115 - Dr Todd Brennan Business Partnerships

Have you ever considered or been offered the opportunity to buy into an existing podiatry business and becoming a partner? If you have, it's a huge decision, and there are many things to consider. My guest, Dr Todd Brennan is a partner in Healthy Feet Podiatry in Tampa, Florida and his former business partner, Dr Leo Krawetz, who was also a guest on this podcast with Todd, Ep 021: YouTube Legends passed away unexpectedly in August of this year at the age of 53. Leo's sudden passing is what promoted this particular episode. Not only did I want to pay tribute to the great man, often referred to as the man with the largest smile in the world, but I think Leo's passing highlighted an area in business partnerships that is often overlooked, the health status of your potential partner. More often than not, the person buying into an existing podiatry business will be younger than the current owner or owners; therefore, the health status of all partners is an important factor. What happens if…? On this episode, Todd and I discuss: What to look for to make sure it is a good partnership? The health of your future partner? Things to consider before going into a partnership? Defining specific roles and decision making. What to look for when buying into a practice. The importance of steady growth over sudden growth. Why you must get along in the first instance. Not sweating the small stuff. Final Tip It's okay to be a high paid associate, but if you want to be a business owner, you need to look at the big picture and be prepared to make certain concessions. Whether you own 48% or 50% of the business is not as important as understanding the big picture of the partnership, it's only a 2% difference. Todd was also on Ep 111 - The Foot Print Hunt with his wife, Leslie. If you have any questions about this episode, please email me at [email protected]. If you want to learn more about my next 12-Week Podiatry Business Reboot, or the Podiatry Business Owners Club on Facebook, please follow the links.