UPFRONT | Columnist BUSINESS TALK The ‘Goodfather’ T Preparing ourselves, our practice for the inevitable BY ANTHONY LOMBARDI his is a landmark issue that commemorates a very spe-cial milestone. In many ways, Canadian Chiropractor magazine has become our professional extended family over the last 20 years. After all, many of us read this magazine regularly – more often than we actually see certain members of our own family. Milestones bring many changes in ourselves. We go to chiropractic school, graduate and then join existing practices or start our own clinic. Some of us get married and have children and maybe even grandchildren – although not nec-essarily in that order. Personally speak-ing, after I had my children I began thinking practically about an inevitable milestone in life: death. I know what you’re thinking, “Lombardi, quit being so negative!” Death is not a topic many people think about or even talk about, but one that needs to be addressed so we can be prepared before we get a final visit from the Adjustment Bureau. And speaking of movies, Francis Ford Coppola’s clas-sic, “The Godfather” quotes will serve as a backdrop here as we segue ourselves into eternity. “I work my whole life… to take care of my family.” It’s important to have goals for you, your family and your practice. Person-ally, I wish to make sure the mortgage, my kids’ university and postgraduate education, and all the expenses in between are taken care of. Having a succession plan written and legally organized will pay dividends because it’s the only directing voice you will have once you pass. Finding a competent, well-respected lawyer to help you organize your will is invaluable, since your death will be a very emotional time for your loved ones. Be as clear and concise as you can in regards to disbursement of your assets, money and especially the suc-cession plan of your practice. I spoke to the lawyer at the College of Chiro-practors of Ontario, and she advised that whether our practice is registered as a sole proprietor or a professional corporation, once we die the practice is directed to our estate where it would be handled according to our wishes. This will alleviate conflict because, as has been demonstrated in the past, when money is involved family and friends can become immiscible – like oil and water when matters of assets take centre stage. So do not assume your beneficiaries will behave ration-ally – be clear, write it down and get a lawyer. “Friendship and money is like “It’s not personal. It’s strictly oil and water.” business.” DR. ANTHONY LOMBARDI, DC, is a private consultant to athletes in the NFL, CFL and NHL, and founder of the Hamilton Back Clinic. He teaches his fundamental EXSTORE Assessment System and practice-building workshops to various health professionals. For more information, visit www.exstore.ca. 22 Canadian Chiropractor May 2016 It’s very important to analyze the growth and development of your own practice, but when developing a succession plan you need to picture and analyze it with-out you in the equation. This can actually be very interesting as you will realize that although you likely generate the greatest amount of revenue, you also generate the most amount of expenses. Here, you must answer the question: Can my fam-ily draw a reasonable salary from my practice if I am not in it? If you have a multidisciplinary practice with several practitioners, then this will be able to benefit your family, if you have the right structure in place. This is why it is of paramount importance to have all of your associates and allied health agents (RMT, physiotherapist, etc.) signed to contracts that not only describe the terms of your agreement but, more importantly, the length of time they are working with you. All of the chiroprac-tors and therapists that work with me are signed to contracts that vary from one to three years, so within that time they are committed to the clinic. www.canadianchiropractor.ca
Chiropractic + Naturopathic Doctor May 2016: Page 22
