Winning teams for physician business owners

Kids' leagues and amateurs can get away with dad coaches and ringside advice, but no self-respecting professional will try to go it alone in the quest for gold - correct?
Likewise, no matter how independently-minded physician entrepreneurs may be, they need a good team behind them for any serious business venture.
Even if you are determined to be a micro-practice with no staff, or a one-person consulting gig, you'll still need a support team to provide the business expertise that no single human being can possess.
Here then are some suggestions for whom to invite to play on your winning team:
- A supportive significant other or family member. Entrepreneurship is tough enough, but attempting to start and run a business venture without the emotional, and sometimes financial, support of family or close friends makes the effort seem monumental.
Find yourself at least one raving fan - someone who will cheer you on from the sidelines when you're cramping up and ready to run from the field. - A business attorney. The mistake many early entrepreneurs make is to turn to Aunt Sally, the one family member who made it through law school, to iron out the details of contracts, patent applications, trademark protection and business entity formation. That bargain dollar outlay may just land up being one of your most expensive mistakes.
Ask for recommendations from other successful business owners, and then interview and hire an attorney who is knowledgeable about small business. Forge a long-term relationship with this person, place them in your "trusted advisor" category, use them effectively, and they will spare you endless grief. - An accountant who knows small business. The same goes for the tax advice you'll need as you launch your business. In order to come up with sound financial projections for your business plans, and to give Uncle Sam (or your country's equivalent) only what is genuinely due once you have taken all the deductions you can, you need to be willing to pay good money for great advice.
You may want to use the services of a bookkeeper as well, if keeping track of your books is not your strength.
Just remember - if you use your accountant well, he or she may land up knowing more about you than your spouse! - A financial planner. And I am not talking stock broker. I mean yet another trusted advisor who understands your goals for your business, where it fits into your overall plan for generating revenues, and what impact it will have on your savings and investments, as well as your retirement.
- An estate planning attorney. Again, not Aunt Sally unless this happens to be her forte! Your business will be a part of your estate, and it's wise to have a long-term relationship with someone who can help you understand how your business evaluation and exit strategy will impact your estate.
- An insurance agent. Most agents have specialized offerings, and your business needs sound advice and good insurance instruments designed to protect your personal and business assets. A smart and honest insurance agent will sit down with you, discover what your business involves and explore your goals. He or she will then recommend the necessary policies - general business liability, business interruption insurance, key person insurance, Errors and Omissions Insurance, Directors' and Officers' Insurance, workers' compensation, unemployment insurance for workers, personal disability, health insurance etc. -- the list is scarily long! The trick is to balance your needs, your risk tolerance and what you can afford.
- A business mentor or advisor. Starting a medical practice or business involves a lot of knowledge that they forgot to share with us in medical school or residency. The final member of your team should be a person with business expedience, who can serve as a reality check, a cheerleader, a seemingly bottomless pit of resources and wisdom, and a network hub. The right person can identify and refer you to every other person on the list above. And he or she is the one who should be given the privilege of asking the toughest questions that you haven't dared ask yourself!





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