If it’s time to establish your first practice or change to a new one, don’t make the mistake of thinking it’s no big deal where you go. The decision you’re about to make will positively or negatively impact the rest of your life. If you don’t choose right, the correction can be very expensive and take a high emotional toll. The cost attributed to one of my friend’s moves to a new practice was over $170,000!
What happens when you change practices? You may have a problem getting out of your contract. Some advances may need to be paid back. You may have to pay for a very expensive “tail” on your malpractice insurance. You incur another set of moving expenses. Your house may not sell. You have to find new friends. Your children will need to start at a new school. All these issues not only take a bite out of your finances, but also your time, your energy, and your family’s well-being.
Here’s how I found my first job, which lasted 20 years. My wife and I both grew up in Oregon. Most of my family lives in southern Oregon, near Medford. Most of her family lives in northern Oregon, near Portland. I knew living close enough to visit our families was going to be an important part of our lives for many years to come. I set out to find a practice between these two locations.
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