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
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