Month: October 2018

bride and groom on rock rocks during sunset
A Desert Wedding, an Epic Race, and Other September Spending

A Desert Wedding, an Epic Race, and Other September Spending

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We’ve somehow made to the end of 3rd Quarter, tracking every dollar we’ve spent this year (scroll to the bottom of the post for the total numbers)!

A quick reminder: these spending reports are an effort to keep myself accountable to the idea that doctors do not have to spend a totally ridiculous amount of money to live well and love life. We’re planning to do these spending reports through the end of 2018.

As I have mentioned before, we do not do traditional budgeting. You absolutely should do traditional budgeting if that works for you as a way to control your spending.  More on this topic here. …

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Three skiers with a black diamond sign that says "confidence"
The Infamous Operating Agreement, Part 4

The Infamous Operating Agreement, Part 4

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Make sure you have read Part 1, Part 2, and Part 3 before you read on.

This fourth and last (and longest!) post about our operating agreement probably contains one of the most critical sections – the details on how we agreed to run the show day to day. You’ll also find our agreements about indemnity (snoozefest, but still important), non-competes and other restrictive covenants, and some miscellaneous agreements that we felt were important. Schedule B and C toward the end were the agreements that each of our spouses signed. …

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rafters going through whitewater
The Infamous Operating Agreement, Part 3

The Infamous Operating Agreement, Part 3

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Before diving into this post, read Part 1 here and Part 2 here.

In this third post about our operating agreement, you’ll see how we handle money (income and losses) as well as our plans for the depressing events of injury, death, or divorce of a partner. We also made plans for what we will do if we want to sell our shares of the business (you’ll see that we designed future sale terms so the junior partner is incentivized not to sell until at least 10 years after their buy-in), add a new partner, or liquidate our company. …

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hippos in water trying to bite each other
The Infamous Operating Agreement, Part 2

The Infamous Operating Agreement, Part 2

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If you haven’t already, read Part 1 here.

This second post about our operating agreement covers how we assigned rights and duties of our “manager” (which we decided would be one of us) as well as rights and duties of all business partners. Per our agreement, none of us – including the manager – can make any big decisions or changes to the business without the agreement of the other members/partners in the business. We designed it that way on purpose. …

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Two people parasailing
The Infamous Operating Agreement, Part 1

The Infamous Operating Agreement, Part 1

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This is what I get asked about the most when talking about my business partnership – this lengthy, complex agreement that took us the better part of a year to put together and is one of the big reasons our partnership has remained strong (and fun) for over 5 years while 70% of business partnerships fall apart around us.

Note: if you are not interested in business partnership agreements, stop reading now. Our OA is about as wordy as the Treaty of Versailles (although arguably much more successful), and the only interesting photos in these OA posts will be the banner pics.  …

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me and my business partner jumping in front of our office
Why Business Partnerships Might Just be Perfect for Millennials

Why Business Partnerships Might Just be Perfect for Millennials

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Millennials are changing the workplace. Love ’em or hate ’em, this is a reality.

And it’s a reality we’ll all have to deal with for the next several years, since the tail end of the Millennial generation is just starting to graduate college, move back in with their parents, and apply to part-time jobs so they can spend 20 hours per week at rallies protesting student loans.

Haha! I’m totally kidding. Sort of.

…

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