If your financial advisor put 46% of your portfolio into a single stock with no liquidity, no hedging, and no diversification, you'd fire them. That's roughly where most practice-owning surgeons already sit, just with the practice instead of a stock, and almost nobody frames it that way.

In this episode, Jared breaks down why "my practice is my retirement plan" is one of the more dangerous sentences in surgeon finance: a retirement plan compounds, diversifies, and protects against risk, and a practice does none of those things on its own. He walks through three ways to reduce that concentration without selling tomorrow: diversifying revenue within the practice so it doesn't depend entirely on you, documenting personal goodwill years before any sale (the difference between ordinary income and capital gains treatment on a $4M sale is $678,000), and building a transition timeline even if you have no plans to leave.

He also gets into private equity as one legitimate de-risking option among several, and the four things a polished PE pitch deck tends to leave off the slides: rollover equity terms, compensation adjustments, EBITDA normalization, and the hold-period reality.