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  • Life after medicine

    I’m having a conference call with a PE firm tomorrow. They’ve looked at our numbers and I expect an offer of some sort. Initial conversations imply that the number could be something like $15M, of which I’d keep half. Call it $5.5M after tax giving me nearly $12M net worth.

    I’m assuming there would be some sort of earn out. We live well, but would easily maintain our lifestyle with a below 2.5-3% withdrawal.

    That leaves me two years from now with a nearly empty nest, an enjoyment of medicine but no burning desire, a mile long bucket list, but also no desire to be fully retired. As of today I value flexibility very highly, since I currently have very little.

    What would you do on this scenario? MBA and join the dark side with the PE guys managing practices? Sell out for vanity goals (sub 3 hr marathon)? Alcohol induced cirrhosis on a beach? One day a week luxuriously paced community health? Start a new practice an hour away and try to duplicate the first?

  • #2
    wouldnt the payout require you to stick around for a few years?

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    • #3
      Originally posted by A nony mous View Post
      I’m having a conference call with a PE firm tomorrow. They’ve looked at our numbers and I expect an offer of some sort. Initial conversations imply that the number could be something like $15M, of which I’d keep half. Call it $5.5M after tax giving me nearly $12M net worth.

      I’m assuming there would be some sort of earn out. We live well, but would easily maintain our lifestyle with a below 2.5-3% withdrawal.

      That leaves me two years from now with a nearly empty nest, an enjoyment of medicine but no burning desire, a mile long bucket list, but also no desire to be fully retired. As of today I value flexibility very highly, since I currently have very little.

      What would you do on this scenario? MBA and join the dark side with the PE guys managing practices? Sell out for vanity goals (sub 3 hr marathon)? Alcohol induced cirrhosis on a beach? One day a week luxuriously paced community health? Start a new practice an hour away and try to duplicate the first?
      Beach. Beach. Beach.

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      • #4
        If you mean what would I do if I were you, I have no idea. If I were me, I would prepare for life after medicine, having put 40 years in since beginning medical school. I have loved my work, but the time has now arrived for the next phase of life, one I’m very excited about. All of a sudden, there will be no need to earn money, and all choices will be made based on the merits alone. How wonderful! Congratulations -
        My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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        • #5
          Originally posted by A nony mous View Post
          I’m having a conference call with a PE firm tomorrow. They’ve looked at our numbers and I expect an offer of some sort. Initial conversations imply that the number could be something like $15M, of which I’d keep half. Call it $5.5M after tax giving me nearly $12M net worth.

          I’m assuming there would be some sort of earn out. We live well, but would easily maintain our lifestyle with a below 2.5-3% withdrawal.

          That leaves me two years from now with a nearly empty nest, an enjoyment of medicine but no burning desire, a mile long bucket list, but also no desire to be fully retired. As of today I value flexibility very highly, since I currently have very little.

          What would you do on this scenario? MBA and join the dark side with the PE guys managing practices? Sell out for vanity goals (sub 3 hr marathon)? Alcohol induced cirrhosis on a beach? One day a week luxuriously paced community health? Start a new practice an hour away and try to duplicate the first?
          Wait until the ink is dry before planning a beach-going cirrhotic episode.

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          • #6
            I would walk away from medicine but you’re not me…or I’m not you.

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            • #7
              When you no longer need to work, that raises a whole new set of questions.

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              • #8
                The question isn’t what WE would do. The question is what do YOU want to do? No need to make a rush decision; you have two years to mull things over. The only tip I’m going to give you is to keep your CME and medical licenses up-to-date for at least a year after you are free from your current obligations, just in case you do decide that you’d like to practice part time. Once you walk completely away from medicine, getting recredentialled may be very difficult, so don’t let your licenses go until you are absolutely certain that your career in medicine is truly over for good.

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                • #9
                  Originally posted by ENT Doc View Post

                  Wait until the ink is dry before planning a beach-going cirrhotic episode.
                  also you do do cirrhosis w/o a beach

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                  • #10
                    Originally posted by MPMD View Post

                    also you do do cirrhosis w/o a beach
                    And they never look like they're having a great time.

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                    • #11
                      It sounds like you are in a good position financially. If you like practicing medicine keep doing it, if not find something else. But going from 110% to 0 overnight for a highly motivated person might turn into a disaster. I personally could not sit longer than 30 minutes on a beach with out thinking of something else to do. I guess I would consider myself type A. My NW to spending rate is 70 , but I keep working not because I have to , but because I enjoy it for the most part. I thought about going for an MBA , but I did not do it in the first 50 years, I don't see the point in doing it now.for myself. I am at the point in life, trying to make my life less complicated not more complicated. I think walking away would be difficult , I live in smaller community and I self identify as being a physician, and I still enjoy it for now. Good luck in your decision.

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                      • #12
                        Start figuring out some hobbies!

                        Does the spouse work? Would more time with your spouse be a good thing?

                        Friends? Silly question maybe but do you have friends? Many people get sucked up into their career and family and do not take the time. If you do, are they retiring soon? It is no fun to be the only one with free time!

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                        • #13
                          I wish I would have discovered this forum before I FIREd rather than after.
                          https://www.early-retirement.org/forums/f29/
                          Last edited by BruinBones; 08-17-2021, 05:51 PM. Reason: Added link

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                          • #14
                            Thanks for the feedback. It’s funny how anonymous internet advice is sometimes just as valuable as trusted confidants.

                            Ink is dry. Numbers came out higher than expected. Will have to stay full time a few years as employee with high cost of leaving early and some performance targets for the practice to encourage continued high production.

                            Looking forward to improved sleep and improved quality time with family when home. It’s going to be interesting answering to higher ups again, but as much as I Ioved building the practice, I’m happy to step into a lesser role and just do what I trained to do.

                            I confident that the decrease in responsibility will slow the cirrhosis.

                            Planning to set a budget and live on 4% of net worth and reset annually. Income will still be greater than expenses, so nest egg will continue to grow. When income stops, we’ll come up with a plan for the next 40 years.

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                            • #15
                              I would personally start working in charity and getting some good karma in the world!

                              since you have expertise, you can start/work in a medicine related charity but also anything else, so much need out there and very rewarding
                              DMD '21. Perio '24.

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