Partnership In A Professional Practice

Mon, 30 June 2008 AEST

Staff Writers

Due to increasing business size and value, and the need for succession planning, owners with viable businesses are seeking junior partners to join them. Likewise up and coming practitioners wish to own larger businesses.

Such sales of equity will necessitate the development of industry-accepted principles and finance approaches for succession.

Practices have used multi-practitioner professional partnerships to attract appropriate staff and rewared specialised skills. Professionals are seeing the evolution in the admission of junior partners. Also, with almost 60% of existing practitioners ready to retire in the next 10 years, partnerships will become a practical way for the profession to retain their skills.

To continue reading this article, please visit Ask An Expert - Medici Capital's Knowledge Base.

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