Partnership of Surgeons “Works Beautifully” for 10 Years, Provides Financial Security and Rare Work/Life Balance
“BLG Business Advisers helped us set up our partnership, the main aim of which is to make sure we all have a life. That’s hard to do as a single practitioner, and it’s all thanks to BLG.” – Dr Peter Chin, Partner, South Coast Urology
- Assistance in advising and preparing the partnership agreement
- Advice with respect to a progressive partnership system
- Help structuring entities to assist in asset protection
- Individual wealth management for doctors and partners
South Coast Urology is a practice of eight surgeons treating prostate cancer, enlarged prostate, kidney stones, bladder cancer, and more at several locations on the South Coast of New South Wales.
Dr Peter Chin, one of the surgeons, explains that a true partnership of surgeons is rare. But for the past 10 years, the doctors at South Coast Urology have defied the odds. “Physicians frequently have partnerships, but surgeons are another beast, with a tendency toward Type A personalities,” says Dr Chin.
Dr Chin credits the work of BLG Business Advisers with helping them create the only urology partnership of their size in Australia. “BLG helped us put together a partnership that gives us all a work/life balance — something that’s rather uncommon for surgeons. It’s worked beautifully.”
BLG Director, Scott Brodie, Helps Associates Become Partners
In 2007, several surgeons who now make up the partnership worked together as associates. At the time, BLG Director, Scott Brodie, was working with several of the doctors in the practice. That’s when Scott had an idea.
“Scott suggested that since we all sit five feet from each other, we should consider becoming a partnership,” Dr Chin says.
Scott did extensive research into the options, then presented his recommendations to the group. “He got us all into the same room and put together a plan for how it would work and helped us define our long-term goals,” Dr Chin says. “It was that kind of personal touch that impressed me. We decided to move forward.”
A Comprehensive Plan and Sound Financial Advice
Dr Chin says that Scott was instrumental in preparing the partnership agreement. “We have a succession plan, a retirement plan, and on-call rotations so that we cover and support each other,” he says. “BLG looks after our partnership and makes sure we’re working toward our common goals.”
BLG doesn’t just assist with issues related to the partnership itself. When the time came for the group to begin purchasing their own office space, they consulted with the BLG team to find the right one. “They helped us run the numbers and look at more than just the bottom line. They helped us consider capital growth and expense savings. We looked at six or seven different properties before we found the right one.”
In addition, the partners work with BLG on their personal finances as well. “We all have individual needs with our families and preparations for the future, and Scott will come down and chat for a couple of hours with us on a one-on-one basis,” Dr Chin says. “BLG doesn’t just come up with a generic investment package. They do background research and help me make decisions that I wouldn’t have the expertise to make on my own.”
Benefits and Results
- Advice and support leads to creation of the largest urology partnership in Australia
- Partners have work/life balance that most single practitioner surgeons don’t experience
- Successful purchase of commercial property increases practice value
- Compliant and effective tax planning that manages tax position and achieves best possible outcome
- Investment and wealth management advice for individual partners and their families
“I would highly recommend BLG to anyone who is considering working with them,” says Dr Chin. “They’ve helped us make the partnership work. The main aim of our partnership is to make sure we all have a life. That’s hard to do as a single practitioner, and it’s all thanks to BLG.”