Those who know me well are already aware that I am a huge Bon Jovi fan.
However – it was only when I saw a recent interview that I understood the business genius behind lead singer and founder of the band – Jon Bon Jovi.
In the interview – guitarist Richie Sambora was asked about how the band have stayed together so long and without the internal drama – so common in most successful (and even failing) bands.
Richie said – “It is very simple – it is Jon’s band and we all work for Jon”.
No talk about all being equal or having the same ideals etc – the ban members simply understand that Jon Bon Jovi is the owner of the organisation – and they work under his direction.
No wonder they have been together so long and are so successful.
In another interview Jon Bon Jovi described the organization as a “benevolent dictatorship“.
Meaning – he has made sure all band members are incredibly well paid and looked after – but at the same time they are all under his immediate direction.
What is the lesson for us in health care?
Well – I am sure you all know by now my thoughts on partnerships and how difficult it is to maintain a successful long term partnership in any business.
For health business owners looking to take on a partnership arrangement – be very careful.
Make sure you have looked closely at all options – including what happens in the case of death, disability and disagreement of and between partners.
Is partnership the best option for you – or are you just doing it because you want someone else in your organization to take some of the responsibility.
Or even worse – are you looking to take a current employee on as a partner – simply to ensure they stay in the business and keep seeing the clients.
I currently know of only 2 long term business partnerships that have stood the test of time, however I know of thousands that have ended up in court.
If you are contemplating entering into a partnership agreement – make sure you do your homework and research every possible outcome and possibility – BEFORE signing the agreement.
Or do what Jon Bon Jovi has done so successfully – take 100% ownership and 100% responsibility and operate a “benevolent dictatorship“.
I know my preference.