Q: I'm graduating and want to work with my DC father. Should I associate? Buy into the practice? Become a partner?
A: Working with a parent or other family member can be a great way to continue a family chiropractic legacy and give you a supportive work environment. I would suggest an associate (employee) relationship to start out, and then an option to buy into the practice as a partner/member (in an LLC) or shareholder (in a corporation) within a few years. Be sure to put together a very strong contract, which designates a buy-in price and opportunities for both parties to terminate the relationship. In other words, put this in writing the same as you would if you were going to work for anyone. This way you can avoid the mis-communication of assumptions and expectations that might damage your relationship. In this, as all business situations, "put it in writing."
Check out my article in the July "practice startup" issue of Chiropractic Economics for an article about working with family members, and see my Member site (the FAQ section) for more details on what to include in an associate contract.
Jean
