When is the Right Time to End My Career?

Sunset or Sunrise?

Florida - 2010

Proactive Planning Will Reveal the Date

For most of you, the end of your career is an event that you really look forward to. It’s a time of joyful anticipation. It’s the opportunity for you to create and begin a new lifestyle. Yet, as it happens with major life events, there are important questions that must be answered. They can be a source of preoccupation.

You know that this is major life event that you are not familiar with. You may also sense that it will probably affect you personally, deeply.

A very common concern is the need to answer the question: “When is the right time to stop practicing?”

What I Know

In the course of my experience consulting and coaching clients on numerous matters related to the End of Career Transition, I have observed that it’s natural to focus on the obvious: the end date. 

What is not so readily apparent are the myriad of matters that must be planned for and accomplished in advance over a long period of time. Without a clear understanding of what is required and the time it takes to accomplish them, it’s not realistic to set an actionable date. 

The basic question of when gives rise to another question: “If the creation of my plans is essential to be able to determine a projected date, then when should I begin to start planning?”

The most direct answer that applies to you personally, is that you should begin planning when your transition begins. When is that?

A good rule of thumb is that it begins when you find yourself thinking about your End of Career more often than usual. That is really the moment in time that marks the beginning of your transition. 

It’s then that you may notice that you are experiencing a blend of joy and concerns. You may be trying to relish those joys but questions that become preoccupations seem to get in the way of that experience. 

The method for resolving these conflicts is timely, proactive planning that will identify and eliminate obstacles on your path.

The Major Challenges You Will Likely Face

 There are two major areas of concerns that must be taken into account and incorporated into your plans: one is a broad range of questions that are not strictly personal. For example:

• "I’m in solo practice. Should I plan for succession, an outright sale or close my practice? How?
• “How do I prepare if I’m in a group practice?”
• “What if I’m otherwise employed?”
• “Whom do I entrust with sensitive matters?”
• “What are my responsibilities to patients?”
• “How do I support my staff?”
• “To whom can I go to for advice?” 

The list can be lengthy. Although some questions are complex, the answers will emerge as you progress with your planning.

The second major area is about matters that are very personal, such as:

• “What will be my identity when my career has ended?”
• “Will I feel a loss of identity and if so, how do I deal with it?”
• “Am I prepared financially?”
• “I sense that I need to continue to fulfill my purpose in life. How do I do that and also have fun?”
• “What types of activities are conducive to optimal health and wellness?”

These personal matters take time to identify, process and resolve. It is in your best interest and that of your loved ones to invest the time and effort early on and deal with these questions successfully.

How Much Time Will You Need and When Should You Start to Plan? 

It is common to begin to ponder these questions, especially the personal ones, about five years in advance of your envisioned end date. That time frame generally corresponds to the amount of time it takes to plan and execute your transition plan. 

If you plan to execute an asset sale or close your practice, the amount of time needed may be about three years minimum. This also applies if you're in a group practice or are otherwise employed.

Plans and Progress

Although each situation is unique, the key to your success is to create plans that are customized to your needs.  This includes a timeline of execution that will clarify your projected end date. I think you will find it useful to review my previous article about types of plans and how they can benefit you.

These are very important matters that require your personal, focused attention over a period of time. It’s usually very beneficial to discuss these with your spouse and resolve them together. Please remember that he or she will be experiencing a transition as well. 

Your End of Career Transition is a process, not an event. This takes time for you to experience and accept the changes you will encounter.

I encourage you to make time to invest in yourself for your personal, lasting benefit and that of your loved ones. This is essential for you to successfully transition to a lifestyle marked by renewal and fulfillment.

I know that the skills and wisdom that you have developed in the course of your career will guide you to live the dreams you have dreamt.

Plan. Prepare. Prosper. _TM

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 help you. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

 Updated June 4, 2022

Tundra in Autumn 

Denali NP, Alaska - 2011