Episode 150 | Partners in Practice Series Part 2: Partnerships are (usually) a Bad Idea!

Navigating Partnerships in Therapy Practices: Risks and Considerations In this episode of 'Therapy for Your Money,' host Julie Herres explores the complexities of forming partnerships in private practice. While partnerships seem like a good idea to share costs and responsibilities, they often come with significant risks. Julie dives into why about 80% of partnerships fail, compared to 50% of solo businesses. She discusses the importance of having detailed partnership agreements, covering crucial aspects such as profit sharing, administrative duties, and unforeseen events like disability, death, divorce, addiction, and disinterest. Julie provides real-world examples and insights into the legal and financial considerations essential for partnership success. This episode aims to equip therapy practice owners with the knowledge to make informed decisions about entering or exiting partnerships. Show Highlights 00:00 Introduction to Therapy for Your Money 00:48 The Risks of Partnerships in Therapy Practices 02:14 Common Issues in Partnerships 06:59 The Five D's of Partnerships 13:00 Alternatives to Partnerships 15:21 Ending a Partnership 17:09 Conclusion and Next Steps Links and Resources GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio