Phases – 2008

First Things First

When you transition from your practice, there are a multitude of matters that require thoughtful, timely planning in order to experience a smooth and successful outcome. They include personal, professional and practice preparations…in that order. 

This article focuses on the critical first steps you should take prior to seeking a buyer of your practice. This applies to solo and group practices.

It will be useful for you to review previous articles that discuss personal and professional readiness in greater detail.

Early Considerations

It is helpful  to be aware that preparing your practice is a tedious and often lengthy process. It is often overlooked that the time and effort that must be applied to this endeavor is superimposed on everyone’s existing workload. For these reasons, it is necessary to evaluate your staff’s and your own responsibilities as well as the time available to fulfill them. This will help you...

Luminous Path – 2022

Grand Teton National Park, WY

A Path Amidst Obstacles

You may be at a time in your life that you find yourself having recurrent thoughts about your future transition from practice. They will probably range from specific ideas to some that are still vague. You may consider this for awhile and perhaps come to realize that a very long time has gone by without a clear idea of what to do, how or when. Yet, the challenge remains.

You are not alone in this experience. It’s common.

At some point, there will arise from within you a powerful desire to act, to move forward and do what needs to be done to prepare yourself and your practice. Hopefully, it’s not too late to achieve your desired optimal outcome.

What to Do When

Over time, you will be able to reach some conclusions, such as when you want to stop practicing, what do to do afterwards, what to do about your practice and much more. 

You’ll probably realize that the answers are often...

Grand Prismatic Spring – 2009

Yellowstone National Park, WY

First Steps

The accomplishment of any grand goal depends on a clear vision of your strategy, practical operational plans and meticulous execution of tasks that support your objective.

When it comes to transitioning from your practice, the first items to address are to prepare yourself personally and professionally. These include the creation of lifestyle and financial plans to determine whether your current assets will support your desired lifestyle. 

Once completed, it is prudent to undertake a thorough, objective review of the current condition of your practice. The purpose is to ensure that it's functioning properly. This is the subject of a previous article.

Next: Optimize Practice Value

The next  step in preparation will benefit you in the near term as well as at the time of sale. That is to optimize its profitability and value for your benefit now and to a prospective buyer.

The methodology of this...

Marking the Path – 2022

Idaho

The Next Step (Part five of five)

The transition from your career is a process, not an event. It is a lengthy process that affects you personally and professionally. For that reason, it takes time to prepare and adjust to the experience. This becomes increasingly clear as you progress from the conceptual to the practical application of your plans.

So far, this series of articles has provided you with a blueprint that describes a logical and actionable planning sequence. These plans address your personal needs and desires as you aspire to the next great phase of your life. The topics discussed are largely applicable to the personal and professional challenges that are common to plastic surgeons as well as physicians in various practice settings. 

Considerations and Conclusions

Upon completion of your lifestyle and post career financial plans, you will have reached certain conclusions and made some major decisions. Among them are:

• A...

Delicate Splendor – 2022

Kauai, HI

 An Approach for Evaluating Your Readiness – Part 4 of 5

At some point in your career, you will begin to contemplate your transition from your plastic surgery career and begin planning. You may take action by getting an update regarding the status of your retirement plan from your investment advisor.  

After that, you and perhaps your spouse may schedule a meeting with your financial planner (let’s call him Charles). You go with the expectation of getting an opinion about your financial readiness.

Questions and Reflection

Charles asks you a few questions about your future plans and lifestyle. You describe your ideas so far and he suggests that you undertake more detailed planning together so he can advise you optimally on your financial readiness. He asks you to prepare a fairly clear description of how you envision your ideal future lifestyle. This includes a projection of associated costs. The meeting ends and you...

Natural Phases – 2004

Yosemite National Park, CA

 Your Career Transition Is a Stimulus for Personal Development and Fulfillment – Part 3 of 5

Change and transition are words that are often used interchangeably. However, these two words have different meanings and what they describe have distinctly different purposes.

Lessons Learned in My Life’s Journey

My personal experience with change and transition illustrates this point. Years ago, I was diagnosed with colon cancer and then developed other medical problems. Together they created a change that ended my Plastic Surgery career and triggered my end of career transition. Thankfully, years later I am cured, renewed and fulfilled in my new career. 

The end of my career was precipitated by an unexpected change. The subsequent transition was not an event. Rather it was a process that involved sustained, focused and deliberate effort over a period of time.  That effort was directed at a particular...

Clear Path from Preparation – 2022

Harriman State Park & Henry’s Fork of Snake River

Idaho

 The Path to Preparedness – Part 2 of 5

The transition from your career is one of those major life events for which it is critical to prepare well in advance. 

Early on, you will recognize that the magnitude and scope of the challenge is significant. As a result, you will realize that to achieve a successful transition you will need to devote focused effort over a significant period  of time. These inevitable, initial questions will arise: 

• How do I begin? 
• What should I do? 
• In what order should I do it?

I am confident that you have learned long ago, as I have, that great achievements require great preparation.

The First Step of the Path 

To begin, there are three major concerns for which preparation is essential.

The first of these is to prepare yourself, personally, to enter the next great phase of your life. As you do so, it is...

Sunrise Splendor – 2022

Virginia Range,NV

Planning and Preparedness - Part 1 of 5

A common life experience is the feeling of uncertainty that arises from an inevitable, yet unfamiliar change. The kind that looms large in your horizon and is accompanied by significant challenges. 

Some challenges minimize uncertainty by virtue of education, training and devoted effort to a particular achievement. Then there are some events for which it is usually very difficult to prepare far, far in advance.

(With the recognition that there are a variety of practice settings, here I describe that of a solo practitioner, as there are many elements of that which apply to other types of practices.)

Timely Training

A relevant example is the end of your career. My experience as a consultant on this and related maters is that there are some physicians who begin to prepare in a timely manner. Then there are others that begin to plan much later than is desirable.

We all know that the end of our...

Steadfast in Anticipation of Spring – 2010

Grand Teton National Park, WY

The Right Decisions Foster Freedom

The time that you will transition from your practice is approaching. 

The vision of the new phase of your life is becoming more clear. 

You’re growing more confident that the dreams born of your imagination will become a reality. 

Your smile reflects joy of anticipation. 

You take a deep, deep breath that parallels the satisfaction you feel for what you’ve accomplished in life.

You feel deeply the conviction that you have earned the life that your aspire to live…and it really feels awesome! 

Well earned, well deserved!

A Time for You and New Feelings

This is your time for dreaming, planning, executing and experiencing the emerging reality of it all. Amidst the excitement, it’s also the time to apply the skills and wisdom you’ve developed over the course of your career to this very special time of your life.

You will...

Adornments – 2021

Sierra Nevada, NV

Pearls Amidst Numbers

A key report necessary for financial overview of your practice is your income statement which reflects its degree of profit or loss.

Typical financial software produces an income statement that is an overall financial analysis over a specified period of time. It includes revenue, expenses, net income (loss) and other data. This report is typically used by a business owner to monitor net income or loss. It also used by your accountant to provide various services, primarily the preparation of the business tax return.

If you are a solo practitioner and provide a single type of service, this type of report is usually sufficient for you to determine the financial status of your practice. 

This however, is usually the exception.

The Benefits of Profit Center Reporting

It is a common scenario in a solo or group practice, that the physician(s) as well as other non-physician professional staff provide a variety of...