Proactive Preparations for Your Career Transition

West Fork, Carson River – 2013

California

Timing: First Things First

The transition from your career involves a multitude of matters that require thoughtful, timely planning in order to experience a smooth and successful outcome. They include personal, professional and practice preparations…in that order. This article addresses the solo practitioner practice model. Knowledge of preparation for this type of scenario has the broadest usefulness to other practice types.

As you read this, please review references to previous articles that discuss these topics in greater detail.

Unfamiliar Realities

There are two major realities that you should be aware of and consider as you plan and prepare.

The first is to acknowledge that your career transition is a process, not an event. It begins as a very personal experience when you find yourself thinking about it more often than usual. As time wears on, a myriad of questions will probably preoccupy you. Among the first of these are when, what and how. 

This is a lengthy process throughout which you will reflect upon your personal, professional needs and desires. You will probably make some life adjustments. For these and other reasons, it takes years to properly plan, prepare and execute your plans.

The second reality is that the practice itself must be prepared for your transition. This is a different but related matter. These preparations are based on having a successful, well-functioning practice. However, the present organization and functioning of your practice, in and of itself, does not equate to being ready to be offered for a sale. This is the time to prepare your practice in such a way that its value is optimized and it is ready for the type of transition you have chosen.

From Dreams to Reality

There are a number of customized preparations that must be made before you even begin to market and offer your practice. This applies whether you wish to execute a staged succession, an up front private sale or a purchase by a financial institution such as a family office.

The strategy or goal that is focused on your desired outcome must be supported by a variety of tactics. The strategy and tactics are described by various plans. This should include a clear methodology that is designed to implement your plans in a particular timeline and sequence.

When, What and How: The Big Picture

There are specific categories of preparations that must be made, usually in this order:

• Private discussions with your spouse; take your time
• Assess financial readiness
• Prepare yourself personally and professionally
• Determine what type of career transition your will execute
• Organize your internal and external transition team
• Optimize your practice
• Prepare your practice for transition
• Determine time to begin the execution 
• Describe the projected time to transition
• Execute your plans

An Enduring Perspective: “Retirement” or Transition

The use of quotation marks for the “R” word, reflects my preference for the word transition. Unlike the former, which describes an event, the latter describes a positive process. Its goal is to experience renewal and fulfillment. In essence, the event of “retirement” closes old doors; the process of transition opens new ones. 

I am confident that timely preparation will provide you the means to be ready for what you can anticipate. It will also better prepare you to respond effectively to life's events and circumstances that are impossible to predict. The execution of a methodology comprised of logical, practical and sequential plans is the key to lasting success.

My best wishes to you and your family!

Plan. Prepare. Prosper. _TM

Updated: September 27, 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     

Sunset Splendor – 2009

Gulf of Mexico, FL