Partnership Agreements & Consulting

Dr. Gene Fonger of Grand Rapids, Michigan says...
"As a practice owner, I wanted to determine the true value of my practice before taking in a partner. Not only was Ms. Blackwell's work extremely thorough, she was easy to talk to and great to work with."

While there can be many benefits to having another doctor in your practice, the success of your partnership is going to depend on both the personal chemistry between you and how well you work together in a business relationship. Unfortunately, many partnerships do not stand the test of time because they were not structured properly at the beginning.

We all know that bringing in the wrong partner will create problems, but bringing in the right partner under the wrong conditions is just as bad. Both mistakes can cost you a lot of time and money.

Questions you should have the answer to before bringing in an partner
• Can I afford an partner? Am I better off with an associate?
• What type of contract do we need? What should be in the contract?
• How much is my practice is worth?
• Should the new partner buy in or earn in? Over what time line?
• How will I compensate my new partner? How does my compensation change when there is another owner in the practice?
• How can I protect myself if the relationship doesn't work out?

Contact Hayes Consulting

Hayes Consulting offers consulting services for doctors seeking to bring an associate or partner into their practice. Simply click here to e-mail or call 800.588.9636 for a prompt, confidential consultation with Senior Consultant
Marilee Blackwell.

Marilee Blackwell

An MBA and former CPA, Ms. Blackwell is a full-time consultant on partnership and associate issues. She is also a member of the AOA's Practice Management University and a frequent speaker and writer on a variety of financial management issues in the vision care field.