Sunrise Splendor – 2022

Virginia Range,NV

Planning and Preparedness - Part 1 of 5

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 is accompanied by significant challenges. 

Some challenges minimize uncertainty by virtue of education, training and devoted effort to a particular achievement. Then there are some events for which it is usually very difficult to prepare far, far in advance.

(With the recognition that there are a variety of practice settings, here I describe that of a solo practitioner, as there are many elements of that which apply to other types of practices.)

Timely Training

A relevant example is the end of your career. My experience as a consultant on this and related maters is that there are some physicians who begin to prepare in a timely manner. Then there are others that begin to plan much later than is desirable.

We all know that the end of our careers...

Steadfast in Anticipation of Spring – 2010

Grand Teton National Park, WY

The Right Decisions Foster Freedom

The time that you will transition from your practice is approaching. 

The vision of the 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!

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.

You will probably experience a variety of profound feelings t...

Adornments – 2021

Sierra Nevada, NV

Pearls Amidst Numbers

A key report necessary for financial overview of your practice is your income statement which reflects its degree of profit or loss.

Typical financial software produces an income statement that is an overall financial analysis over a specified period of time. It includes revenue, expenses, net income (loss) and other data. This report is typically used by a business owner to monitor net income or loss. It also used by your accountant to provide various services, primarily the preparation of the business tax return.

If you are a solo practitioner and provide a single type of service, this type of report is usually sufficient for you to determine the financial status of your practice. 

This however, is usually the exception.

The Benefits of Profit Center Reporting

It is a common scenario in a solo or group practice, that the physician(s) as well as other non-physician professional staff provide a variety of services that g...

Flowing - 2019

Truckee River

Sierra Nevada, CA

 Make Solid Progress on Your Path

Your career transition is one of the most significant events of your lifetime. It marks the beginning of the next phase of our life.

Very often, joy of anticipation is part of the experience but may be accompanied by some apprehension. Whether you are looking forward to it or not, the creation and execution of plans is essential to your success.

As you work to envision and create your new lifestyle, you’ll probably find that it’s well worth it.

Challenges and Opportunities

There are certain challenges that must be recognized and managed effectively through proactive, timely planning. This is a valuable process marked by discovery that minimizes the stress of the unknown and makes it a much more positive experience.

What are these challenges and related questions?

What Seem First Should Not Always Be

The first thing that most physicians naturally try to determine is their projected end date. This...

Sierra Nevada - 2010

Nevada

Optimizing the Value

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.

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 you do. Then, there are things that are best avoided, if poss...

Staying the Course – 2010

Bridger–Teton National Forest, WY

Crafting Your Future Beyond Plastic Surgery

Embarking on the journey of transition from your career as a plastic surgeon, is akin to sculpting a masterpiece. It requires pre-visualization, meticulous planning and effective execution. As plastic surgeons, our careers are marked by precision and transformation, and it's only fitting that we approach the transition from our professional lives with the same level of care and attention to detail.

The Surgeon's Blueprint for Transition

Your path to career transition is a significant life milestone, demanding thoughtful preparation well in advance. The complexity of this endeavor is not to be underestimated, and it calls for a dedicated, methodical approach. You may find yourself pondering:

• When do I initiate this process?
• Which steps are critical to my transition?
• In what sequence should these steps be undertaken?

From my own experience, I can assure you that the most r...

Renewal in Progress – 2010

Grand Teton National Park, WY

 Preparing for Your Journey

As a seasoned plastic surgeon, the prospect of transitioning away from a life's work can be a complex and multifaceted journey. It requires a meticulous blend of personal readiness, professional realignment, and practice preparation. In this article, we delve into the nuances of preparing for this significant life event, ensuring that you, as a an accomplished member of the plastic surgery profession, are equipped with the knowledge and tools necessary for a smooth and rewarding transition.

Embracing Change: A Personal and Professional Renewal

The transition from a thriving surgical career to the next chapter of your life is not merely a change; it is a metamorphosis that requires introspection and strategic planning. The initial phase of this journey is deeply personal. It is the bedrock upon which you will design your framework as it relates to you professionally and your practice.

This transfo...

Mt. Brooks, Alaska Range - 2011

Denali National Park, AK

 Navigating Your Career Transition

As a plastic surgeon, you've dedicated your life to the art and science of transformation. But as the sun begins to set on your illustrious career, you're faced with a transformation of a different kind – your own. Transitioning from your career is not merely about stepping away from practice successfully; it's also about ensuring the legacy you've built can continue to thrive, even in your absence. This transition involves addressing numerous matters that require thoughtful, timely planning in order to experience a smooth and successful outcome.

Unfamiliar Realities

As you approach your career transition, you're confronted with unfamiliar realities. The process of transitioning from your practice is complex and multifaceted. It encompasses not only the financial and operational analysis but also the emotional and psychological preparation for handing over your life's work.

Two major reali...

Paths Among Obstacles – 2010

Sierra Nevada, NV

As you embark on your transition from practice, success requires clear vision of the outcome, meticulous planning and precise execution. As you begin to contemplate the transition from your cherished practice, it’s imperative to set the stage for an effective process that secures your legacy and financial future.

Personal and Professional Readiness

The initial phase of your transition is introspective. It involves aligning your personal aspirations with your financial readiness. Crafting a comprehensive lifestyle and financial plan is essential to determine if your assets can provide for your envisioned future lifestyle. This is essential in order to proceed with confidence. In the absence of such clarity, you’re likely to experience delays and obstacles that result from the lack of planning and uncertainty.

Once completed, it's prudent to undertake a thorough, objective review of the current condition of your practice. It’s crucial t...

Rejoice and Renew 

USA

My best wishes to you and your family for a healthy and prosperous 2024!

Enrique