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