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1. Determine if you're partnership material. This may sound like a no-brainer; it's decidedly not. Several years ago, I worked with a partnership on a marketing campaign. The senior doctor was on associate number (gulp) thirteen. Sure, the number was unlucky...but so was the guy who had agreed to buy in. He lasted fewer months than the duration of the project, and both doctors walked away significantly poorer. If you're going to enter into a partnership, a limited ego and a willingness to bend are non-negotiable qualities. If you're super-competitive and get emotional over not getting your way, avoid a partnership and opt for an outright sale at retirement. If you've never been in a partnership and aren't sure how you will respond to your chosen partner over time, invest in behavioral assessments for both sides. What you'll learn from a validated appraisal can give you greater confidence in your partnership choice, or the results may give you a concrete reason to cut bait. If you've had one or more failed partnerships, you can use the same assessment to determine how your behavior might contribute to your problems...and you can make changes that will protect your future.
2. Have a solid agreement. Partnership agreements run the gamut - from short and simple to bound volumes that outline every possible what-if scenario. It's certainly smarter to decide how things should be on the front end than to look for a solution during difficult times. It's complex, if not impossible, to rationally hash out differences in the middle of a breakup. Decide how you'll do everything before you start your partnership, including removing the guesswork of a potential ending. You may actually prevent a business divorce, if both parties agree that the pre-set consequences aren't worth dissolution. Agreements should spell out how and when each partner is to be paid, how expenses like lab fees and supplies are to be managed, how New Patients in the practice will be split, and what responsibility each partner has in marketing, maintaining, and upgrading the office. Restrictive covenants and no-stealing-the-employees clauses are common, and often difficult and expensive to enforce.
3. Don't go into business together because you're friends. So you know each other inside and out. You have old stories and shared memories. You can trust each other. Perfect. Go on vacation together, go to dental meetings together, volunteer together, or take up a shared hobby. Just don't use your long-standing friendship as a reason to launch a business. I believe it was Dr. Jack Stocker who said, "If two people agree on everything, one of them is unnecessary." In order to protect your old and valuable friendship, you will tend to give in to friends even when you disagree - or mask grievances to keep the peace. By the time you lose your patience and your religion (that's Southern for temper, people), your partnership will be on the ropes and your friendship will be over. Keep your friends where they belong (in your personal life), and choose a partner who is an intellectual and decision-making equal.
4. Over-communicate. Frank discussion is one thing that keeps partnerships on track. It's the most difficult and most important action two or more owners can take. Frequent and high-quality discussions are essential; the best partners are willing to communicate about every issue, no matter how touchy. Gear yourself up for weekly doctor's meetings, daily huddles with the team, and weekly or bi-weekly staff meetings. If this sounds like too much, then you're definitely not talking enough about goals, expectations, systems, and protocols that, if refined, will take your practice forward. The time invested in communicating and perfecting your business is THE MOST important investment you can make. Period.
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