Your Life Ahead - The Making of An Epic Sunrise

Sunrise, the Virginia Range - 2022

Nevada

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 soon, including recruiting. 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 dedicated my life to making sure that physicians, who spend their lives taking care of others, are prepared for the next stage of their life.

I went on to create a new career consulting with physicians on their career transition.

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 and they delay…until it is too late. 

Don’t Be Caught Unprepared: Five Things to Do Now

Insurance 

• Review and tune-up your current 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 you 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.

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 in the hope you will benefit in many ways. To do so, you must act…now.

Plan. Prepare. Prosper. _™

Updated: December 8, 2023

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.

Sunset Begets Sunrise – 2006

West of Yosemite National Park, CA