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veterinary partnership agreements
Veterinary practices generate significant revenue that must be divided among the partners. Veterinarians 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 veterinary partnership agreement is developed with the help of accountants, insurance specialists, and other consultants who are familiar with the veterinary industry. Our attorneys help veterinary partners understand what issues need to be addressed. Some of these items include:
- What "perks" are available
- What happens if your partner dies?
- What happens if your partner's license is revoked?
- What kinds of decisions are the majority or minority entitled to?
- Who can make final financial decisions for the veterinary practice?
- When should you bring in a new partner or hire an associate?
- What happens when one partner wants to franchise or buy another office, but the other does not?
- Do the partners owe complete loyalty to the partnership, or are they permitted to enter into other ventures?
When Should the Partnership Agreement be drafted?
We prefer to create the veterinary 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 veterinary 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 veterinary practice is positioned to succeed.