Teaming up in business – is a handshake sufficient?
Working together, in a business partnership, should be considered a team effort, a pooling of resources if you will, and can serve as a good exit strategy for a senior DVM, or a way to strengthen retention of talented associates. Like all relationships, the structure of the agreement is important, and the most important components are usually not the what and how of working together, such as splitting of profits, scheduling duties, and delegating management authority, but rather how and by what rules are we going to play by when we split this arrangement up. The mark of a truly good “partnership” agreement is the ability for the entity to be disbanded, fairly, efficiently, equitably and without unnecessary hardship or hatred amongst the parties. Read more about veterinary partnerships in the article “Howdy Partner”.
