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What does growth look like in an ideal world? In a medical practice, how many patients do you hope to serve? What does success look like, and who are we relying on to drive that success? Forming a partnership in a medical practice—or in any other business—is a critically important decision, and these questions must be asked from the onset. So, in this episode, I will be talking about four areas of important consideration if you’re thinking about starting a company with another person or joining a medical practice with a partner.
Listen in as I explain the importance of understanding the life cycle of a practice, as well as what a potential exit may look like and how to approach this topic with a potential partner to ensure they’re a good fit. You’ll learn how to decide who is in charge of different tasks, the benefit of having an honest conversation with your prospective partners around finances, and why it is always better to decide if you’re a good match with a partner before you sign any documents.
What You’ll Learn In Today’s Episode:
- Questions you should ask your potential partners.
- What happens when one physician gets more patients than another.
- How to ensure you are being smart about your partnership.
- Why commonality of vision is a necessary starting point.
- How to decide on operational mechanics with a partner.
- The importance of having honest conversations with your potential partners.
Ideas Worth Sharing:
“Another category you want to evaluate in terms of looking at a potential partnership is operational mechanics.” – Justin Harvey
“Agreeing with your prospective partner about who is going to do what… it’s really important to flesh that out from the beginning.” – Justin Harvey
“I recommend that you have an honest conversation about your personal finances with your prospective partner.” – Justin Harvey
Resources In Today’s Episode:
- The Partnership Charter by David Gage
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