Ok, this is a tough one. I was working with a grad who was terrified of starting into practice. He looked into a practice to buy and the first bank he encountered turned him down. So he gave up and he’s looking for an associate position. He figures he’ll work for someone else and save money to start his practice.
I wish it were that easy. I’ve seen MANY associate contracts, and I have yet to see one that will provide the kind of income that will allow someone to save money for practice. Most associate contracts provide a very small base plus incentives. In order to get the $$$ incentives, the associate has to work 50-60 hours a week — full time in the office plus many hours scouting patients FOR THE HIRING DOCTOR!!! After a year or so of that abuse, the associate has little in the bank and lots of experience working for someone else. He or she knows exactly what he/she DOESN’T WANT, but stil lhas no clue how to start into a practice. The associate watched someone run a practice, but never saw the startup.
I generally don’t give advice, because it has one of three results (two of which are negative):
1. The person doesn’t take the advice, in which case, why bother giving it
2. The person takes the advice and doesn’t succeed, blaming you for bad advice.
3. The person takes the advice and succeeds. Believe me, this person would have succeeded ANYWAY.
Enough of the negative. Let’s look at the positive. Give me THREE good reasons why you should not start your own practice right away. I’ll give you FOUR good reasons why you should… Post here….
