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Private Practice Conundrum - in seek of some sick wisdom

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  • #16
    Interesting thread.  Choose your "partners" carefully it sounds like.

    Still unclear why your office manager needs a house to work (live?!?) out of.  Is $650k a tiny house where you live?  HCOL?

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    • #17


      Hires are made, contracts picked up/negotiated, and logistical details of the group determined by less than a handful of docs in the practice.
      Click to expand...


      Most docs don't care. If you do and are a full partner, find a way to have you as one of the handful of decision makers. And you get to have a say but remember the final vote may not be to your liking.

      Or have an elected executive board of 3 people who make decisions and bring major decisions to full board ( all partners) for final vote.

      From my personal experience of currently being on 3 executive boards ( investment, HOA and office complex) I have found that the ordinary shareholders or homeowners just want to criticize when they don't like something but when asked to pitch in for any help or asked to be nominated for the executive board they bring up a million excuses of why they can't do it ( family, work, travel etc etc).

      If they can't walk the walk then they should not talk the talk.

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      • #18
        “This same group of docs have recently decided to buy a $650k house on behalf of the group. Their reasoning being that it’s a financial wash after taking into account what we would pay in rent for our practice manager as we get to keep renting out the rest of the house to lawyers that currently have a satellite office there. Aside from the small group of docs making all these decisions, the rest of the group was largely kept out of the loop until right before the closing. I was the only rad aside from our “leader” who actually went and looked at the house.”

        Solving office space problems is a legitimate office issue. Owning real estate is a different one. You have a legitimate policy issue on the latter. The informal vote was taken. You lost on the former and the leader declined a vote on the latter.

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        • #19







          Just last week, by a majority, we voted to do something that our senior partner was against and he is now threatening to retire.
          Click to expand…


          People like this are the worst. I’d probably go ahead and schedule and throw him a retirement party with a ‘The Boy Who Cried Wolf’ theme.
          Click to expand...


          On the flip side, isnt that the beauty of financial independence? Trying to put myself in that position if Im a FI senior partner, and there was a significant issue passed through that I disagreed with, the thought and prospect of retiring would absolutely be on the table.

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          • #20










            Just last week, by a majority, we voted to do something that our senior partner was against and he is now threatening to retire.
            Click to expand…


            People like this are the worst. I’d probably go ahead and schedule and throw him a retirement party with a ‘The Boy Who Cried Wolf’ theme.
            Click to expand…


            On the flip side, isnt that the beauty of financial independence? Trying to put myself in that position if Im a FI senior partner, and there was a significant issue passed through that I disagreed with, the thought and prospect of retiring would absolutely be on the table.
            Click to expand...


            There's a difference between being FI and retiring because you're tired of the non-sense and threatening to retire because you have the emotional capacity of an 8 year old.

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            • #21
              Partnerships are mostly about the people and not anything else. If the people don't treat each other well, find another partnership.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #22
                Thanks for all the feedback so far.

                I brought up this issue at the last meeting so that we have it recorded in the minutes. It was a heated discussion at times. Several times. But I think I did fairly well composing myself while getting my point across considering the circumstances. At the end of the discussions I made the point that my main issue was not the financial implications, but the principle of how this was done. The response I received?

                Ready for it......

                "Ok, well you can definitely still buy into it if you want".

                And the other 4 people who didn't buy into this backdoor LLC said zero-zip-nada. There was one partner who semi-backed me up at the meeting and told the ones who pushed this through that it was really messed up the way they did it, but he ended up buying into it anyways.

                Yes. These are my partners. I paid a buy-in for this. Lol

                Anyways, I'm looking into other avenues. Have an interview with another local group in a month and my other serious option would be (as MDMP suggested) to put my head down and push to full FI. That would be about 1-2 years depending how you look at it. I could also just relinquish partnership and go PT with the same group to just escape the nonsense, but that does not seem appealing to me for several reasons.. Particularly the idea of working under these people just disgusts me. The other option would be to uproot the entire family and go elsewhere, but that's last resort.

                In the grand scheme of things, still a first world problem.

                Thanks again to all the responses. I'll try and provide an update when something significant evolves.

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