EP207 | Let's Talk Partnerships

Got a killer question from our PT Entrepreneurs Facebook group about business partnerships. It is a topic I get asked about a lot, and since I am in a couple of partnerships myself, one with my wife Ashley for Athletics Potential, and another with Yves and Jerred for Physical Therapy Biz, I have got some real world insights. Partnerships are like a marriage, sometimes harder to get out of, so let us dive into when they make sense and when they are a recipe for disaster. A listener asked if they should partner with a chiropractor who has a similar job, or if they should both go solo. This is a common scenario.

🔑 Key Takeaways:

• Partner for Complementary Skills, Not Clones: The biggest mistake is two practitioners with the exact same "visionary" skillset partnering. You need a visionary (big picture, ideas) and an integrator (details, execution) for a partnership to thrive.
• Do Not Partner Out of Fear: If you are considering a partner because you are scared to go it alone, that is a red flag. A partnership will not necessarily make it easier; it can make it harder.
• Get It In Writing (Operating Agreement): Clearly define roles, responsibilities, how revenue and profits are split, equity, and what happens if things go south. An operating agreement is non negotiable.

🧠 Pro Tip:

• Before you give up equity in a partnership, ask yourself: "Could I hire someone for this skill set?" Often, hiring is a simpler and better long term solution than bringing on a partner, especially if you are just looking to fill a specific role.

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