We romanticize the notion of owning our own practices.

We imagine freedom, joy, the thrill of victory, and all of the money coming to us instead of being intercepted by “the boss.”

Owning a practice is great right up to the point when you own one.

Then it’s often burdensome. I’m not suggesting that practice ownership isn’t without its benefits, but I am suggesting that we overdo it when we imagine what it’s going to feel like to be the boss.

It’s not a feeling of “freedom” we get when:

• We have to personally guarantee the lease for the office space, copier, credit line, etc.
• We see our name next to the word “defendant” on a bogus malpractice complaint.
• An employee claims we violated fair employment laws.
• The client is a great big jerk.
• We have to transfer funds into the operating account to cover payroll.
• We get excited about a big new client and her check bounces.
• We discover that we’re paying twice the price to lease the same copier as the guy next door.
• The client wants a refund.
• You cancel your vacation because a judge says “be there.”
• The state bar thinks you blew it.
• Your employee quits.
• Your associate believes the grass is greener.
• We’d like to quit and we can’t because we’re locked in with financial and legal commitments.
• We realize that the buck stops with us. We have to make change happen.

Nope. It’s not all rainbows and sunshine. There are benefits to being an employee rather than the boss.

Sure, being the practice owner comes with benefits as well. When things go well, you’ll benefit financially. When decisions need to be made, you get to make them. When you want time off, you can go away. But…

So often, we want what we don’t have. The employee wants to be the boss. The boss wants to be an employee.

Be careful what you wish for. It’s not always what you thought.