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partnership

 
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partnership - January 3, 2012 9:43:06 AM   
mwells144

 

Posts: 11
Joined: July 11, 2005
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I have been working for a husband / wife private practice for 6 years and am looking to partner with them in a new facility. Their current facility employs 5 full time therapists and is busy and doing well. They want to expand with me and bring me on as a partner for an additional facility 25 minutes away.
We / I am having trouble in how to set up the partnership financially. Currently I get full benefits and am paid 30% of what I bring in for an income around $95K. Do you think it would be wise if I take no salary and get 60% of profit of company (when there is one) or take some hourly salary and lower the % of profit. Long term goal would be to have a clinic as they currently have with 4-5 therapists and that way I can cut my hours back and still be able to make a living.
Any negotiationg tips / advice is appreciated.
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RE: partnership - February 10, 2012 10:59:41 AM   
SSPTnFL

 

Posts: 34
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1. Get an attorney and make it legal whatever you do. Employment agreements/contracts do not hold up in most states. If they actually bring you on as a partner, there will be a change in actual ownership that must be reported to the state in regards to the company's article of incorporation and also to CMS. If the current owners are talking more in terms of phantom owenrship (profit sharing for that clinic only) then also get it legally executed. Would there be a buy in if you are going the ownership route?
2. If the additional clinic is a new venture, it will take time to yield net income for all parties involved as new clinics don't start off with 300+ patients per month. I would want some form of salary in the 1st year or so as the business grows.
3. Do you want to be taxed as an owner? This is typically a higher tax rate and is dependent upon the business being an S or C corp or LLC.
4. Not knowing the potential or proforma for this new clinic, it is hard to recommend no salary and 60%. A typical 1 person clinic will be in the area of $60,000 to $80,000 Net Income (assuming PT has SW&B) and this will vary based on what state (reimbursement has huge swings dependent upon where the practice is located) and by total cost per visit (items like lease cost)

< Message edited by SSPTnFL -- February 10, 2012 11:01:00 AM >

(in reply to mwells144)
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