The following is a fictional scenario. Joe is a young dentist with about 5 years of experience. He starts a practice and within 2-3 years he has the practice billing about $900,000-$1,000,000 a year, working 50 hours a week and having 2-3 weeks off a year. He is busy. Very busy. His patients love him…
So you have decided that practice ownership is right for you and you are keen to become an owner. Where to next? Should you consider starting up a practice from scratch or should you purchase an existing one? This article will discuss the ins and outs of both options. I’ll declare my bias from the…
If you haven’t read the first part, please do so here: https://practiceownership.com.au/business-partnership-profit-split-in-a-dental-practice/ In the first part we covered profit splits and the issues they may cause. The other aspects that cause issues amongst business partners are practice management tasks. Often, one partner will feel things are not fair because while the other partner may bill…