This week we’re talking about partnerships. Partnerships are often formed because there is some aspect of business that you don’t want to confront. In general, we don’t recommend opening a practice with a partnership (with few exceptions). This episode, Brian dives into the challenges that business partnerships face, and how to overcome and confront that which you don’t know.
- 50+% of all marriages (the most common partnership) end in divorce. However, that number has been dropping thanks to the millennials who are getting married later.
- The two biggest reasons for partnership feuds are time and money.
- Don’t seek out a partner because there are areas of business you don’t want to confront.
- As the executive, you have the responsibility of leadership. When you pass off control to another to run areas of your practice you are unwilling to know, you become the effect of that person and/or area because you are still in a condition of unknowingness.
- Don’t tie yourself up with tasks that are not PT related that you can outsource – such as billing. You can always hire team members with knowledge and skills in areas you are weaker in.
- Because in partnerships you split profits, partners often work harder than non-partner staff.
- Cultivate an environment in your practice where people enjoy what they do, and are passionate about helping people.
As always, thanks for subscribing and listening – our goal is to pick up where PT School left off and give you the feeling of having what’s better than an MBA because our information is specific to private practices. If you want more information, please contact us to schedule a free, no-obligation practice assessment call.
Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.