Transitioning from Practice - Are You Ready Financially?

Delicate Splendor – 2022

Kauai, HI

 An Approach for Evaluating Your Readiness – Part 4 of 5

At some point in your career, you will begin to contemplate your transition from your plastic surgery career and begin planning. You may take action by getting an update regarding the status of your retirement plan from your investment advisor.  

After that, you and perhaps your spouse may schedule a meeting with your financial planner (let’s call him Charles). You go with the expectation of getting an opinion about your financial readiness.

Questions and Reflection

Charles asks you a few questions about your future plans and lifestyle. You describe your ideas so far and he suggests that you undertake more detailed planning together so he can advise you optimally on your financial readiness. He asks you to prepare a fairly clear description of how you envision your ideal future lifestyle. This includes a projection of associated costs. The meeting ends and you resolve to get it done.

Now, the time has come to really focus. You both schedule quiet time to plan individually. Next, you compare notes together and blend your ideas. Creativity and methodical planning will emerge as you create a blueprint to bring your dreams to reality.  

You take it a step further…you prepare a budget.

The result of your efforts is your Post Career Lifestyle Plan. It describes exactly what it is…your dreams and visions embodied in a strategy and tactics for how you will experience your ideal lifestyle.

For most, this is usually the single most important step to take.

Next…

Essential Sequential Steps 

At this point, you have created the basis to begin to develop with Charles what I refer to as your Post Career Financial Plan _TM.

When the date arrives for your next meeting with him, you both feel an increased level of confidence. You have many questions, but in your mind one stands out: Do our present financial resources support our future lifestyle plan?

Identifying the Forks in the Road

You may be advised that indeed, your current financial resources will support your desired lifestyle. If so, you can proceed with confidence and prepare to transition from practice. You will do so knowing that at this point you have gone a long way to prepare yourself personally and financially.

On the other hand, you may be advised that your resources presently do not support your Post Career Lifestyle Plan _TM  as written. No doubt, you may experience disappointment, but that is temporary. You have the ability to adjust your lifestyle plan and/or your plans to transition from practice. 

Regardless of whether or not adjustments are necessary, this information will guide you on your path. In addition, here is another important benefit: by having these plans you will have removed from your path inevitable obstacles born of insecurity and indecision that will delay your progress.

Other Concerns

Sometimes the need to solve one problem will solve other challenges as well.

At times, plastic surgeons don’t want to stop practicing completely. If that is the case, and you're not quite financially ready, a solution to both concerns may be to practice longer, perhaps at a reduced pace.

Investment in Planning Yields Multiple Benefits

Planning to succeed is priceless. Its key elements are to create a plan and execute it in a timely manner. In most cases, the need to prepare yourself and your practice means that you should begin to prepare at least five years in advance of your anticipated end date.

The creation and execution of a logical, practical sequence that is described by a meticulous methodology is the path to lasting success.

Plan. Prepare. Prosper. _TM

Updated: March 23, 2024

PS: Would you like to learn more about how to transition from your practice? I would like to help 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     

Dreamy – 2008

USA