Picking a Partner

One of the best advantages of running your own independent practice is that you get to choose who you work with. When you decide that you want to hire someone to actually become a partner in your practice, how do you do that?

Don’t jump in right away. You want to work with this person for 18-36 months before offering them the opportunity to become a business partner. When hiring them, explain it is for an employed position with the goal of moving toward partnership.

Make sure this person has what it takes to be a practice owner. It takes a special person to want to own and run a business, so during your 18-36 months, make sure this person will be a good partner for you. Patient service, dedication to building a patient base and ideas for growing/improving the business are important for someone with a financial stake in the business you have built.

Be patient. It may take 2-3 tries to find the right person. While this may sound like it will take a long time, it won’t take a full 18-36 months to make the decision that someone is definitely the wrong person for partnership. They may be a great employee, but most of the time you will know if they are definitely the wrong person within 6 months. You just need the additional 12-24 months to validate that they are definitely the right person.

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