Your Career Transition and Success

Emerald Bay, Lake Tahoe - 2010

On Visions and Planning for Success

When you begin to think seriously about ending your medical career, you’ll find yourself considering a variety of personal concerns and as well as professional practice matters.

The myriad of concerns that you will have to address will vary significantly according to your type of practice: solo, group or otherwise employed. There will be variations in practice preparation, particularly if you’re in solo practice and want to execute a succession plan, sell to a private equity firm or close your practice. Nevertheless, across the spectrum of practice types, there are some common matters, duties, and tasks that must be accomplished. 

It’s my experience that you’ll need to do more than just learn about the journey you’re about to undertake. Beyond information, you will benefit greatly from creating and implementing a plan that is based on a structured methodology that’s customized for your practice. This is an essential element of accomplishing a successful End of Career Transition that also prepares you for the next great phase of your life.

Insights Into the Model

I recommend a triad of plans that comprise my methodology that describes the sequence in which the plans are executed and tasks are accomplished. The model discussed is the solo practitioner. These plans can be modified and applied to different types of practices.

It’s often the case that physicians tend to concern themselves primarily with the practical aspects of selling or closing their practice…and that’s certainly necessary at some point, preferably sooner than later. However, they sometimes do so at the expense of not focusing sufficiently on their personal and professional preparation. 

Many of the decisions that you’ll have to make depend on your having clarity and conviction about how this significant event will affect you and your loved ones for the rest of your life. There are a number of important practice decisions for which you’ll not be prepared and may be reluctant to make, unless you have prepared yourself personally and professionally.

You’ll be served best by preparing yourself first and then your practice.

How?

The Methodology

This approach takes into account your personal and professional needs. It also includes the critical as well as the more nuanced demands of a particular practice scenario. To do so, three distinct, yet complementary plans are customized 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 descriptions of these plans with a few examples of each.

 The Post Career Lifestyle Plan _TM

This is the first step on your journey of renewal and fulfillment, which is the major goal of your transition.

Your Post Career Lifestyle Plan serves two major purposes. One is that it provides the framework for how you’ll live a balanced, ideal life. The second, is to provide the basis for determining whether your new lifestyle can be supported by your financial resources.

Examples:

• Confidential deliberation with your spouse
• Determination of why you’re proceeding with transition, or not
• Consideration of a complete or gradual transition
• Description of how and where you want to live

The Post Career Financial Plan _TM  

This second 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 does not, you can re-evaluate both plans and make adjustments to one or both.

Examples:

• Meet with spouse and then a financial planner
• Prioritize your lifestyle choices 
• Assess the cost of choices, eg, residency, housing, travel, etc.
• Consider alternative choices
• Does your retirement plan assets support your desired lifestyle?
• Do you need to adjust your lifestyle, finances or both?

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 will actually initiate and end your End of Career Transition.

Examples:

Plan for succession, sale or closure of your practice

• Determination of the projected end date
• When to notify staff
• Definition of your role as leader and manager of the transition
• Preparation of the plan: policies, procedures, checklists
• Execution of plan: early preparation, staged approach

 How Does This Triad of Plans Benefit You? 

The creation of this triad of plans will be incredibly valuable to you. Without them you may experience inordinate stress and preoccupation long before your end date. The design and execution of your customized plans will help you create a clear path marked by tranquility and triumph.

An important benefit of that, is that you can move forward on your path confidently, with a smile on your face and a feeling of pride knowing that once again, you have succeeded on your terms.

Updated: March 3, 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.