West Fork, Carson River – 2013

California

Timing: First Things First

The transition from your career 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 addresses the solo practitioner practice model. Knowledge of preparation for this type of scenario has the broadest usefulness to other practice types.

As you read this, please review references to previous articles that discuss these topics in greater detail.

Unfamiliar Realities

There are two major realities that you should be aware of and consider as you plan and prepare.

The first is to acknowledge that your career transition is a process, not an event. It begins as a very personal experience when you find yourself thinking about it more often than usual. As time wears on, a myriad of questions will probably preoccupy you. Among the first of these are when, wha...

Clear Path – 2022

Grand Teton National Park

 An Outlook for Renewal and Fulfillment 

One fine morning with coffee in hand, you still savor that last sip of your custom brew.  You feel peaceful. Then a fleeting thought stirs up an awareness that you are thinking more and more about your future career transition and your new lifestyle. You smile and feel warmer inside…and then you feel a twinge of angst.

These are mixed emotions: joy and apprehension. They swirl around your mind stirred up much like the sweetener you blended into your coffee.

You wonder whether this is a common experience, how successful people deal with it and perhaps when you should begin to resolve this emerging dilemma. 

You sense that you must do something. 

A Fictional Character that Reflects a Real Person 

The following is the gist of the story of Alex, a fictional character like many accomplished physicians I am familiar with.

Alex is at that time of his (or her) career when he sees his end of career wit...

Big Creek Detail – 2009

Great Smoky Mountains National Park

 How To Prepare For Success

The successful preparation of your practice for succession and sale requires careful planning. There are several stages of the process that evolve in a natural, practical manner.

It is best to create plans that correspond to each of these stages. Each of these plans will provide the blueprint that will guide you and your staff through each of these phases successfully.

Phases

There are three concerns that should be addressed in a thoughtful, structured matter in order to optimize the probability of a good outcome. These are: to enhance the performance of your practice, optimize its value and make it ready for the recruitment and introduction of a new associate via a classic succession or sale to a financial institution.

The underlying principle of preparing your practice as it functions presently, is that it is not the same thing as preparing it for a new associate. Your practice may or may n...

The John Moulton Barn & Teton Range – 2010

Grand Teton National Park, WY

The Starting Point

The preparation of your practice for a sale begins with optimizing its current functions and performance. The next objective is to optimize its profitability. This is followed by the preparations that are needed to introduce and accommodate a prospective buyer.

Your Frame of Reference

If you are thinking of transitioning and selling your practice, you probably consider your practice as the product of your hard work over the course of your career…and rightfully so. It has provided for you, your family, staff and the care of your patients.

It is likely that you have a sense of pride for what you have accomplished and want it to to endure in the hands of a capable, younger plastic surgeon.

With these considerations in mind, you may think that your practice is functioning well. There may be some some tweaks needed, but for the most part, you are satisfied with its performance. 

Nevertheless,...

Green River – 2020

Utah

Your Visions and Plans for Success

When you begin to think seriously about ending your medical career, you will find yourself considering a variety of personal concerns and as well as professional practice matters.

The myriad of concerns that you will need to address will vary according to your type of practice: solo, group or otherwise employed. There will be variations in practice preparation according to your desired method of transition. You may want to execute a succession plan, sell to a financial institution such as a private equity firm, a family office or close your practice via an asset sale. Nevertheless, across the spectrum of practice types, there are some common matters, duties, and tasks that must be accomplished. 

It will be necessary for you to do more than just learn about the journey you are about to undertake. Relevant information, per se is insufficient. It is essential to create and implement a plan that is based on a structured method...

Henry’s Lake – 2022

Idaho

Elements of a Balanced and Fulfilled Life

It is a common life experience that sometimes you have to forgo satisfying a desire in order to commit time, effort and perhaps financial resources to fulfill a necessity.

This is more frequent during your earlier years when life’s responsibilities required such choices. It often meant that wants or desires that you considered non-essential were put off. Perhaps they were never fulfilled, but hopefully, simply deferred and remembered in the well of your memory.

The desire to fulfill a myriad of responsibilities whether at home, work or community, springs forth from the nature of your character. Your cumulative experience and satisfaction derived from meeting your responsibilities further strengthens and develops it. Your focus on various achievements becomes a way of life.

Visions of Change

As you begin to envision life after the end of your career, your perspective about life will evolve. You may find yourself ...

Yellowstone River, Hayden Valley – 2020

Yellowstone National Park, WY

 What Would Happen if You Couldn’t Practice Anymore? 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. 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 was motivated to guiding physicians, who spend their li...

Kenai Fjords National Park – 2012

Kenai Peninsula, AK

The Benefits of Proactive Preparation

The preparation of your practice for succession involves undertaking a series of measures that improve the performance of your practice, its profitability and value beyond its present condition. These enhancements will benefit you now and at the time of a sale by increasing its value.

Practices and Preparations 

As there are a variety of practice settings, the nature of corresponding preparations may vary. This article addresses the example of a solo, private practice as it is the most applicable to other types of practices. By customizing preparations, specific needs can be met.

The two major considerations can be broadly stated as preparing yourself first and then preparing your practice

Preparing Yourself

This involves preparing yourself personally and professionally. It is probably the critical necessity that is most under-appreciated because it may be unrecognized and overlooked. 

Haena Beach – 2022

North Shore, Kauai, HI

Review Realistically

The accomplishment of any grand goal depends on completing tasks that are part of a plan designed to achieve your objective.

When it comes to transitioning from your practice, the first items to address are to prepare yourself personally and professionally. These include the creation of lifestyle and financial plans to determine whether your current assets will support your desired lifestyle. 

Once completed, it is prudent to undertake a thorough, objective review of the current condition of your practice. The purpose is to ensure that it's functioning properly. As you do so, consider the buyer’s perspective.

Next: Optimize the Value of Your Practice

The next  step in preparation is one that will benefit you in the near term as well as at the time of sale. That’s to optimize profitability and its value to you as well as a prospective buyer.

As is common in life, there are things that stand out in importance for what...

Apparent Obstacles – 2022

Haena Beach, North Shore

Kauai, HI

A Path Amidst Impediments

The time has come in your life that you may find yourself having recurrent thoughts about transitioning from your practice. Some ideas will be specific and others rather vague. After considering this for awhile, you may realize that a long time has gone by without a clear idea of what to do, when or how. It is a challenge that remains.

You are not alone in this common experience.

At some point, there will likely arise from within you a powerful desire to act, to move forward and do what is necessary to prepare yourself and your practice. Hopefully, it is not too late to achieve your desired optimal outcome.

What to Do When

Over time, you will reach some conclusions, such as when you want to stop practicing, what do to do afterwards, what to do about your practice and much more. 

You will probably realize that the answers are often tentative because there is still much you do not know about t...