| You are flying home from a job interview and | | | | may or may not be offered partnership, but |
| this is it. You are in the last year of your | | | | how you can be terminated. |
| medical or surgical training and you are a | | | | |
| couple of months away from finishing. Ah. | | | | So should you dismiss partnership as a goal? |
| Finally. This is the perfect job. The | | | | Not so fast. Do some research. Ask these |
| location's great, pay is terrific; it is the | | | | questions to see if the promise measures up: |
| practice style you want. And, when you asked | | | | |
| if it was a partnership track, they said yes. | | | | * Talk to recent partners and ask if there |
| Priceless. | | | | was any funny business. Did they get the |
| | | | offer as promised or were there any changes? |
| Have a drink and prepare for some turbulence. | | | | |
| | | | * Find out if anyone has ever been on a |
| This is what you are thinking: I'll make the | | | | partnership track only to be turned down for |
| same as everyone else, even the senior | | | | partnership and why. |
| partners. I'll get the same perks. I can't be | | | | |
| fired. My vote counts. I am an equal. | | | | * Find anyone who has left the group recently |
| | | | and find out why. |
| This is what I want you to think: | | | | |
| | | | * Talk to your attorney to find out exactly |
| * How many years is it to partnership? 1 year | | | | what partnership entails for you, and how it |
| or 5? | | | | compares to the rest of the group, item by |
| | | | item, and dollar for dollar. Your attorney |
| * Is there a buy-in, how much, and how is it | | | | may know something of the groups' history and |
| executed? | | | | reputation. |
| | | | |
| * Are there different classes of stock and | | | | Also realize that the value of partnership |
| partnership? | | | | depends on the type of practice. If you are |
| | | | partner in an anesthesia group that is 100% |
| * What do I get for partnership? What happens | | | | hospital based and you become partner as |
| if I leave? | | | | planned but then your group loses its |
| | | | hospital contract, you have a full share of |
| * Is there a buy-out? If so, how is the | | | | nothing. |
| practice valued? | | | | |
| | | | If the financial and benefits terms are good, |
| * Is there anything that will make my total | | | | do the math and figure out if you are better |
| package different from that of the other | | | | off taking more money earlier than waiting |
| partners? | | | | until partnership. If you are offered 5 years |
| | | | to partnership, salary and benefits package |
| * What can prevent me from being offered | | | | totaling $150,000 first year, $175,000 second |
| partnership? | | | | year, $200,000 third year, and so forth, |
| | | | would you be better off with a salary from |
| * How many other partners are there? If I | | | | day one of $225,000 but no partnership |
| have a vote, what does that mean? I have a | | | | option? |
| half vote in financial matters, and a full | | | | |
| vote in all other matters. Speaking of | | | | In my 17 years of practice I have heard more |
| matters, does my vote matter? | | | | partnership horror stories than fairy tales. |
| | | | This is the place to be diligent, especially |
| And most importantly, you can be terminated. | | | | if the lure of partnership is the key to your |
| Almost all partnerships have terms that not | | | | decision. |
| only specify the conditions under which you | | | | |