Owning a practice? You?December 27, 2018Some would argue practice ownership is only for the most ambitious—for those who love business. Like that classmate who always reads the Wall Street Journal or the one who knows she wants to be a specialist… of some sort… and all that entails. I mean, you know nothing about business. And the stress isn't worth it. The burden of your student loan probably makes practice ownership impossible, anyway. The excuses are endless. But so too are the reasons to own, even more so in this environment of corporate competition, continued consolidation, and rapid change. After all, where there is change—even chaos—there's also opportunity. What's more, practice ownership promises all the things you've always wanted from your profession. It buys you stability and flexibility, the two things that can make having a family more doable. It also means more money. And, paradoxically, those who have the least of it are those who stand to gain the most from practice ownership. I'm not saying it's easy. To be sure, it involves risk. But it's those who never contemplated ownership, those most beset and bedeviled by family-related inflexibility and financial burdens, who also have the most to gain and the least to lose. …
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