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NotAProgDirector

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Posted for a user:

Due to factors beyond our control, our practice has taken a large financial hit with no improvement in sight. It has lead to an almost 50% cut in salary. Even with building in contingencies for a pay cut, I don't think anyone in our practice was prepared for a 50% cut. It's gotten to the point where the paychecks are barely enough to cover bills anymore. I don't work in a specialty where I could work more to make up the lost money. A move would require a long distance move, which we are not really looking to do since we have 2 kids within 3 years of graduating high school. I've always wanted to start my own business and feel like this might be the motivation to finally do it. I would be more interested in purchasing a business that is already established and working hard to get it to the next level.

I would like to purchase something that would replace most of my income, which would be something in the selling price of $1.5-2 million. Has anyone tried to do something like this? If so, how did you get the capital? I have a 401k that I could borrow up to $50k from. I don't have much of an emergency fund anymore so I can't really dip into that.

Additional info from OP: The OP is not in a primary care field, is in a hospital based field.

With no prior business experience, I doubt you're going to find funding to purchase something of much value. $50K isn't going to get you much. To make money like you're suggesting, you need to either start a new business that fills some unmet need, or find an existing business that is failing but is a good idea, and turn it around. In any case, you're likely to find yourself with minimal income for a good period of time while you do this. This is not for the faint of heart.

Another option is locum tenens in your field. It will require some travel on your part, but your family can remain local. You can work short, intense stints and generate your income. Then, when your kids graduate from high school, you can move / redefine your life.

The OP would like advice from anyone else

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“I don’t work in a specialty where I could work more to make up the lost money”


Which hospital based specialty is this? In anesthesia, radiology, and EM, one can always work more.
 
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