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Partnership opportunity
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Partnership opportunity - June 1, 2007 4:07:00 AM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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Hi y'all
I work in a PT clinic and have been given the opportunity of a partnership.
Basically, they are asking to put an amount of monye, say 20k, and then get a portion of the profits every year (a percentage)in the clinic where I work.
We see 110-140 patients a week, and staff include a kin and the PT (myself).
What do you guys think of this?
What questions should I be asking?
Would you accept a slight less wage per hour to get in something like this?
Would appreciate any advice!
CHeers
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Re: Partnership opportunity - June 1, 2007 4:26:00 AM
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orthotherapist
Posts: 202
Joined: February 6, 2007
Status: offline
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You are in Canada so things may be different than stateside - that being said look at it from a purely financial/business sense.
What are the profits of the clinic?
What stability do you have with regards to referrals/patients? If numbers dropped you would be in trouble.
How long would it take to recoup your 20K and drop in salary? Do you anticipate being there that long.
Who owns the clinic now? Why are they wanting you to partner - the reason I say this is it has to make sense for them as well or esle they would not do it.
Are you then expected to pay a percentage of the rent/supplies/staffing etc?
Just a few quick thoughts - I will post again should any other thoughts come my way today
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Re: Partnership opportunity - June 1, 2007 4:53:00 AM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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Thanks for ur reply.
Profits have not been great, as clinic has been bought 2 yrs ago, and they are paying it off slowly.
the 20k, i would believe 4 yrs to recoup...then after will be profitable. Still have to ask though.
I would not be expected to pay any rent/staffing etc...
Re referrals, we have been working on marketing, we see avg 10 new patients a week, so not that strong.
The clinic is owned by 4 physios and other small partners, which own around 30 clinics across Canada.,..from what I heard.
Thanks for ur reply dude.
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Re: Partnership opportunity - June 1, 2007 6:43:00 AM
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orthotherapist
Posts: 202
Joined: February 6, 2007
Status: offline
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If you are willing to work hard on increasing your referral base and feel you would be there for more than four years (and the clinic will still be there) then make a go of it.
If clinic numbers have been decreasing then maybe thhink twice as the current owners may want some capital (20K) and then look at closing the clinic in the future and use the 20K to pay down debt.
In other words CYA (over your a$$) with a contract that covers all possibilities.
Good luck
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Re: Partnership opportunity - June 1, 2007 7:12:00 AM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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numbers have been increasing
but competition is strong in this city!
14 clinics in a city of 100k
I am not convinced yet...
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Re: Partnership opportunity - June 1, 2007 3:51:00 PM
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savela
Posts: 63
Joined: October 7, 2004
From: toronto
Status: offline
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Physioo,
I grew up in a town with around that pop. and has about the same amount of PT clinics (5 to 7 same owner, 3 another and a few single owners). All the clinics seem busy.
Thing is my friends have only had negative experiences at most of these clinics. Four pt/hour, mostly modality based and Kin for rehab.
Do your research and if you can offer better care, than maybe it is time to open up your own place.
If you are the only PT at the clinic you work at, and have established your own clients and relationships with MD's, invest the 20K in your own clinic.
Owners do not look for new "investors/partners" unless they need the cash. If their clinics were making money.....they would keep it to themselves.
Before I went to PT school, I was duped to purchasing my "dream aerobics studio". I bought a business that was not making any money (they hid the fact well). I knew the owners and thought they were my peers/friends, they were not. Hard lesson to learn.
I would not take that chance again.
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Re: Partnership opportunity - June 1, 2007 10:34:00 PM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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Thanks Savela
I found it weird for them to aks to be a partner, as I had the same feelings as you did. How come they want me to be a partner? what is in store for them?
When I asked this, I was given the impression that they are expanding to more clinics and need cash for more start-ups.
Savela, Since you are in Canada, any good clinics you would recommedn for employment in Ontario.
You can send me a msg independently and we can discuss.
Thanks mate
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Re: Partnership opportunity - June 3, 2007 6:42:00 AM
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FLAOrthoPT
Posts: 1011
Joined: May 8, 2004
From: West Palm Beach
Status: offline
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make sure you have stated equity, that is you know exactly what percentage of the clinic you own. if they ever sell you will get that percentage of the sale. otherwise, if your 20K is not buying equity, then it is not worth it,
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Re: Partnership opportunity - June 4, 2007 9:28:00 AM
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savela
Posts: 63
Joined: October 7, 2004
From: toronto
Status: offline
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Physioo,
I can't seem to send a private message. What part of ON are you looking for work? I have worked in 4 different cities and up until my current practice, most clinics were similar. I did not like it, so I found a place where I am a contract worker and make my own schedule and fee's. It is a trade off, since I do not get holidays paid or insurance.
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Re: Partnership opportunity - June 4, 2007 10:42:00 AM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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I am open to any city in Ontario, preferanly To or somewhere around the area...maybe an hour away?
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Re: Partnership opportunity - June 4, 2007 6:11:00 PM
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savela
Posts: 63
Joined: October 7, 2004
From: toronto
Status: offline
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Physioo,
There are many great clinics in TO and the area.
I would love to have my own clinic, but I can not compete with the MD/Ortho owned clinics in TO, and be able to deliver quality care. You can be can have a great biz. if your clinic bills the insurance co. directly and see 4 or more pts./hour. I am not saying it can not be done, but you will need really great help.
If I had my "wish clinic" there is a need for a clinic with an under water treadmill. There are many semi-pro athletes that would be willing to pay out of pocket for this type of rehab.
Honestly, I think the Hamilton/TO/North TO area is tapped out. These areas need PT's as employees, but I would be very careful about opening up. I hope this helps.
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Re: Partnership opportunity - June 4, 2007 7:02:00 PM
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physioo
Posts: 184
Joined: June 26, 2006
From: Canada
Status: offline
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Thanks Sav
I am not thinking of owning my own clinic, but am trying to build my knowldedge until I get more experience, then will see...
I was considering Hamilton as I see many opp there...
but will wait and c...
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RE: Partnership opportunity - April 16, 2008 1:29:43 PM
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kabm15
Posts: 1
Joined: April 16, 2008
Status: offline
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Hi All,
Just browsing the posts on this site. Found that someone had a 'wishlist' for a water treadmill in the Toronto area.
THERE IS ONE! Located at the Functional Performance Centre www.functionalperformance.ca
Just thought I'd share. Please pass along to others you know that would benefit from water treadmill sessions.
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