Freedom to Fly - 2012

Kenai Fjords National Park, AK

The Right Decisions Manifest Freedom

Your end of career is approaching. 

Your vision of this 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!

As I wrote these words, they seemed to flow easily. They describe my own life experience and that of others. 

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...

Dahlia - 2020

Nevada

Choice vs. Necessity

You have been in solo practice for many years and the time is approaching when you will stop practicing. You remember, reflect and feel a sense of pride and achievement for what you have accomplished in the service of your patients. 

Those sentiments are probably accompanied by your awareness that you need to decide what to do about your practice. You wonder: Do I sell or close it? That core question is the basis for many others that you must address.

The question is straightforward, but the answer is not. For some of you, it’s a daunting obstacle. For others, it’s just another challenge. Why?

Much of the answer lies in the origin and nature of major transitions and how we manage them.

Developmental Transition 

Typically, there’s a change that occurs that triggers the beginning of your end of career transition. 

The first type occurs when you recognize that the time is close at hand and you’re motivated...

Manifest Splendor - 2006

USA

Laying the Foundation of Success

The introduction of a new plastic surgeon to your practice involves the creation and execution of three plans that lead to its preparedness. 

I’ve previously written about the first two of these plans, which address the enhancement of the functions of your practice. The second plan focuses on optimizing profitability and thus its value.

These two plans lead to the third one, which is the actual preparation to introduce a new plastic surgeon.

The model for this discussion is that of a solo practitioner in private practice who is planning for a traditional succession but is also open to an institutional purchase.

First Things First 

At this point it’s essential for you to have considered some things such as:

• How long you will practice
• Whether to stop practicing gradually or completely 
• Your role as leader of your transition 
• Your role as leader and mentor to a younger surgeon 
• Your...

Industry with Elegance - 2014

Idaho

First Steps

Like any grand goal, its accomplishment depends on completing tasks that are part of a plan designed to achieve 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 the Value of Your Practice

The next  step in preparation is one that will benefit you in the near term as well as at the time of sale. That’s to optimize profitability and thus its value, to you as well as a prospective buyer.

The methodology of this endeavor is the Practice Value Optimization Plan....

Western Azalea - 2004

Yosemite National Park

Preparation: the Beginning

The preparation of your practice for a sale begins with optimizing its current functions and performance. Subsequent preparations will focus specifically on the sale to a future associate or institutional buyer and will be addressed in future articles.

For an overview of the process, see this article.

The Personal Experience

If you’re considering transitioning and selling your practice, you’re very likely to view your practice as an entity you have created and worked hard to develop over the course of your career. It has provided for you, your family, staff and the care of your patients.

You probably feel a sense of pride for what you’ve accomplished and want for it to continue to endure in the hands of a capable, new plastic surgeon…and properly so.

With these considerations in mind, you may think that your practice is functioning just fine. You know there are some some tweaks...

Mt. Rose - 2023

Sierra Nevada, NV

Essentials for Success

When you’re preparing your medical practice for a sale, it’s essential to optimize its current performance, profitability and make it ready for a future associate or institutional buyer.

For many physicians who wish to sell their practice, whether though a traditional succession or private equity transaction, the initial focus is often the goal…the succession or actual sale.

While it’s a good thing to “begin with the end in mind,” it's critical to know what needs to be done in the way and order of preparation to achieve and optimize your goals.

The “what” can be summarized in one word…preparation.

Preliminary Achievements

Your path to success is paved with certain accomplishments that you should achieve en route to your destination. 

I have previously discussed the very first steps that I advise you should take. These are to prepare yourself personally...

Late Winter Tetons Storm - May, 2010

Grand Teton National Park, WY

Change and Transition: How They Can Affect You

Change and transition are words that are often used interchangeably. However, they differ in meaning and how their occurrence can affect you.

My personal experience with change and transition illustrates this point.

My Journey’s Lessons

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’m cured, renewed and fulfilled in my new career. 

My successful transition did not occur spontaneously. It was the result of sustained, focused and deliberate effort over a period of time.  That effort was directed at a particular envisioned outcome: to experience renewal and fulfillment. The means for achieving that outcome was the the transition process itself.

This illustrates the very purpose...

Shadows in Transition - 2021

Sierra Nevada, NV

Your Path to Preparedness

The End of Career is one of those major life events for which it’s critical to prepare well in advance. 

Early on, you’ll recognize that the magnitude and scope of the challenge is significant. As a result, you’ll also realize that to achieve a successful Transition you’ll 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 know that you 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’s important to keep in mind that your spouse and family, are also going through a...

Sunset Transforms Into Sunrise - 2022

Virgina Range, NV

Plan and Prepare

Change. A constant of life that can provoke feelings of uncertainty, especially when it’s an inevitable, yet unfamiliar change. The kind that looms large in your horizon and is accompanied by significant challenges. 

There are some challenges that minimize feelings of uncertainty by virtue of education, training and devoted effort to a particular achievement. But sometimes, there are events for which it’s very difficult to prepare far in advance.

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.

(With the recognition that there are a variety of practice settings, the model described here is that of a solo practitioner, as there are many elements of that which apply to other types of...

Emerald Bay, Lake Tahoe - 2010

On Visions and Planning for Success

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

The myriad of concerns that you will have to address will vary significantly according to your type of practice: solo, group or otherwise employed. There will be variations in practice preparation, particularly if you’re in solo practice and want to execute a succession plan, sell to a private equity firm or close your practice. Nevertheless, across the spectrum of practice types, there are some common matters, duties, and tasks that must be accomplished. 

It’s my experience that you’ll need to do more than just learn about the journey you’re about to undertake. Beyond information, you will benefit greatly from creating and implementing a plan that is based on a structured methodology that’s customized...