|
Hi all, I work as a physio in Australia, and am employed full time in a large private practice. I have worked there for coming up to 5 years, and have done significant training and upskilling in a niche area that no other physiotherapist within our clinic can treat. When I finish my Masters degree at the end of 2022, I will be the only physiotherapist with the level of qualification in this area outside of the capital cities (I live in a large regional centre). My long term goal has always been to own my own practice, and I am in a position where I could quite feasibly go out on my own and have a viable business. I have already brought in a significant amount of contracts and business due to my training, expertise and networking, and am the only person in the business who is capable of delivering the services. I have also put in a lot of unpaid time into upskilling, networking, and nurturing connections with referrers. As a result, I am becoming more and more resentful of working for someone else as it is becoming increasingly clear that I am killing myself financially working for someone else, when I could set up my own business and be taking a much greater slice of the pie. The team and bosses I work for are great in a lot of ways, and an ideal situation for me would be to "buy-in" to the business (in a way) to enable me to take ownership, have creative and managerial control of a dedicated specialised sub-service (distinct from the rest of the clinic), and ensure the hard work and opportunities I am creating are not being lost to someone else's business. The service I am imagining does not exist yet - what would be the closest legal structure for such an arrangement? Essentually I would be owner of a subservice that is distinct from the rest of the business, but is still affiliated. It isn't a franchise in the sense that it is a different service to the main business and would have different branding and with more autonomy on my end. I am beginning to enter into negotiations and it would be helpful to have a bit more of a structured proposal for them to consider. Any advice/questions welcomed - thank you!
|
#
?
Jan 7, 2022 06:50
|
|
|
|
| # ? May 3, 2024 22:58 |
|
|
you aren't gonna like this answer but you need an attorney or whatever the gently caress they call an attorney in Aus just buying in to an existing structured S-corp partnership here in the US required substantial legal assistance to understand everything including tax implications and that is a hell of a lot easier than what you intend to do
|
|
#
?
Jan 7, 2022 15:09
|
|
|
Hey I also started a service based company. It's grown over about 2 years to be >$1M in revenue. Not a grand slam, but it's growing. None of this is legal advice. On starting your own: - Its is emotionally hosed to go at it alone. Running a business will suck up time you could be producing money. Like >50% of it. Hiring absolutely sucks. I highly suggest finding a business partner that you trust, or at least someone willing to take the ride with you. - No seriously, don't do it alone. Even if you start with a receptionist who is super loyal to you and can get admin stuff done, thats 100x better than going it alone. - Figure out how you're going to grow. For example in the US I'd ask questions like: Are you already on insurance panels? Will those transfer to a new entity you make? Are there other physicians that will refer to you, do you have enough standing in your professional community to achieve that? Are there laws about rewarding referrals in Aus you must comply with? (medical kickbacks get you hard hosed in the US) On "buying in": - You def need a lawyer, one that advises medical businesses specifically. - Adding on to a partnership with a tailored agreement for one partner is common in medical practices in the US. If it is a large group, they likely already have procedures for equity partnership of some kind. Even if they dont, another provider in your area might, which could be a compromise between doing it yourself and not. - You may also achieve this without any ownership through a draw on commission structure, this may accomplish what you want without some of the legal risks and headaches. - What you're describing in the US may be accomplished by forming a company or corp that forms a joint venture with another company/corp, either through a second new legal entity as the JV or by having joint ownership in the first newly created entity. - You def need a lawyer, one that advises medical businesses specifically.
|
|
#
?
Jan 19, 2022 16:19
|
|
