Retirement planning is generally ignored by the British public — including dentists — until they hit their 40s and 50s. This produces eye watering opportunity costs.
That’s not to say the game is up if you’ve left it late; there are many ways to approach the pressing problem of wealth accumulation, and it’s always possible to reach your goals at a later stage. You just need a better plan of attack, which will probably include working on your business not in it.
The main thing is figuring out what you’re going to need, by when.
This is where the holistic Hive approach delivers big because we can fight your war on multiple fronts, boosting revenue through marketing, weaving in tax efficiencies, investing for the best possible returns within your timeframe, and cooking up the cutest exit plan.
Building meaningful wealth means risk and debt. If you are making a purchase, we will want to understand your circumstances so we can advise you on an offer that’s best for your circumstances. You could end up in trouble if you over-stretch. Our expertise in practice purchases and sales lets us provide unrivalled commercial and holistic advice, which you won’t find elsewhere.
XYZ Dental was a partnership that had stagnated following the acquisition of an energy-sapping and generally unsuccessful second practice. As can often be the case, after critical analysis we were able to highlight with evidence by how much the first “cash cow” practice was subsidising the second.
Furthermore, we were also able to model how much the primary site was “losing” in the process against the opportunity in the marketplace. Accordingly, a swift exit was decided upon and the practice was sold.
Simultaneously, a digital marketing strategy was devised for the original site as a detailed market analysis had shown that demographics in the area were prime for the specialisms present. Our digital marketing data reinforced that customers were searching online for the specialisms but the existing website was largely invisible due to poor technical performance and content and subsequently the practice was losing ground to competitors. Visitors actually reaching the site were presented with a confusing layout and no clear messaging.
We presented a marketing plan which repositioned the practice with greater emphasis on the specialisms so aligned to the target audience and local demand.
As the second site had sapped all available funds over time, a dedicated business development finance package was obtained to inject the necessary momentum; the brand was re-launched and the website was re-built technically, but also visually, to provide a more user-friendly experience and better search engine rankings overtime.
Enquiries doubled, but were also more qualified and of higher quality. We then helped the practice over the subsequent 18 months to enhance their sales processes, implement additional marketing tactics and provide business support and structure to ensure the growth that occurred was ultimately twice as profitable.
Hive can help you
We don’t do a generic wealth accumulation service, because that would be impossible. For it to work we need to understand your circumstances, and look at better and worse ways of moving forward. In all likelihood, doing the same as you’ve always done isn’t going to serve you in the best way.
Hear from our Clients
Hear from our Clients
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Keep up to date
Commentary, tips, how-to’s, down-lows, updates and best practice from the Hive Team.
Digested: The outlandishly bland BudgetNovember 23, 2017
You can’t always get what you wantApril 20, 2017
The airbed tax battleApril 4, 2017
The Budget 2017 UpdateMarch 9, 2017
Improve Financial Performance
Like everything we do at Hive, wealth preservation serves our purpose of helping dentists improve their financial performance. Precisely what we might advise you depends on your financial circumstances and your personal goals, and so we’ll need to understand where you are and where you want to be.
HMRC has been busy of late, with a flurry of assaults on property owners, which means it really pays to know about your options. There are legitimate workarounds to:
- higher stamp duty (up 3%) on second home purchases
- less tax relief on borrowing for higher rate taxpayers
- 28% capital gains tax on residential property
- 32.5%+ tax on extracting funds from your company
- 40% inheritance tax on assets