Exit from a Group Practice
A stepwise guide to approach exits from a Group Practice is as follows:
The first principle to remember is that “it takes two to make a quarrel”. Hence, not any one person can be at fault entirely. That being said, the first question to ask is
“Whether you consulted group-practice.com experts when you formed the Group Practice?”
If the answer to it is no and you are already contemplating exit, the next question you ought to ask is
“Whether you consulted group-practice.com experts when you first experienced turbulence in the Group Practice?”.
If answer to both the above is No, then our first advice is to engage us and allow us to analyse what has gone wrong and whether it is mendable or not. If we can’t mend it, then proceed to the next steps.
Is Money the Problem?
If the problem is related to money, then find ways to work with the other members of the Group Practice and agree to amend the Compensation Model to best meet your modified requirement.
One potential solution could involve exploring a more flexible compensation structure that aligns with individual contributions and goals within the group. Open dialogue and compromise among members can lead to a revised model that better suits everyone’s needs while maintaining fairness and sustainability for the practice as a whole.
Is Communication the Problem?
If the problem is that you have not communicated the problem itself for a long time and allowed it to pile up into an outburst, then you know where to put the efforts for solving it. If communication was there, but indecisiveness followed from the Group Practice, then also you know where to put the efforts for solving it.
Addressing communication breakdowns and indecisiveness within a group practice requires proactive measures such as implementing regular check-ins, establishing clear decision-making processes, and fostering a culture of open dialogue and accountability. By actively addressing these issues, the group can cultivate a more collaborative and efficient work environment, ultimately leading to better problem-solving and outcomes.
Don’t Turn Rogue.
The world is small and your unethical exit from the Group Practice can come back and bite you at the most unexpected times in life. Hence, follow the agreed code at the time of entering into the Group Practice and exit as per the terms agreed upon. At best, if you have to blame someone for the failed Group Practice or the terms of the exit agreed upon in the Group Practice Agreement, it is your younger self.
Entrance into a group practice binds us to ethical standards; adherence to agreed-upon terms upon exit is crucial for professional integrity and trust. Responsibility for the consequences of departure lies squarely with us, urging reflection and accountability for past decisions.
No Consultants!
Engaging Lawyers or Chartered Accountants to commercially negotiate would lead to significant delays and unreasonable demands from both sides for which no conclusion would reach in a time effective manner. Commercial discussions have to be between principal and principal, and then the figurative nuances can follow with involvement of the consultants.
Don’t Prolong Exit if it is Inevitable.
Always consider your loss of mental peace as a consideration when negotiating the terms of an Exit!
Wisdom in hindsight is very common; Wisdom in foresight is visionary.