Navigating Partnerships in Therapy Practices: Risks and Considerations
In this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships.
Show Highlights
- 00:00 Introduction to Therapy for Your Money
- 00:48 The Risks of Partnerships in Therapy Practices
- 02:14 Common Issues in Partnerships
- 06:59 The Five D's of Partnerships
- 13:00 Alternatives to Partnerships
- 15:21 Ending a Partnership
- 17:09 Conclusion and Next Steps
Links and Resources
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
Popular Podcasts
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.