There’s really no disputing the fact that the idea of getting to grips with retirement planning is one that most prefer to sweep under the carpet. Planning for retirement means considering a thousand different things of equal importance, making all manner of plans and tying up a vast array of loose ends. So really, it isn’t exactly a surprising that leaving things to the last second tends to be the norm.
The thing is though, experts are constantly advising pretty much every working professional in the country to start seriously thinking about their retirement as early as possible. Which in turn means that we know we should be doing something about it already, though most of us make the decision to delay things a little further. Which clearly isn’t the most proactive solution for most, but in the case of a GP surgery partner this course of action could prove to be especially counterproductive.
Decades of Preparation
Of course, mention the idea to GPs in such a position that they should begin planning for retirement 15 or even 20 years ahead of time and chances are the response will not be particularly positive. With so many other pressing priorities to deal with each day, is it really that important to begin thinking about retirement at such an early juncture?
The reason being is that the further in advance the planning process begins, the more time you have to explore the various options available to you. Speak to a reputable GP surveyor, learn each of the avenues open for exploration and make a wise, informed decision at the best possible moment.
Sale and Leaseback
One of the primary reasons why experts recommend getting started on retirement planning so far ahead of time is so as to be able to consider a sale and leaseback arrangement at the optimum point in time. It’s the kind of thing that comes across as well and truly ‘going nuclear’ on the surface, but is nonetheless an increasingly popular option for many GP surgery owners. As the name quite rightly suggests, this is essentially an arrangement whereby the GP surgery as a whole is sold to an investment or development company, in order to then be leased back to the previous owners for an agreed period of time. For many surgeries, it is relatively straight forward to secure such an agreement with a property investor who is seeking an opportunity to invest into this market. In order to proceed in this arrangement, GP practices are well advised to engage the services of a professional adviser with experience in this sector.
In terms of the major benefits of sale and leaseback arrangements, the most obvious of all is of course that of no longer having to address the sale or transfer of the property in the years running up to retirement. Most of the time, those offering sale and leaseback schemes allow the property to be leased back for an agreed term of 15, 20 or 25 years. With strategic planning, the whole program can be devised and implemented in such a way as to ensure that the end of the lease coincides with the beginning of the respective GP’s retirement. Or even in instances where there may be a few years remaining on the lease, locating and securing a replacement GP to complete the terms of the lease can be much easier than looking for an outright buyer for the property.
Once the sale and leaseback agreement has been entered into, the GP practice can continue running as normal with absolutely no disruption whatsoever. Better yet, it is possible to arrange for most aspects of the building’s maintenance and repair responsibility to be transferred to the new building owner if this is your preference. This in turn relinquishes a great deal of responsibilities (not to mention potential costs) from the GP’s practicing within the property.
Whether actively considering entering into a sale and leaseback agreement or simply looking to make the very most of your assets, it is critically important to bring in the services of a professional and capable GP surveyor at the earliest possible opportunity. Whatever it is you plan to do with your property long-term, how it will affect your retirement will be influenced largely by its current and projected value.
By speaking to the professionals as early as possible, you gain a much more comprehensive understanding of the options available to you. So while it may seem somewhat excessive to begin thinking about retirement decades in advance, such efforts help ensure that your long-term future will be as comfortable, secure and simple as possible.