Succession Planning For Plastic Surgeons

Succession Planning For Surgeons – Resources For Plastic Surgeon Practice Transition

Mature Plastic Surgeons ask their colleagues and advisors about practice transition, succession planning and retirement plans. Whether you are 60, 65 or 70, planning for the future of your practice is essential.

Here are some resources that can help.

SUCCESSION OPTIONS FOR PLASTIC SURGEONS

Most Plastic Surgeons take one of these 5 options for practice transition

1. Close Your Practice Down and Sell Your Practice Assets (refer your patients to a colleague)
2. Find a Younger Plastic Surgeon successor to take over the practice (can take 3 to 5 years)
3. Join a Bigger Group of Surgeons near your location (providing Practice Management Services)
4. Pivot from a surgical practice into a non-surgical practice – Offer injectables & skin clinic services
5. Sell your practice to a Corporate Buyer or larger Rollup Group -usually funded by Venture Capital or Private Equity

 

You could also sell your Day Surgery Centre to a Private Hospital Group if you own one.

 

USEFUL CONSULTING RESOURCES FOR TRANSITIONING OR SELLING YOUR PLASTICS PRACTICE

• USA Exit Planning Consultant – Inspiring Effective Leadership – Enrique Fernandez – ASPS USA Member Plastic Surgeon – retired at 61 after colon cancer diagnosis (Speaks at conferences) https://www.enriquefernandezmd.com/
• Karen Zupko Practice Consultant USA – https://karenzupko.com/
• Tom Ferkovic USA Medic Management – https://www.medicmgmt.com
• Michael Byrd USA – https://www.ByrdAdatto.com
• John Downing III – President at Plastic Surgery Partnerships Pennsylvania USA
• AUST – Steven Macarounas – Private practice Succession for Doctors Course – theprivatepractice.com.au

 

GROUPS INTERESTED IN BUYING AESTHETIC PRACTICES IN AUSTRALIA

These groups are mostly consolidating Injectables Clinics, Dermatology or Cosmetic Physician Practices

• Aura Medical Group – Deb Farnworth Wood etc
• Silk Laser Clinics – ASX-listed company
• Artisan Aesthetics Group Pty Ltd
• Aesthetic Partners / Me Aesthetic – Costa Koulouris at Me Clinic Melbourne

 

GROUPS BUYING AESTHETIC PRACTICES in USA

• Medspa Partners USA – https://www.medspapartners.com/medspa-partners
• There are also about 20 Dermatology Management Companies (DMCs) that are interested in buying Plastic Surgery practices

 

REFERENCES ABOUT RETIRING & PLASTIC PRACTICE SUCCESSION PLANNING

• Reflections on a Career in Plastic Surgery: A National Survey of Retired Surgeons
• A Plastic Surgeon retires – pdf article
• Retired plastic surgeons as Educators during covid 19
• How to properly plan your Succession 0 Article from Medaesthetics Magazine Article
• Retired Surgeons’ Reflections on Their Careers
• Plastic surgeons over 50: practice patterns, satisfaction, and retirement plans – PRS2008 121(4)
• Retired Not Dead: Thoughts Plastic Surgical and Otherwise – PRS 209 Nov  – Robert Goldwyn
• Developing an effective succession plan for your practice: why should I care?  2010 FPS Article by Catherine Maley

REFERENCES ON AN EXIT STRATEGY AND SELLING YOUR PRACTICE

• ASPS USA Article – Retiring from practice requires an exit strategy
• Are you needing to sell your plastic surgery practice? – plan 3 to 5 years ahead!
• Don’t retire your practice; ‘transition’ it
• Retirement Planning For Plastic/Cosmetic Surgeons

USEFUL BOOKS ON SUCCESSION PLANNING & PRACTICE TRANSITION

• BOOK – Retired Not Dead : thoughts Plastic Surgical and Otherwise – by Robert M Goldwyn 2008 296 pages
• BOOK – Succession – Are you Ready?  by Marshall Goldsmith
• BOOK – Halftime – moving from Success to Significance by Bob Buford 
• BOOK – Beyond Half Time – Practical Wisdom for your Second Half  by Bob Buford
• BOOK – Finishing Well – The adventures of Life beyond half time by Bob Buford
• BOOK – How Much is Enough – Making Financial Decisions that create Wealth and Wellbeing – by Arun Abey and Andrew Ford

 

If you want some more ideas about Practice Succession or Lifestyle Retirement options – please phone Dave Staughton for a chat