Choosing a business partner in group practice with Dan King

In this episode (quick summary):

Choosing a business partner in group practice is the focus of this solo episode with Dan King, who explains when a partner is actually needed and what standards founders should use before sharing ownership, decision-making, and long-term responsibility. He argues that ambition changes the equation: the bigger and more complex the practice, the stronger the case for a true partner with different strengths, deep integrity, and genuine mission alignment.

TL;DR:

If you want to build something significant, choose a business partner with the same care you would use to choose a spouse.

What you’ll learn:

  • How ambition affects whether partnership makes sense in a group practice
  • Why complementary skills matter more than surface-level compatibility
  • How to assess integrity and trust before sharing ownership
  • Why mission alignment determines long-term partnership durability

Dan King’s quote: “Would you marry this person?”

Best for: Group practice owners, founders, clinicians moving into leadership, and operators evaluating whether to stay solo or bring in a partner.

Key terms: business partnership, group practice growth, complementary skills, integrity in leadership, mission alignment, clinical leadership, practice operations, decision-making, founder ambition, mental health business

Choosing a business partner in group practice: a higher standard for ambitious founders

“Would you marry this person?”– Dan King

In this solo episode, Dan King, Founder, Fireside Strategic, breaks down choosing a business partner in group practice with the kind of clarity that founders usually only gain after a painful lesson. Rather than assuming partnership is automatically the next step in practice growth, Dan starts with a more useful question: what are you actually trying to build? If your aim is a lifestyle business that supports you, your family, and a small team, you may not need a partner at all. But if your ambition is to build something substantial, enduring, and operationally complex, the need for a partner becomes much stronger.

That distinction matters in mental health because group practices operate in a demanding environment. Founders are balancing hiring, referrals, systems, documentation load, clinician wellbeing, quality of care, operations, cashflow, and leadership development all at once. Dan argues that as complexity rises, so does the value of having another person who can improve the quality of decision-making. Choosing a business partner in group practice is therefore not about companionship or convenience. It is about whether the business has reached a level where one person’s temperament, skill set, and perspective are unlikely to be enough on their own.

From there, Dan introduces the episode’s defining principle: ask yourself whether you would marry this person. It is a confronting standard, but that is exactly the point. A business partnership at a high level is intimate, long-term, and consequential. It will shape strategy, culture, conflict management, and the daily reality of how a practice is led. Choosing a business partner in group practice requires more than liking someone or respecting their résumé. It requires the kind of scrutiny that can withstand five to ten years of hard decisions, pressure, disagreement, and shared responsibility for both business results and patient outcomes.

Dan then moves into three practical filters. The first is complementary skill sets. Strong partnerships are not built on sameness; they are built on difference that adds value. One partner may be stronger in strategy, growth, and finance, while the other may bring operational excellence, people leadership, or clinical credibility. That diversity of thought strengthens fast decision-making and reduces blind spots. Dan recommends creating a self-awareness cheat sheet for each person, using psychometric tools and outside feedback, to see clearly whether both people are truly bringing something distinct and useful to the table.

The second and third filters are integrity and mission alignment. Integrity matters because trust is not optional when money, ownership, and leadership are shared. Dan describes it less as a binary and more as a felt sense: can you trust this person deeply, not just professionally but instinctively? Mission alignment is equally important. Even if someone is capable and ethical, the partnership will still struggle if you want different things, care about different outcomes, or bring different energy to the work. For group practice owners thinking seriously about scale, this episode reframes choosing a business partner in group practice as a leadership decision of the highest order. It is not just about who can help you grow, but who can grow with you without compromising the business, the team, or the mission.

Takeaways

  • Decide first whether your goal is a lifestyle business or a larger, more complex organisation, because that determines how necessary a partner really is.
  • Use ambition as a filter: the more scale, complexity, and leadership load you want, the stronger the case for partnership becomes.
  • Set an unusually high bar by asking whether you could work alongside this person at close range for many years under pressure.
  • Choosing a business partner in group practice should prioritise complementary strengths, not just rapport or shared enthusiasm.
  • Create a one-page self-awareness summary for each potential partner to compare strengths, weaknesses, and decision-making style.
  • Do not compromise on integrity or mission alignment, because a capable but misaligned partner can still damage culture, trust, and long-term execution.

Chapters

0:02 Introduction to business partnerships in group practice
1:22 When a group practice founder actually needs a partner
4:33 Why ambition changes the partnership decision
6:54 The marriage test for choosing a business partner
9:28 Complementary skills, integrity, and mission alignment
11:48 Final advice for founders considering partnership

Resources

Connect with our guest:

Website: Fireside Strategic

Connect with our host:

LinkedIn: Dan King
Produced by VevaMEDIA

FAQ

When does it make sense to bring on a business partner in a group practice?

It makes the most sense when your ambition goes beyond a lifestyle business and into building something larger, more operationally complex, and more demanding to lead. Choosing a business partner in group practice becomes more valuable when the scale of decisions, systems, and people management exceeds what one founder can realistically carry alone.

What is the most important standard for evaluating a potential partner?

Dan King’s standard is simple: ask whether you would marry this person. The point is not romance, but the level of scrutiny required when you are choosing a business partner in group practice and committing to years of close collaboration, shared pressure, and major financial and leadership decisions.

What qualities matter most in a strong partnership?

