You accepted a position at a new practice, you like your colleagues, and the work is fulfilling; everything is going great. However, before very long, the veil starts to come off; maybe this isn’t the perfect position you thought it was? What do you do now? How do you get out of your contact? What are your options?
Dr. Jason Goebel, known in some circles as the Godfather of Contract Negotiations, found himself in a similar situation. On this episode of Prosperous Doc, our host Shane Tenny speaks with Dr. Goebel about his experience navigating various employment contracts throughout his career.
Because employment contracts are often drafted by employers and presented to physicians as standard contracts, physicians can feel compelled to sign documents they may not fully understand. Dr. Goebel stresses that you should read through your contract multiple times, highlighting questions and areas of particular concern. Dr. Goebel also recommends negotiating individual terms in the contract. Employers are generally amenable to modifying terms if you present a rational reason. (26:01)
If physicians don’t understand or are uncomfortable with the review process, Dr. Goebel urges them to consider hiring an attorney to review their employment contracts. Experienced employment attorneys can help you understand legal jargon and suggest contract modifications based on your individual circumstances.
Dr. Goebel also recommends paying special attention to your bailout plan. What happens if you choose to leave? How enforceable is the non-compete agreement? “Does this contract allow you to do what your plan B would be if you have to get out of the contract?” (40:59) “That's probably more important than anything that's actually in the contract because if you get into an agreement and you either can't get out of it, or if you get out of it, you get crucified trying to get out of it and you can no longer provide for your family, then the contract's worthless.” (25:05)
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Like this interview with Dr. Goebel? Check out our episode Financial Pressures Influencing Physicians with Dr. Sanjiv Lakhia.
Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentist to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentist in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at shane@whitecoatwell.com or on Twitter.
CRN202208-270202
