Having looked at your motivators and rationale for trying to move from sole practitioner to practice head in my last article, it’s time to evaluate the pros and cons of such a transition.
So firstly, the pros:
- You can potentially create a value business which means you can extract a financial reward from the business greater than your own individual input.
- You can team up with like-minded people.
- Products/services and markets can be developed together.
- Specifically, you will have a sounding board for ideas.
- You can create an environment where you are less isolated and less lonely.
- The burden of ownership would be shared.
- You can hand over areas of responsibility with which you are less comfortable.
- You are no longer taking 100% of the risk.
- A potential ready-made team is available, which can win work you couldn’t win on your own.
- A brand can be built which is bigger than you and your name.
However, where there are pros, there are usually some cons lurking…
- Potential participants in the practice may not share your code of conduct, whatever they say.
- They may not share your vision for the business.
- They may be tempted to represent themselves as opposed to represent the practice, and keep lucrative deals for themselves.
- They may not communicate openly and honestly.
- They source business for themselves but not others.
- They don’t pull their weight in terms of practice matters.
- They try to “steal” the clients you introduce to the practice.
- They turn out not to be “authentic”.
- They do not contribute wholeheartedly to brand building.
- They do not have the technical skills and ability that you were led to believe.
The only real advice I can give you is a) be very careful before you team up with anyone, and b) try to trial a relationship with them before you structure something more formal.
We will look at this in more detail in later articles, as well as how you might go about assessing the suitability of potential partners.