Re: Keeping good Practitioners
Brian Gustin
Description
Collection
Title:
Re: Keeping good Practitioners
Creator:
Brian Gustin
Date:
8/6/1998
Text:
-----Original Message-----
From: Daniel Morgan C.P.O. < <Email Address Redacted> >
To: <Email Address Redacted> < <Email Address Redacted> >
Date: Wednesday, August 05, 1998 6:09 PM
Subject: Keeping good Practitioners
> I am interested in learning if there are independant lab owners out
>there who have structured their business in such a way for younger
>practitioners to work into an ownership role.
> My partner and I are 15+ years from retirement. We have three ( 3 )
young
>practitioners working for us now who we would like to retain for many
years.
>Each has expressed an interest in being a partner . Is there a
successful
>model in our field that others have used ?
>
Hello Dan
The only thing I can suggest is to pay these practioners a liveable salary
now with a bonus based on production levels of net revenues. This
compensates those who do v.s. those who don't do for whatever reason ie.
prosthetics v.s. orthotics etc. This also eliminates somebody from
sandbagging you on the production side because they don't want to buy their
own efforts. You will have paid them for their efforts at the time they
produced . When you have this in place you could offer a right of first
refusal when you and your partner decied to retire. Ofcourse you should
discuss this with your attorney and accountant.
Hope this helps, isn't management fun! Check out a publication called
FastCompany.com you'll be glad you did.
Brian L. Gustin CP.
From: Daniel Morgan C.P.O. < <Email Address Redacted> >
To: <Email Address Redacted> < <Email Address Redacted> >
Date: Wednesday, August 05, 1998 6:09 PM
Subject: Keeping good Practitioners
> I am interested in learning if there are independant lab owners out
>there who have structured their business in such a way for younger
>practitioners to work into an ownership role.
> My partner and I are 15+ years from retirement. We have three ( 3 )
young
>practitioners working for us now who we would like to retain for many
years.
>Each has expressed an interest in being a partner . Is there a
successful
>model in our field that others have used ?
>
Hello Dan
The only thing I can suggest is to pay these practioners a liveable salary
now with a bonus based on production levels of net revenues. This
compensates those who do v.s. those who don't do for whatever reason ie.
prosthetics v.s. orthotics etc. This also eliminates somebody from
sandbagging you on the production side because they don't want to buy their
own efforts. You will have paid them for their efforts at the time they
produced . When you have this in place you could offer a right of first
refusal when you and your partner decied to retire. Ofcourse you should
discuss this with your attorney and accountant.
Hope this helps, isn't management fun! Check out a publication called
FastCompany.com you'll be glad you did.
Brian L. Gustin CP.
Citation
Brian Gustin, “Re: Keeping good Practitioners,” Digital Resource Foundation for Orthotics and Prosthetics, accessed November 24, 2024, https://library.drfop.org/items/show/210740.
