If not structured properly, optometry partnerships are prone to disappointing practices. Surprisingly, the more successful the optometry partnership is, the more chances there are for disagreements and arguments about work loads, profit distributions, and other arrangements. Optometrists must establish partnership rules that are fair while also providing for necessary adjustments as needed with their practice.
Optometry practices generate significant revenue that must be divided among the partners. Optometrists who fail to outline exactly how that money gets divided, who divides it, or when it gets divided, can destroy practices and friendships.
A sound optometry partnership agreement is developed with the help of accountants, insurance specialists, and other consultants who are familiar with the optometry industry. Our attorneys help optometry partners understand what issues need to be addressed. Some of these items include:
We prefer to create the optometry partnership agreement before any money is on the line. This process necessarily involves some awkward conversations. However, these conversations are much more comfortable before any money is lost. When the optometry partnership agreement is drafted early, the resulting partnership is more principally sound. We have also found that involving team members outside of the partnership (i.e lawyers and consultants) allows the partners to better understand each other's business models, thereby ensuring that the eventual optometry practice is positioned to succeed.
