Fulfillment and Renewal – 2017

Sierra Nevada, NV

Designing the Foundation of Success

The introduction of a new physician, whether in a succession or as part of the purchase of your practice by a private equity firm, requires that various preparations be made well in advance. 

The methodology to do so involves three projects that are executed in a particular order. Each will lay the foundation for the subsequent stages.

• The first is to optimize the performance of your practice. 
• The second is to maximize its profitability and thereby its value.
• The third is the actual preparation to introduce a new physician (via succession or private equity purchase)

This approach applies to a solo or group practice.

First Things First 

At this point it’s essential for you to have considered some things such as:

• How long you will practice.
• Whether to stop practicing gradually or completely. 
• Your role as leader of your transition. 
• Your role as leader and mentor to a younger surgeon
...

Flowing Naturally - 2007

Russian River

Kenai Peninsula, AK

Essentials for Success

When you are preparing your medical practice for a sale, it is essential to optimize its current performance, profitability and make it ready for a future associate or a private equity buyer.

As you begin this process, it is common for physicians to focus initially on the succession or actual sale. This is the case whether you are undergoing a traditional succession or private equity transaction.

This is usually because you believe that your practice is functioning just fine. It may need some fine-tuning, but in general, you are satisfied with its performance. However, beyond this, it is important to think about the future, broaden your outlook and consider further your own interests as well as the buyer’s perspective.

The Buyer’s Perspective

Give thought to the fact that a buyer will have a different point of view and put yourself in his place. He will probably be be coming into a new community, ...

Solitude Amidst Splendor – 2019

Sierra Nevada, NV

Process and Phases

The transition from your career is a process that’s usually lengthy. When it is well-planned, it is typically executed in sequential phases that are comprised of tasks that build upon the previous ones.

The most challenging of these phases is usually the first. This is when you come to terms with the fact that your transition from practice is in your foreseeable future. It is natural for reactions to vary widely from joy of anticipation to apprehension and perhaps some stress. Often, the experience is a blend of both.

Regardless of how you perceive this phase of your life, you will probably experience a sense of loss that is accompanied by excitement about great anticipations. It is beneficial to think of this process as what it really is: a transition, rather than a “retirement.” The term transition emphasizes its purpose: to experience renewal and fulfillment.

Retirement closes doors; a transition opens new on...

Evolving Outlook - 2011

Georgia

 Preparation: The Beginning

The preparation of your practice for a sale begins with optimizing its current functions and performance. Subsequent preparations will focus on the preparations that are needed to make it ready for a prospective buyer.

Your Experience

If you’re considering transitioning and selling your practice, you probably think of your practice as your creation that you worked hard to develop over the course of your career. It has provided for you, your family, staff and the care of your patients.

You probably feel a sense of pride for what you’ve accomplished and want it to continue to endure in the hands of a capable, new plastic surgeon…and properly so.

With these considerations in mind, you may think that your practice is functioning just fine. You know there are some some tweaks needed, but in general, you are satisfied with its performance. As you consider transitioning and selling your practice, it is also important to consid...

Tundra in Autumn - 2011

Denali National Park, AK

Planning and Opportunities

The sale of your medical practice is a major undertaking that requires careful consideration and strategic planning. The necessary planning and preparations is a lengthy and time-consuming process that is marked by opportunities as well as potential pitfalls. The opportunities are often facilitated as a result of early preparations that are necessary much earlier that you may think.

When to Begin

It is important to recognize that your upcoming career transition is a process,  not an event. Your transition really begins with personal considerations that will often preoccupy you over a prolonged period of time. Thoughts will recur about what you will miss and you will feel joy from thinking about what you are looking forward to. Some concerns may affect you deeply and it is important to come to terms with them. This will allow you to develop lasting convictions that will serve you well as the years go by.

A...

First Things First

Your End of Career Transition involves a multitude of matters that require thoughtful, timely planning in order to experience a smooth and successful outcome. They include personal, professional and practice preparations…in that order. 

This article focuses on the critical first steps you should take prior to seeking a buyer of your practice. This applies to solo and group practices.

It will be useful for you to review previous articles that discuss personal and professional readiness in greater detail.

Early Considerations

It is helpful  to be aware that preparing your practice is a tedious and often lengthy process. It is often overlooked that the time and effort that must be applied to this endeavor is superimposed on everyone’s existing workload. For these reasons, it is necessary to evaluate your staff’s and your own responsibilities as well as the time available to fulfill them. This will help you determine whether changes are needed in order to meet the c...

Your Sky as Canvas – 2021

USA

The Practice of Equanimity

It is commonly familiar that it is in those quiet moments when our mind is free to wander, that we are the most creative.

For me, it is commonly during morning coffee or perhaps fly fishing on a beautiful river for trout or salmon.

I usually make no effort to think about anything in particular. And yet, the more my mind wanders, the more meaningful are the insights, ideas and innovations that emerge.

I believe that this simple discipline can be beneficial as you plan your career transition. 

It is then that you will have a window of opportunity prior to embarking on the next great phase of your life. This is the time for you to create plenty of time and space to comfortably design your roadmap. The map that will take you in the direction that you want your life to go…with confidence.

The best time to study a map is before you begin your journey.

The Illusion of Endless Time

When the time comes, you will initially find t...

Strength Amidst Stillness – 2022

Mt. Moran and The Teton Range

Grand Teton national Park, WY

How Your Clarity and Conviction Sustain Your Purpose

It is common in our culture for individuals to think of and describe themselves by what they do…their title, profession, vocation, etc. You may often witness this in social settings when someone introduces you to another person. Commonly, they may ask you: “What do you do for a living? or what kind of work do you do?” Seldom does someone ask you to tell them about yourself.

Why is that? There are cultural and personal reasons for this. 

As to the cultural, we are taught to identify ourselves with a “What?” This begins early in life as when uncle Joe visits the family at a special occasion and with a kind smile asks Sammy or Susie: “What are you going to be when you grow up?” There are many variations of this that are experienced during formative years…and often beyond that.

However, it readily becomes clear that you are not a What…a “h...

Ospreys, Stillness and Flight – 2013

Florida

The Right Decisions Support Freedom

Your career transition is approaching. 

Your vision of this new phase of your life is becoming more clear. 

You’re growing more confident that the dreams born of your imagination will become a reality. 

Your smile reflects joy of anticipation. 

You take a deep, deep breath that parallels the satisfaction you feel for what you’ve accomplished in life.

You feel deeply the conviction that you have earned the life that your aspire to live…and it really feels awesome! 

Well earned, well deserved!

 As I wrote these words, they seemed to flow easily. They describe my own life experience and that of others I know.

 A Time for You and New Feelings

This is your time for dreaming, planning, executing and experiencing the emerging reality of it all. Amidst the excitement, it’s also the time to apply the skills and wisdom you’ve developed over the course of your career to this very special time of your life...

Obsidian Creek - 2009

Yellowstone National Park, WY

Pondering, Planning and Preparedness

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 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 your career transition. My experience as a consultant/coach on this and related maters is that there are some physician...