As pharmacists approach retirement, there are many considerations to be made regarding the development of an effective succession plan for their pharmacy practice. Planning for retirement and getting a head start on the development of a succession plan is beneficial to ensure that a sufficient amount of time is devoted to the consideration of several very important issues. When planning to transition into retirement, it will be necessary to determine an appropriate strategy to include the projected proceeds from the sale of the practice as part of the retirement plan. Whether the proceeds are received by the pharmacist personally from the sale of shares or as an asset sale (either by the pharmacist or his or her professional corporation, depending on their circumstances) with the proceeds likely to be received by the professional corporation, will drive the approach to planning. If a professional corporation sells the assets of the practice, after completing the sale it will need to be re-characterized as an investment holding company. It will be necessary to notify the OCP and to file articles of amendment to remove the specific elements that are unique to a professional corporation. We routinely assist pharmacists with the development and execution of their succession plan and help identify the most beneficial options available to them in order to ensure a smooth transition into retirement.
If you would like to discuss your retirement plan with us, please contact us and we will be happy to schedule an initial planning meeting.
Incorporation to Retirement
A multi-disciplinary suite of services tailored to assist pharmacists
Incorporating a pharmacy professional corporation can bring significant advantages. We work directly with tax advisors and accountants to ensure the most appropriate corporate structure is established in order to achieve long term goals.
Purchase and Sale of a Practice
A pharmacy practice is one of the most valuable assets a pharmacist may own and the decision to sell or purchase a practice is significant. There are many considerations that should be made with respect to the sale or purchase of a practice and we work closely with clients and their advisors to identify the most appropriate strategies to achieve the goals of our client.
Estate Planning for Professionals
As you progress in your career, your estate plan may become more complex. Dual Wills may be used to protect certain eligible assets from estate and administration tax.