On Transforming Your Career’s Sunset Into Your Life's Sunrise

Sunset Transforms Into Sunrise - 2022

Virgina Range, NV

Plan and Prepare

Change. A constant of life that can provoke feelings of uncertainty, especially when it’s an inevitable, yet unfamiliar change. The kind that looms large in your horizon and is accompanied by significant challenges. 

There are some challenges that minimize feelings of uncertainty by virtue of education, training and devoted effort to a particular achievement. But sometimes, there are events for which it’s very difficult to prepare far in advance.

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.

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

We all know that the end of our careers is inevitable. Yet, that awareness lies rather dormant until we start to feel that time on our horizon and we become more conscious of it. It’s then that we start thinking about how to address the various concerns that we know about…as well as wonder about other unknowns. 

For most of us, the feelings associated with the end of career can range widely, from joyful anticipation to dread. We recognize that we’re accustomed to structured preparation, such as that which launched our careers. But for most of us, preparation for ending our careers comes late in our professional lives when that horizon becomes more visible in our mind’s eye.

Why?

There are many reasons for delaying preparation for the transition you know is coming. The demands of your practice as you serve your patients, devoting time to family and community, the need to prioritize, etc., have a way of devouring the days of your life.

In addition to that, there is a very important reason for delaying the beginning of planning: it is simply the lack of awareness of the magnitude of the challenge and the variety of tasks that must be accomplished over a significant period of time.

What to do? 

The best solution is to prepare yourself by changing a vague awareness to a relatively clear understanding of what’s involved. This will provide the basis for you to allocate various resources for the necessary preparations.

To do so will require your devoting some time and focused energy that will pay great dividends from the time you begin to prepare.

You will benefit by decreasing the stress about the unknown that you may otherwise feel over a prolonged period of time. As you identify necessary tasks, you can undertake some of them earlier to spread out your transition workload. This will put less stress on you and your staff as you’re still caring for your patients. You’ll be able to “tune up” your practice with an emphasis on increasing its value to yourself and possibly, a future buyer. 

As your planning and preparations evolve, you’ll be able to approach your end of career with more confidence.

You plan and prepare so that you may prosper.

When to Start?

The earliest stage of the transition process usually begins when you become aware that you are thinking about your end of career more often than you have been. You’ll probably be discussing mutual aspirations and concerns with your spouse on a more frequent basis. 

These discussions will probably include how you want to live your lives. You’ll likely explore questions such as where you may want to live, what you want to do, whether to end your career completely or work part time, etc. These questions and many more will form the basis for creating your Post Career Lifestyle Plan.

At this point in time, it’s prudent for these discussions be limited to the two of you. In time, it will be necessary to discuss your plans, on a need to know basis, to certain advisors and staff members.

As these conversations evolve, you’ll recognize that it’s time to begin serious, systematic planning. 

The Triad of Plans

This methodology addresses your personal and professional needs. It also includes the nuanced, yet important concerns of your particular practice. To do so, three distinct, yet complementary plans are developed to address the various needs in a logical, practical sequence. They are:

The Post Career Lifestyle Plan _TM

The Post Career Financial Plan _TM 

The End of Career Transition Plan _TM

The following are brief descriptions:

The Post Career Lifestyle Plan _TM

This is the first step on your journey of renewal and fulfillment, which is a major goal of your transition. It originates with you and your spouse.

This plan serves two major purposes. One is that it provides the framework for how you’ll live the lifestyle you desire. The second, is to provide the basis for determining whether your new lifestyle can be supported by your financial resources.

The Post Career Financial Plan _TM  

This evaluation is different from your retirement plan that comprises your financial resources. Its purpose is to determine whether your retirement plan assets will support your lifestyle plan. If it does, it allows you to proceed with confidence. If it doesn’t, you can re-evaluate both plans and make adjustments to one or both. It’s advisable to seek the counsel of a Certified Financial Planner.

The End of Career Transition Plan _TM

This is a custom blueprint that serves as a guide as you undertake the process of ending your career and arrive at the actual end date.

It includes detailed policies and procedures that outline how and when you’ll actually initiate and end your End of Career Transition.

Timeline and Methodology

The primary focus of The End of Career Transition Plan is the preparation of your practice for succession with a younger associate or to a private equity firm. It includes three phases that address sequential elements of the process as summarized:

Phase 1 - Practice Snapshot Analysis

This customized report includes an evaluation of your practice with recommendations for your review:

• Collection of all pertinent financial, practice profile and definitive personal goals
• Review and assessment of collected information
• Determination of probable options to fulfill your personal and practice goals
• Summarized report of findings provided in writing and presented verbally

Phase 2 - Implementation: Plan and Prepare

This involves the creation and execution your End of Career Transition Plan. It’s the basis of preparing the practice to transition successfully. 

This consists of implementing the recommendations made in the Phase 1 summary. It includes advising you on the preparation of the policies and procedures that will guide the implementation of your transition.

This phase includes conducting further evaluation of the practice to gather and organize information needed to maximize potential practice value.  This is essential to make the practice ready for sale to a prospective buyer.

Phase 3 - Identifying Potential Buyers

This is the recruitment phase and may include a range of options. They may range from adding a physician associate with a deferred sale, an outright sale to a physician or a purchase by a private equity firm or other financial institution.

Prepare for Ongoing Success

The creation and execution of your triad of plans will be incredibly valuable to you. They address personal, professional concerns as well as helping to achieve practice succession when desired. The design and execution of your customized plans will help you create a clear path marked by tranquility and triumph.

It's true that nothing succeeds like success. It’s also true that optimal success is most often the result of timely, methodical and deliberate preparation that’s focused on a particular goal.

 Plan. Prepare. Prosper. _TM

Updated: Friday, March 10, 2023

PS: By the way, do you want to learn more about how to prepare yourself and your practice for a fulfilling End of Career Transition and life beyond? I would like to guide you. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

Sunset Glows Upon Nature's Cathedral - 2006

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