It’s that time of year again.

The snow has melted (then suddenly dumped, then melted again); there are hints of Calgary’s grass starting to turn green….and physicians are starting their practices. I’ve met with quite a few physicians over the last few weeks, and while this story is about one of my interactions, it could apply to them all.

Meet Sam. A Surgeon Overwhelmed By The Business Side Of His New Practice

Sam had just finished a grueling fellowship, moved back to Calgary, and was ready to finally start his career as a surgeon. But as we sat in his office, he didn’t look like someone who had just crossed the finish line after a decade of training.

He looked like someone who had just been asked to perform surgery in the dark.

“Adrian,” he said, leaning back and rubbing his eyes. “For ten years, I’ve just been focused on training, learning, passing exams…one thing I didn’t have to worry about was my pay or taxes. But now that I’m about to start my practice, everyone’s telling me I need a Prof Corp. And…well…I don’t know how to get everything done. I just want to work and get paid. My partner and I are going to look for a home and get a mortgage, while at the same time I’d love to start paying down my student loans.

That’s really where my head is.  But I feel like I’m starting a second degree in business that I never signed up for.”

I looked at Sam and smiled.

“You can breathe, Sam.  All doctors go through this when they first start their practices.  And you don’t need a second degree in business. You leave that to me.”

He grinned and let out a huge sigh of relief!

If this sounds like you, take a deep breath and let it out also. You most definitely aren’t alone.

You’re Moving From Resident to CEO

Transitioning from being an “employee” (well…sort of…you had a base salary and taxes paid) to now becoming the CEO of your own company is a huge pivot in your professional life. Most doctors I meet in this stage are DIY-ing it if they don’t have an accountant or lawyer to set up things up properly.

(And they are hating the DIY process, big time!)

But Sam’s value was in the OR, not filing paperwork. (I’m sure you can relate!)

Here is the truth.

Yes, you‘re the CEO of your corporation—BUT every good CEO has a board of directors.

Which means you need experienced people to do the work you shouldn’t be doing.

So, what did I say to Sam?

“Sam, my job is to be your Chief Financial Officer. My goal is to make your financial world clear, and simple. While it may look like many plates are spinning and demanding your attention­ —you can delegate most of it.

All we really need to do is to first create your ideal financial plan.  And then I work with your professional team to coordinate everything so YOU are free to just work and play.”

He said, “That is exactly what I want, Adrian.  So how do we start this process?”

I continued. “What I need you to do is to simply let me know what you WANT.

Once we have your initial plan in place, I bring in the right accountant and lawyer or connect with people you use, but I don’t just hand you off to them.

 I review your initial financial plan with them. Then I gather their insights and perspectives to ensure we’re all using the same playbook. I then report back to you about the few plates we actually need to focus on.”

And it all comes back to my mission: finding your head versus heart balance for how we want to allocate your income to achieve your savings, security, lifestyle and debt repayment goals.”

You‘re the CEO of your corporation—BUT every good CEO has a board of directors.
Which means you need experienced people to do the work you shouldn’t be doing.

And finally, Sam gave that finish-line-grin I was hoping for!

You Focus on the Medicine. I’ll Handle the Math

When your financial team is working off a single, cohesive plan, stress disappears.

You don’t have to wonder if you’re doing it right, because you have coordinated experts in your corner ensuring the gears of your financial engine are well-oiled and turning together.

You focus on the medicine. I’ll handle the math!

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Enjoyed this article? I’d love to hear from you! I’m always interested in hearing about the unique financial situations doctors have. Send me a note! And please check out my newest book, Retire-ish: What Doctors Need To Know Before They (Sort Of) Retire