CDA Essentials 2018 • Volume 5 • Issue 3

34 | 2018 | Issue 3 S upporting Y our P ractice this arrangement is shared costs, and in the event of a dispute, it’s easier to get out of a cost-sharing arrangement compared to a partnership. Enjoy the best of both worlds Some of our clients own more than one practice and, in addition, they’ve gone into partnerships with the profits they’ve generated from their own practices. We’ve seen partnerships succeed in these situations because, at that level, you’re not nitpicking and you are financially successful on your own. It works nicely because you can leverage your capital and have an escape route, if necessary, through your own practices. Choose a partner carefully In our experience, successful partnerships are never truly a 50/50 proposition. In reality, we’ve seen it work in situations where one partner gives 90% and the other partner gives 10%, but the next day it may be 60/40. People who are uncompromising won’t be good candidates for an enduring partnership. It works best when people recognize that although it’s a 50/50 partnership on paper, sometimes you give more than you take. a MY CHOICE Solo Practice After graduating from dental school at the University of Toronto, Dr. Rupinder Dhaliwal established a solo practice in Fenelon Falls, Ontario. Here’s how he explains his choice. “I am a solo practitioner, but there was a time when I explored a partnership after I graduated because I thought when you go into partnership with somebody, there is less financial risk involved. If something goes wrong, there’s two of you involved rather than just you. Everything seemed fine until I started going through the agreements and all the details, and then it didn’t seem as appealing anymore. It’s very hard to find somebody who shares the same goals and expectations. Personally, I think it’s better for me to have just one partner—my wife (who will be graduating from dental school in 2018). In my case, I’m fortunate that she will also be a dentist. 