Overcoming Early Obstacles to Planning Your Career Transition

“Paths Amidst Impediments” – 2022

Haena Beach, Kauai, HI

Finding Clarity in Complexity

The time may have come when recurring thoughts about transitioning from your career have begun to surface. These ideas may range from specific to vague. After reflecting for some time, you may realize that significant time has passed without clarity on what to do next, when to act or how to proceed. Yet, the challenge remains.

You are not alone in this common experience.

At some point, a strong internal desire will emerge: to make progress, to prepare yourself for what comes next, both personally and professionally. Hopefully, it is not too late to achieve the outcome you envision.

When You Know It Is Time

Over time, you will reach certain conclusions: when to step away from your current role, what you will pursue afterward, how to manage your ongoing responsibilities and much more.

Often, those answers remain tentative, since the transition process is largely unfamiliar. The deeper you explore, the more complex questions arise, often without immediate answers. Attention to detail is important, but initially, your focus should be on resolving the key overarching issues first.

The Struggle to Get Going

The earliest phase of preparing for your transition, actually getting started, can be the most challenging. Why?

There are three primary reasons:

•  You are not clear on your goals.
•  The process is unfamiliar.
•  The future is unknown.

The first two are surmountable through deliberate learning, preparing and taking action. The third, uncertainty about what lies ahead, is inevitable. Yet with proactive planning, you can shape much of what tomorrow brings.

The First Step - Outline Your Vision

Clarify the lifestyle you envision post-transition and when you wish to achieve it. Write it down, complete with a preliminary budget based on your current assets. This becomes the foundation of your future lifestyle plan.

The Second Step - Align Goals with Resources

Discuss your plan with a Certified Financial Planner. Their role is to assess whether your lifestyle goals align with your financial situation. If they do, you can move forward with confidence. If not, you will hopefully have time to adjust one or both to achieve alignment.

By accomplishing these two critical steps, you dramatically reduce uncertainty, hesitation and inevitable delays in making decisions. Beyond personal matters, this is particularly important as it relates to the preparation of your practice or business for transition.

The Third Step - Prepare Your Transition Options

Master the “how” of your transition. Develop and implement a plan to prepare your practice or business. This plan should account for three common exit approaches:

•  A classic internal succession.
•  An outright sale.
•  Asset sale and closure.

The Next Step - Move from Plan to Action

Once you commit to learning and begin lifting the veil of the unfamiliar, confidence grows. A thoughtful, logical process emerges, one that enables you to finalize and execute your plans to create the future lifestyle you desire.

PS: Would you like to learn more about how to transition successfully from your career? I provide services to physicians, non-medical professionals, corporate executives, businessmen and entrepreneurs that are tailored to their specific needs. Click here to request an introductory conversation.

If you would like to learn about another way that I can guide you, check out this brief video that describes my unique online course: 

 The Practice Transition Course for Physicians. _TM     

“Sunset: A Prelude to Sunrise” – 2010

Gulf of America, FL