Dive Brief:
- The best way to avoid getting stuck in a deal that doesn't work is to plan your exit strategy before agreeing to the deal in the first place.
- Doctors should bear in mind the following principles when negotiating: 1) that the deal looks best at the outset when you're being pursued, 2) that with a focus on getting the deal done, all parties see it in the most positive light possible, 3) that planning ahead helps avoid the emotions that go with breakups and 4) that negotiating the mechanics of the breakup is much harder during the stressful time after the decision to part ways.
- With details of a dissolution in place upfront, answering most if not all pertinent questions, this aspect of your contract is likely be better thought out and more functional, leading to a better relationship.
Dive Insight:
This advice is particularly timely, given that physicians are being swept up in a wide array of business relationships during these uncertain times, including mergers with other practices, participation in ACOs and hospital mergers and partnerships. Planning how you'll handle the worst-case scenario at the outset makes a lot of sense and protects your practice from the unforeseen. By all means, trust your new partners as they arrive, but protect yourself, too.