BizQuiz: What's your practice ownership IQ? (answer 6A)



6) A-You're thinking like an (enlightened, modern-day) owner.

There's no need for associates-or owners-to “pay their dues” by working 60 hours a week and handling every emergency. This only serves to burn out owners and scare off associates. Instead, set yourself up for a work life that's balanced with your personal life. One way to do this is to consider part-time ownership with multiple partners. For example, you could include three practice owners, each who work 30 hours a week, and follow a four-tier compensation model in which you're all compensated for your production, return on investment, management duties, and a fair division of net profit. There's proof that this works.

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