Every ophthalmologist who's been in practice for 20 years or more has a version of the plan. Work until 65, maybe 70, scale back gradually and then find the right person to take over, or sell to a group that'll keep things running; retiiring on your own terms.
The plan assumes you get to choose when.
The Diagnosis That Changed the Timeline
An ophthalmologist in his early 60s received a serious medical diagnosis. Caught in time, treated aggressively, ultimately successfully. Within a few years he was in remission, back to a full clinical schedule. By every medical measure, the outcome was as good as it could've been.
But the diagnosis changed the math permanently. The timeline that had felt open ended now had a boundary and the succession planning he'd deferred for years became urgent in a way that no financial projection could've prepared him for.
A Valuable Practice Under Pressure
He needed to sell. He'd built an ambulatory surgery center, trained his own team, and was still performing at volumes that most ophthalmologists would consider peak. The practice was producing and the patients were coming. The asset was valuable by any objective standard. But, the problem was timing.
He needed to sell now, not in 5 years. And selling now, under pressure, with a health history that complicates everything from insurance underwriting to loan guarantees to the buyer's assessment of transition risk, meant he had significantly less leverage than he would've had if he'd started the process before the diagnosis.
PE Is Always at the Door
PE was at the door. PE is always at the door when a physician needs to sell quickly, because PE groups maintain standing capital commitments and standardized acquisition processes that can compress a transaction timeline to 90 days when the seller is motivated. The valuation was reasonable and terms were standard. He signed because the alternative was continuing to run everything himself while managing a health condition that required his attention and energy.
Within months of the acquisition, the pattern that every PE acquired physician describes began playing out. Staff changes, volume mandates and operational decisions made by regional managers who'd never set foot in the surgery center he'd built. The practice that had been raised on clinical excellence was being managed by a team whose incentive was margin improvement, not patient care.
The Triggers Vary, the Result Is the Same
This story isn't unusual. The specific trigger was a health event, but the pattern applies to any unplanned circumstance that compresses a physician's timeline. Whether that's a family emergency, burnout that arrives suddenly after years of slow accumulation, or financial setback that changes the retirement math, the result is the same. A physician who wasn't planning to sell right now is forced into a transaction with limited options and time.
The Conversation Before You Need It
The ophthalmologists who fare best in these situations are the ones who started the succession conversation before they needed to have it. Not with a signed deal, but with a relationship with a management partner who understands the practice, has evaluated the operations, and can step in quickly if circumstances change.
The workforce is aging faster than the succession infrastructure can absorb it. Most solo practitioners have no formal transition plan and no relationship with a potential acquirer. They're assuming they'll get to choose when and how they exit, but some of them will get a diagnosis, a phone call, or a morning where the math changes overnight, and whoever is available will dictate the terms.
The physicians who need a transition plan most urgently are not the ones preparing to retire. They're the ones who haven't started preparing at all.
This article is for general educational purposes and is not legal or financial advice.
Verdira is a healthcare acquisition platform focused on ophthalmology practices. Physician ownership. Transparent structure. No volume quotas. If you are evaluating the ophthalmology market and want to understand how different practice models affect transition planning, we are open to thoughtful conversations.
Contact info@verdira.com | 307-381-3734 | verdira.com
