Autumn Splendor – 2010

Arizona

The Lifelong Value of Trusted Advisors

When individulas think about their personal and professional successes, it is natural to think that they are largely the result of their own effort. Upon further reflection, they usually recognize how they also benefited from those who cared about them and provided wisdom and guidance.

Personal guides that probably influenced your life are personified by parents, family, friends, teachers, consultants, coaches, professors and mentors.

Gratitude for my Giants

I have benefitted immensely from all of the above, recognized early on their enormous value and thanked them accordingly. As time progressed and my perspectives evolved, I felt gratitude even more deeply for those who cared and cheered me on to various successes.

At some point in time, our formal training came to an end.  Yet the pursuit of excellence requires that personal and professional development continue throughout life. 

Your Ongoing Development

Sneffels Range – 2013

Colorado

Navigating Your Career Transition

As a seasoned professional, the prospect of transitioning away from a life's work can be a complex and multifaceted journey. It requires a meticulous blend of personal readiness, professional realignment, and preparation of your enterprise. In this article, we delve into the nuances of preparing for this significant life event, ensuring that you are equipped with the knowledge and tools necessary for a smooth and rewarding transition.

Embracing Change: A Personal and Professional Renewal

The transition from your career to the next chapter of your life is not merely a change; it is a metamorphosis that requires introspection and strategic planning. The initial phase of this journey is deeply personal. It is the bedrock upon which you will design your framework as it relates to you professionally and your enterprise.

This transformative process is a testament to your life's work and an opportunity to redefine your goa...

From Sunset to Sunrise – 2013

The Teton Range

Grand Teton National Park, WY

The Practice of Equanimity

It is commonly familiar that it is in those quiet moments when our mind is free to wander, that we are the most creative.

For me, it is commonly during morning coffee or perhaps fly fishing on a beautiful river for trout or salmon.

There are other times when feeling the rhythm of my heartbeat and breathing is the only perceptible activity.

I usually make no effort to think about anything in particular. And yet, the more my mind wanders, the more meaningful are the insights, ideas and innovations that emerge.

I believe that this simple discipline can be beneficial as you plan your career transition. 

It is then that you will have a window of opportunity prior to embarking on the next great phase of your life. This is the time for you to create plenty of time and space to comfortably design your roadmap. The map that will take you in the direction that you want your life to go…...

Wonder Lake & Alaska Range – 2011

Denali National Park, AK

Essentials for Success

When you are preparing your medical practice for a sale, it is worthwhile to optimize its current performance, profitability and make it ready for a future associate or a private equity buyer.

As you begin this process, it is common for physicians to focus initially on the succession or actual sale. This is the case whether you are undergoing a traditional succession or sale to a financial institution such as a family office.

This is usually because you believe that your practice is functioning just fine. It may need some fine-tuning, but in general, you are satisfied with its performance. However, beyond this, it is important to think about the future, broaden your outlook and consider further your own interests as well as the buyer’s perspective.

The Buyer’s Perspective

Give thought to the fact that a buyer will have a different point of view and put yourself in his place. He will probably be be ...

West Fork, Carson River – 2013

California

Timing: First Things First

The transition from your career involves 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 addresses the solo practitioner practice model. Knowledge of preparation for this type of scenario has the broadest usefulness to other practice types.

As you read this, please review references to previous articles that discuss these topics in greater detail.

Unfamiliar Realities

There are two major realities that you should be aware of and consider as you plan and prepare.

The first is to acknowledge that your career transition is a process, not an event. It begins as a very personal experience when you find yourself thinking about it more often than usual. As time wears on, a myriad of questions will probably preoccupy you. Among the first of these are when, wha...

Clear Path – 2022

Grand Teton National Park

 An Outlook for Renewal and Fulfillment 

One fine morning with coffee in hand, you still savor that last sip of your custom brew.  You feel peaceful. Then a fleeting thought stirs up an awareness that you are thinking more and more about your future career transition and your new lifestyle. You smile and feel warmer inside…and then you feel a twinge of angst.

These are mixed emotions: joy and apprehension. They swirl around your mind stirred up much like the sweetener you blended into your coffee.

You wonder whether this is a common experience, how successful people deal with it and perhaps when you should begin to resolve this emerging dilemma. 

You sense that you must do something. 

A Fictional Character that Reflects a Real Person 

The following is the gist of the story of Alex, a fictional character like many accomplished physicians I am familiar with.

Alex is at that time of his (or her) career when he sees his end of career wit...

Big Creek Detail – 2009

Great Smoky Mountains National Park

 How To Prepare For Success

The successful preparation of your practice for succession and sale requires careful planning. There are several stages of the process that evolve in a natural, practical manner.

It is best to create plans that correspond to each of these stages. Each of these plans will provide the blueprint that will guide you and your staff through each of these phases successfully.

Phases

There are three concerns that should be addressed in a thoughtful, structured matter in order to optimize the probability of a good outcome. These are: to enhance the performance of your practice, optimize its value and make it ready for the recruitment and introduction of a new associate via a classic succession or sale to a financial institution.

The underlying principle of preparing your practice as it functions presently, is that it is not the same thing as preparing it for a new associate. Your practice may or may n...

The John Moulton Barn & Teton Range – 2010

Grand Teton National Park, WY

The Starting Point

The preparation of your practice for a sale begins with optimizing its current functions and performance. The next objective is to optimize its profitability. This is followed by the preparations that are needed to introduce and accommodate a prospective buyer.

Your Frame of Reference

If you are thinking of transitioning and selling your practice, you probably consider your practice as the product of your hard work over the course of your career…and rightfully so. It has provided for you, your family, staff and the care of your patients.

It is likely that you have a sense of pride for what you have accomplished and want it to to endure in the hands of a capable, younger plastic surgeon.

With these considerations in mind, you may think that your practice is functioning well. There may be some some tweaks needed, but for the most part, you are satisfied with its performance. 

Nevertheless,...

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 method...

Henry’s Lake – 2022

Idaho

Elements of a Balanced and Fulfilled Life

It is a common life experience that sometimes you have to forgo satisfying a desire in order to commit time, effort and perhaps financial resources to fulfill a necessity.

This is more frequent during your earlier years when life’s responsibilities required such choices. It often meant that wants or desires that you considered non-essential were put off. Perhaps they were never fulfilled, but hopefully, simply deferred and remembered in the well of your memory.

The desire to fulfill a myriad of responsibilities whether at home, work or community, springs forth from the nature of your character. Your cumulative experience and satisfaction derived from meeting your responsibilities further strengthens and develops it. Your focus on various achievements becomes a way of life.

Visions of Change

As you begin to envision life after the end of your career, your perspective about life will evolve. You may find yourself ...