Your Life Ahead - Sunset Begets Sunrise

Yellowstone River, Hayden Valley – 2020

Yellowstone National Park, WY

 What Would Happen if You Couldn’t Practice Anymore? My Story.

I was 59 years old and thought I had many more years of Plastic Surgery practice ahead of me. I purchased the standalone office building of my dreams and undertook a major renovation, including a surgical facility. 

I knew I needed to plan for my succession. This was the plan, although my own end of career seemed distant…or so I thought.

I resolved to do so soon, but never got the chance. Some months after the grand opening of my office and I was settled in, I was diagnosed with colon cancer. It was a big surprise as I had been diligent about physical exams, screenings and my health in general. That and other medical problems ended my Plastic Surgery career.

I am well, thankful and happy that for a number of years I have been cured of colon cancer. My days of practicing medicine are over, but I was motivated to guiding physicians, who spend their lives taking care of others, are prepared for the next stage of their life.

I created a new career consulting with physicians on their career transition. This involves preparation of the practice to introduce a younger surgeon or making introductions to effect a sale to a financial organization such as a family office.

The implications of unlikely but possible scenarios can and should be considered. Certainly, you cannot prepare in detail for the uncertain. But you can prepare for what you can reasonably anticipate. If life presents you with a major, unexpected situation, you can adjust your existing plans accordingly.

Physicians often underestimate what it takes to prepare for transition from their practice, primary due to unfamiliarity and they delay…until it is too late. 

Do Not Be Caught Unprepared: Five Things to Do Now 

•  Review and tune-up your current insurance policies with the present and future in mind.
•  Do you have business interruption insurance?
•  Do you have death or incapacitation insurance to replace a key man or woman?
•  Do you have personal, short-term and long-term disability insurance? Are the benefits subject to income tax?

Accounting 

•  Are your financial statements optimized for the sale of your practice? Ask your accountant to analyze your financial statements to optimize your EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and remove extraneous expenses. This is done to more accurately demonstrate the profitability of your practice. Consider an alternative methodology: Seller Discretionary Expenses.

Tax Planning 

•  How do you know that you won’t need to sell your business in 24 months or sooner? This why you need to have tax planning for the sale of your practice now. It should be in place well in advance, before you plan to sell your practice.

Estate Planning

•  To be prepared for the unexpected, the time to prepare is now. 

Design Your Future Life

•  Do your have a Post Career Lifestyle Plan?
•  Do you have a Post Career Financial Plan?
•  Do you have a Practice Transition Plan?

These are essential and you should have them in place much earlier than you may think.

I relate my story and offer these suggestions in the hope that you will benefit. To do so, you should act…now.

Plan. Prepare. Prosper. _TM

 Updated: August 16, 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     

Madison River & Range – 2009

Yellowstone National Park, WY