Common Early Impediments to Transitioning from Your Career

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 this unfamiliar transition process. It is usually the case that the deeper you delve into the issues, the more questions will arise that are increasingly difficult to answer, at least initially. Attention to detail is certainly important. However, you will benefit greatly by focusing initially on the major questions that require a resolution.

The Travails of Inertia

The earliest phase of preparation for your career transition…getting started, can be the most difficult to accomplish. Why is that?

There are three major reasons:

• You are not clear on your goals.
• The transition process is unfamiliar.
• The future is unknown.

The first two can be overcome by learning, preparation and execution.

As to the third, you cannot predict the future. However, with proactive preparation, you can accomplish a great deal to create it.

The First Step

You should determine what you want your desired lifestyle to be and when you wish to achieve it. Write it down and include a preliminary budget that is based on your current assets. This is the foundation of your Post Career Lifestyle Plan.

The Second Step 

Present this information to a Certified Financial Planner. The purpose of this is to determine whether or not your desired lifestyle can be supported by your financial assets. If it does, you can proceed with confidence. If it does not, you can modify one or both plans accordingly. 

By accomplishing these two critical steps, you will avoid uncertainty, hesitation and inevitable delays in subsequent planning that relate directly to the preparation of your practice.

The Third Step

You should learn and master the process of your transition…the How. You do so as you create and execute a plan that focuses on the preparation of your practice. This plan can be designed to prepare you for three common possibilities:

• A classic succession method.
• Sale to a financial institution such as a family office.
• Closure via an asset sale.

The Next Step…Execution 

You will find that once you commit to learning and peeling away the veils of the obscure, you will feel much more confident as you finalize and execute your plans. This methodology is designed to be implemented in a natural, logical manner that provides the means to conceive and create the future lifestyle you desire.

Plan. Prepare. Prosper. _TM 

Updated: July 26, 2024

 PS: Would you like to learn more about how to transition from your practice? I would like to assist you. I provide practice transaction services that are tailored to your specific needs. Click here to request an introductory conversation.

If you would like to learn about another way that I can guide you, check out this brief video that describes my unique online course: 

 The Practice Transition Course for Physicians. _TM     

Ethereal – 2008

USA