MEDICAL SPA MD FORUMS - MEMBER ONLY ACCESS FOR CLINICIANS IN NONSURGICAL COSMETIC MEDICINE - BECOME A MEMBER / IT'S FREE

 

Search Forums + Discussions

Deals Marketplace

Group Buy Wholesale Cosmetic Filler Injectables

Newest Member Comments

Other Comments

Medical Spa Business Forum > Bringing on business partner

I'm the owner of a small boutique med spa. I am a licensed aesthetician and have been in the medical cosmetic field for 14 years. I currently provide aesthetics services, as well as cosmetic injections, micro-needling and ultrasound therapy. My spa has been open for 3 1/2 years and it's growing quickly. I am wanting to bring on a business partner who is also a service provider. She will be buying in for 49% of the business. I am looking for advice on payment as part owner but also on her services. Does anyone have a successful set up for this type of situation?

08.28 | Registered CommenterJenn Allen

Hey Jenn,
This is, as so many 'what should I do" questions are, dependent upon so many other things that it's hard to even know where to begin.

That being said I am guessing from you question that you're a sole practitioner or that you are not a legal entity yet.
Here's what I would do:
+ Talk with your accountant about what kind of entity you should set up for tax purposes: LLC, S-Corp.
+ Talk to your lawyer to see if your structure is legal. You can not employ a physician as a non-physician in the US. If you're somewhere else perhaps you may be able to.
+ Create a contractual agreement that details a number of things. First, there should be some sort of 'buy-in' time period. Most companies refer to this as 'vesting'. Yo do not just want to go 'all in' because then you're up shit creek if it doesn't work out. You have a fiduciary responsibility as soon as someone else is in the company.
+ Have all of the tough talks first.

Those are my thoughts. Your mileage may vary.

Join Medical Spa MD

captcha
 
MEDICAL SPA MD
Medical Spa MD

A community of dermatologists, plastic surgeons, laser clinics, & skin clinics world wide.

Medical Spa MD is a world-wide community of physicians and clinicians practicing cosmetic medicine. Please read our Terms of Service, Advertising Terms and Privacy Policy.

Copyright © 2011. All rights reserved.

LEGAL NOTICE & TERMS OF SERVICE