of the critical information your family needs should emergency strike. This protects you and your family, ensuring what you’ve built is looked after and minimizing stress on your loved ones.


SMARTPro delivers benefits that start immediately and last beyond the exit of your practice. To learn where you and your practice stand in the professional journey, take our online assessment.

Start benefitting from SMARTPro right away

SMARTPro delivers benefits that start immediately and last beyond the exit of your practice. Learn where you stand in the professional journey. 


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