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

My best wishes to you and your family for a joyful holyday season!

Enrique

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.

Genera...

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 prepared fo...

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 Devel...