How to Makeover Your Career’s Sunset Into Your Life's Sunrise

    Sunset Begets Sunrise

   Smoky Mountains N. P. - 2009

Pondering, Planning and Preparedness

Part one of a series…

A common life experience is the feeling of uncertainty that arises from an inevitable, yet unfamiliar change. The kind that looms large in your horizon and accompanied by significant challenges. 

There are some challenges that minimize your feeling of uncertainty by virtue of education, training and devoted effort to a particular achievement. Most often, your education and training occurs relatively early in life, prior to launching your career. Then there are some events for which it is usually very difficult to prepare far, far in advance.

(With the recognition that there are a variety of practice settings, the model described here is that of a solo practitioner, as there are many elements of that which apply to other types of practices.)

Timely Training

A prominent example is the end of your career. My experience as a consultant on this and related maters is that there are some physicians who begin to prepare in a timely manner. On the other hand, for many others, planning begins much later than is desirable. 

We all know that our End of Career is inevitable. Yet, that awareness lies rather dormant until we start to feel that time in our horizon and we become more conscious of it. Then we start thinking about how to address the various concerns that we know about…as well as wonder about what might be other unknowns. 

For most of us, the emotions associated with the End of Career can range from joyful anticipation to dread. We recognize that we are accustomed to the early preparation that launched our careers. But for most of us, preparation for ending our careers comes late in our professional lives when that horizon becomes more visible in our mind’s eye.

Why?

There are many reasons for delaying preparation for the Transition you know is coming. The demands of your practice as you serve your patients, devoting time to family and community, the need to prioritize, etc., have a way of devouring the days of your life.

In addition to that, it is my experience that there is a very important reason for delaying the beginning of planning: it is simply the lack of awareness of the magnitude of the challenge and the variety of tasks that must be accomplished over a significant period of time.

What to do? 

The best solution is to prepare yourself by changing a vague awareness to a relatively clear understanding of what is involved. This will provide the basis for you to allocate various resources for the necessary preparations.

To do so will require your devoting some time and focused energy that will pay great dividends to you from the time you begin to prepare. 

You will benefit by decreasing stress that you may otherwise feel over a prolonged period of time. As you identify necessary tasks, you can undertake some of them earlier to spread out your Transition workload. This will put less stress on you and your staff as you are still caring for your patients. You will be able to “tune up” your practice with an emphasis on increasing its value to yourself and possibly, a future buyer. 

As you plan and prepare, you will be able to approach your End of Career with confidence.

How can you achieve this?

You plan and prepare so that you may prosper.

The earliest stage of this process usually begins when you become aware that you are thinking about your End of Career more than you have been. You will probably be discussing mutual aspirations and concerns with your spouse on a more frequent basis. 

These discussions will probably include how you want to live your lives after the end of your career. You will likely explore questions such as where you may want to live, what you want to do, whether to end your career completely or work part time, etc. These questions and many more will form the basis for creating your Post Career Lifestyle Plan _{TM .}

At this point in time, it is prudent that these discussions be limited to the two of you. In time, it will be necessary to discuss your plans, on a need to know basis, to certain advisors and staff members.

As these conversations evolve, you will recognize that it is time to begin serious, systematic planning. 

The Triad of Plans

This approach emphasizes your personal and professional needs. It also includes the nuanced, yet important concerns of your particular practice. To do so, three distinct, yet complementary plans are developed to address the various needs in a logical, practical sequence. They are:

The Post Career Lifestyle Plan _TM

The Post Career Financial Plan _TM 

 The End of Career Transition Plan _TM

The following are brief descriptions:

The Post Career Lifestyle Plan _TM

This is the first step on your journey of renewal and fulfillment, which is a major goal of your Transition. This originates with you and your spouse.

This plan serves two major purposes. First, it provides the framework for how you will live the lifestyle you desire. Second, it provides the basis for determining whether your new lifestyle can be supported by your financial resources.

The Post Career Financial Plan _TM  

This evaluation is different from your retirement plan that comprises your financial resources. Its purpose is to determine whether your retirement plan assets will support your lifestyle plan. If it does, it allows you to proceed with confidence. If it does not, you can re-evaluate both plans and make adjustments to one or both. It is advisable to seek the counsel of a Certified Financial Planner.

The End of Career Transition Plan _TM

This is a custom blueprint that serves as a guide as you undertake the process of ending your career and arrive at the actual end date.

It includes detailed policies and procedures that outline how and when you will actually initiate and end your End of Career Transition.

For a more detailed description of these three plans, click here to read my previous article on this topic. 

Timeline and Methodology

The primary focus of The End of Career Transition Plan is the preparation of your practice for your Transition and possible succession. It includes three phases that address sequential elements of the process as summarized:

Phase 1 - Practice Snapshot Analysis

This customized report includes an evaluation of your practice with probable solutions for your review:

• Collection of all pertinent financial, practice profile and definitive personal goals
• Review and assessment of collected information
• Determination of probable options to fulfill your personal and practice goals
• Summarized report of findings provided in writing and presented verbally

Phase 2 - Personal and Practice Preparation, End of Career Transition Plan

 Create and execute your End of Career Transition Plan. This will prepare you to transition successfully to the next great phase of your life. This includes the preparation of additional relevant practice information in an easily presentable format to make the practice ready for sale and present it to a prospective buyer.

Phase 3 - Identifying Potential Buyers

This is the recruitment phase and may include a range of options. They may range from adding a physician associate with a deferred sale, an outright sale to a physician or a purchase by a private equity firm or other financial institution.

Prepare for Ongoing Success

The creation and execution of your triad of plans will be incredibly valuable to you. They address personal, professional concerns as well as helping to achieve practice succession when desired. The design and execution of your customized plans will help you create a clear path marked by tranquility and triumph.

It is true that nothing succeeds like success. I believe it is also true that optimal success is most often the result of timely, methodical and deliberate preparation that is focused on a particular desired achievement.

   Plan. Prepare. Prosper. _TM

PS: By the way, do you want to learn more from me about how to create and experience a fulfilling End of Career Transition and life beyond? I would like to help you. I provide consulting services that are tailored to your specific needs. Click here to apply for a complimentary consultation.

 Radiant Preparation

        Cook’s Inlet, Alaska - 2008