Are You Transitioning From Your Practice?

Mt. Rose - 2023

Sierra Nevada, NV

Essentials for Success

When you’re preparing your medical practice for a sale, it’s essential to optimize its current performance, profitability and make it ready for a future associate or institutional buyer.

For many physicians who wish to sell their practice, whether though a traditional succession or private equity transaction, the initial focus is often the goal…the succession or actual sale.

While it’s a good thing to “begin with the end in mind,” it's critical to know what needs to be done in the way and order of preparation to achieve and optimize your goals.

The “what” can be summarized in one word…preparation.

Preliminary Achievements

Your path to success is paved with certain accomplishments that you should achieve en route to your destination. 

I have previously discussed the very first steps that I advise you should take. These are to prepare yourself personally and professionally, including the creation of lifestyle and financial plans to determine whether your current assets will support your desired lifestyle.

Once completed, proceed to prepare your practice, the focus of this article.

Practice Preparation

This involves three specific goals:

•  To enhance the current function of your practice. 
•  To increase the value of your practice by optimizing its profitability.
•  To prepare your practice to accommodate, support and promote a new plastic surgeon.

The corresponding plans:

•  Practice Preparation Plan 
•  Practice Value Optimization Plan 
•  New Plastic Surgeon Preparation Plan (via succession or institutional purchase)

How Do These Plans Benefit You? 

The creation of these plans is extremely valuable. Their timely, ordered execution will provide you with a methodology to achieve your goals and experience the benefits of those successes.

Without them, the chances of achieving your goals will be diminished considerably. As it has been said, “hope is not a plan, it simply does not work.”

The design and execution of your customized plans will help you create a clear path marked by tranquility, triumph and success of your design.

PS: Would you like to learn more about how to prepare yourself and your practice for the end of career transition? You may be in solo practice and wish to carry out a succession or outright sale; perhaps you are in group practice or are otherwise employed. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

Black Cottonwoods Triad - 2010

Bridger-Teton National Forest, WY