Your Career Transition - How to Maximize the Benefits

Red Fox Ready for the Opportune - 2013

Grand Teton National Park, WY

The Path Begins With Proactive Planning

When you first start thinking about your End of Career, the initial focus may be naturally on the projected end date. You will then probably contemplate what your life thereafter will be like. Questions will emerge, such as: What will I do? Where will I live?, etc.

Physicians, as well as people from many walks of life, will ponder these questions for a while and find that the answers do not come easily.

The Elusive When

Of the many questions, this the hardest one to develop a clear answer.

Why is that?

Initially, it may seem that, in terms of general planning, it should be pretty straightforward to think of a projected date. However, once you begin to look into what's involved, you’ll discover that your End of Career is a process, not an event…and you will realize that it takes much longer than you thought.

It’s an undertaking that’s unfamiliar with many twists and turns. Surely, you'll be able to address and plan for what you've been anticipating. But, there are also many other matters that you're completely unfamiliar with and others that, despite the best of planning, are unexpected.

At some point, you will probably recognize that it’s not possible to set a projected date until you have a working knowledge of what's involved and have actually begun to execute at least the preliminary portion of your plans. That’s when you’ll be able to determine with some measure of certainty a projected end date.

This process is unique to you, your family and your practice. The most natural and effective way to answer the myriad of questions that will arise and need to be resolved, is to plan proactively.

When to Begin

If you're in solo practice and want to introduce another physician to your practice or carryout a sale to a financial institution, you should begin your planning at least five years in advance of your projected end date.

If you’re in a group practice or are otherwise employed, at least three years of planning is often sufficient.

As this process unfolds, your thoughts will evolve as well. You’ll learn new things. Your perspectives and desires will change as well. This is part of the process, it's natural and takes time for you to react and make the corresponding adjustments.

How to start?

You may have already begun to prepare for your desired lifestyle. Perhaps you have discussed it with a Financial Planner. Here, I describe the process from the beginning.

This is a methodology that is proactive, practical and natural. It consists of three plans that are customized for your needs. They are developed and implemented in sequence.

The Triad of Plans: Methodology

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 your various needs in a logical, practical sequence. 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. One is that it provides the framework for how you'll live the lifestyle you desire. The second, is to provide 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's advisable to seek the counsel of a Certified Financial Planner.

The End of Career Transition Plan _TM

This is your guide as you undertake the process of ending your career and determine the actual end date. It includes detailed policies and procedures that describe how and when you’ll begin to implement your plans and later, end your career.

For a more detailed description of the process, click here to read my previous article on this topic.

The Benefits

The benefits of proactive preparation are significant, such as:

• When you commit to a plan of timely preparation, you’ll likely feel decreased stress, as you’ll have eliminated a major obstacle: you now have the means to plan and proceed to achieve your goal optimally.
• The unknown becomes familiar.
• As your plans are implemented, early successes will validate your methods and path.
• Your experiences will build upon the previous ones. Your confidence will grow. You’ll probably find yourself able to conceive new ideas that will optimize the process and the results.
• As you implement your methodology, you’ll be better equipped to respond to the inevitable adjustments that you’ll have to make in response to possible, unexpected circumstances. This includes common, mundane matters as well as more serious, uncommon challenges.

Timely planning is designed to bring order to the process, optimize the transition itself and its ultimate purpose: to live the life you dream of and experience renewal and fulfillment, yet again.

Plan. Prepare. Prosper. _TM 

PS: Would you like to learn more about how to prepare yourself and your practice for the End of Career transition? You may be in solo practice and wish to carry out a succession or outright sale; perhaps you are in group practice or are otherwise employed. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

Black Cottonwood Triad - 2010

Bridger-Teton National Forest, WY