Your Goal: A Successful Career Transition

Green River – 2020

Utah

Your Visions and Plans for Success

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

The myriad of concerns that you will need to address will vary according to your type of practice: solo, group or otherwise employed. There will be variations in practice preparation according to your desired method of transition. You may want to execute a succession plan, sell to a financial institution such as a private equity firm, a family office or close your practice via an asset sale. Nevertheless, across the spectrum of practice types, there are some common matters, duties, and tasks that must be accomplished. 

It will be necessary for you to do more than just learn about the journey you are about to undertake. Relevant information, per se is insufficient. It is essential to create and implement a plan that is based on a structured methodology that is customized for your practice. This is a critical element of accomplishing a successful career transition that will also prepare you for the next great phase of your life.

Insights Into the Model

I recommend a triad of plans that comprise my methodology. They describe 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 is often the case that physicians tend to concern themselves primarily with the practical aspects of selling or closing their practice…and that is 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 will 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 will not be prepared and may be reluctant to make, unless you have prepared yourself personally and professionally. You will 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 will 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 are proceeding with a transition
• 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 career transition.

Examples:

• Plan for succession: classic succession, or sale
• 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. From a practical perspective, this methodology enables you to minimize uncertainty, hesitation, indecision and delays that will limit your opportunities. With proactive planning, you will be prepared to use time advantageously to maximize your options. Beyond that, the design and execution of your customized plans will help you create a clear path marked by tranquility and triumph.

A significant benefit 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:   August 30, 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     

Montana – 2021