Three Brothers – 2008

Yosemite National Park, CA

Opportunities for Optimization

The preparation of your practice for a sale, whether by succession or to a private equity firm, involves a variety of major items to think about. In the early stages of considering such a move, your degree of readiness may vary. Besides the desirability of having your practice functioning optimally in the present, it is also necessary to prepare it for a buyer.

How to Prepare and in What Order

Generally, there are three major preparations needed to make your practice ready to offer it for succession or a sale:

• Optimize its performance. 
• Maximize profitability and thereby its value.
• Prepare it to introduce a new physician (via succession or private equity purchase)

Your attention to these goals is a sensible, sequential and practical approach that will improve the present condition and profitability of your practice. By doing so, you will increase the probability of achieving your goals....

Sunrise, the Virginia Range - 2022

Nevada

My Story

I was 59 years old and thought I had many more years of Plastic Surgery practice ahead of me. I purchased the standalone office building of my dreams and undertook a major renovation, including a surgical facility. 

I knew I needed to plan for my succession soon, including recruiting. This was the plan, although my own end of career seemed distant…or so I thought.

I resolved to do so soon, but never got the chance. Some months after the grand opening of my office and I was settled in, I was diagnosed with colon cancer. It was a big surprise as I had been diligent about physical exams, screenings and my health in general. That and other medical problems ended my plastic surgery career.

I am well, thankful and happy that for a number of years I have been cured of colon cancer. My days of practicing medicine are over, but I dedicated my life to making sure that physicians, who spend their lives taking care of others, are...

The Moulton Barn and Teton Range - 2007

Grand Teton National Park, WY

The Role and Value of Advisors

When physicians think about their personal and professional successes, it is natural to think that they are largely the result of their own effort. Upon further reflection, they usually recognize how they also benefited from those who cared about them and provided wisdom and guidance.

Personal guides that probably influenced your life are personified by parents, family, friends, teachers, consultants, coaches, professors and mentors.

My Giants and Gratitude

I have benefitted immensely from all of the above, recognized early on their enormous value and thanked them accordingly. As time progressed, I felt gratitude even more deeply for those who cared and cheered me on to various successes.

At some point in time, your formal training came to an end.  Yet the pursuit of excellence requires that your personal and professional development continue throughout life. 

Your Ongoing...

Expressing Gratitude – 2006

USA

Preparing for Renewal - 2017

Sierra Nevada, NV 

Choice vs. Necessity

You have been in solo practice for many years and the time is approaching when you will stop practicing. You remember, reflect and feel a sense of pride and achievement for what you have accomplished in the service of your patients. 

Those sentiments are probably accompanied by your awareness that you need to decide what to do about your practice. You wonder: Should I sell or close it? That core question is the basis for many others that you will need to address.

The question is straightforward, but the answer is not. For some of you, it is a daunting obstacle. For others, it is just another challenge. Why?

Much of the answer lies in the origin and nature of major transitions and how we manage them.

Developmental Transition 

Typically, there is a change that occurs that triggers the beginning of your end of career transition. 

The first type occurs when you recognize that the time is close at...

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...

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...

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...

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...

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...