This episode highlights three: complementary skills, integrity, and mission alignment. A strong partner should bring strengths you do not have, be someone you trust deeply, and care about building the same kind of practice for the same reasons.

Can a founder build a successful practice without a partner?

Yes, but it is less common at larger levels of scale, especially in mental health where regulation, clinician support, operations, and care quality all create extra complexity. This episode argues that solo success is possible, but as ambition rises, partnership becomes a more practical path to better decisions and more sustainable growth.

Transcript: choosing a business partner in group practice with Dan King

“Would you marry this person?” — Dan King

Read the full transcript
Dan King: [0:00] Hello, everyone. Daniel King here. Dan King: [0:03] And today, I'm going to talk about one of my favorite business subjects, Dan King: [0:07] Which is picking a business partner, whether to do it, and what criteria you should keep in mind. In the group practice world, we see a lot of partnerships. And as investors. Dan King: [0:21] We think about Dan King: [0:21] How that partnership works together. Dan King: [0:24] Can we add to it? Dan King: [0:25] Do we make sense as partners to join with the team that is already there. So this is something I think. Dan King: [0:30] A lot about. I have had Dan King: [0:32] Partnerships that have been successful and some partnerships that have been less successful. Some have been successful for a time. Dan King: [0:40] Some kind of destined probably never to be successful. Dan King: [0:45] So I've learned a thing or two. Dan King: [0:46] I have a sense of what works and what doesn't here. Dan King: [0:50] So i'm going to start by talking. Dan King: [0:52] About when it makes sense in Dan King: [0:55] General to have a business partner. Dan King: [0:58] Then i'm going to give you Dan King: [0:59] What to my money if it does. Dan King: [1:00] Make sense is the number one Dan King: [1:02] Standard you should have the number one most important guiding principle and then i'm going to give you three other important criteria to keep in mind which i think are always going to be important regardless of the industry you're in what. Dan King: [1:16] You're doing i know that this podcast is mostly Dan King: [1:18] For group practice owners but it applies beyond that, Dan King: [1:22] So let's start. Dan King: [1:23] With when it makes sense, when it doesn't. Dan King: [1:27] I think when you define as a founder exactly what you. Dan King: [1:31] Want to achieve, Dan King: [1:32] That is a crucial step to determining whether it makes sense to have a partner or not. And the most important. Dan King: [1:39] Element of that vision is how ambitious it is. Dan King: [1:42] So if you want to build a lifestyle business. Dan King: [1:45] That sustains yourself, Dan King: [1:46] Your family, a small number of other people. Dan King: [1:50] 15, 20 people, something like that, Dan King: [1:52] There probably isn't a need for a business partner or at least the case for a business partner is less strong if however you want to go beyond a lifestyle. Dan King: [2:01] Business if you know Dan King: [2:02] You're not going to be content until you build something really substantial really big there's no right or wrong here this is not a. Dan King: [2:10] Suggestion that you must try to build the biggest business possible because Dan King: [2:14] I think the most important thing is to do what you're aligned with so if you don't feel that level of ambition to build something really, really big, then you really don't need a business partner. If the ambition is simpler, a simpler structure often works best, and there are fewer needs that that business has. So this isn't to. Dan King: [2:34] Say that if you want to build a lifestyle business, Dan King: [2:36] You shouldn't have a partner, but it is to say the case for having a partner is much stronger if you want to grow something beyond the lifestyle level. I think that's the single most important consideration. Dan King: [2:47] And the data really backed this up. Dan King: [2:49] So if you're trying to build something taken in healthcare. Dan King: [2:54] If you're trying to build something to the level of five or seven or 10 million of profitability, Dan King: [3:02] There's a level of ambition involved in that. And it's extremely rare. Dan King: [3:06] That you can do that all on your own. Dan King: [3:07] The percentage chance of you pulling it off, even if you're an extremely talented entrepreneur, is not very high. So it's important to know because. Dan King: [3:17] The level of Dan King: [3:20] Complexity involved in the challenges that. Dan King: [3:22] You're going to Dan King: [3:22] Experience is such that it's very rare one person has all the answers. It's very rare that one person's skill. Dan King: [3:29] Set and mentality Dan King: [3:30] Are well suited to the complexity. Dan King: [3:32] Of the challenges Dan King: [3:33] Involved in building a business. Dan King: [3:35] Especially in a complex place like mental health. Dan King: [3:39] Very, very rare that that person's temperament. Dan King: [3:41] Skill set, everything is sufficient on its own, Dan King: [3:46] Frankly, to get to that level. So there's a level of humility in appreciating that, that someone else to improve the quality of your decision making, if it's the right person. Dan King: [3:57] Is almost always essential to get to that kind of level. Dan King: [4:01] I'm not saying it's not possible, and there are people who. Dan King: [4:04] As solos, have built businesses to really, Dan King: [4:06] Really substantial places, but it's quite rare. Dan King: [4:09] And you have to factor in the added complexity of an industry like mental health. Dan King: [4:13] But there's a lot of regulation. Dan King: [4:16] There's a lot of care that goes into it. Dan King: [4:20] We're not just selling widgets here. We're really transforming people's lives, and we're trying to run a business at the same time. We're taking care of. Dan King: [4:28] In many cases, very, very sensitive clinicians. Dan King: [4:30] We're dealing with insurance companies. There's a lot. Dan King: [4:34] And so this is Dan King: [4:35] An industry where I think the case for, in general, having a business partner is higher. Dan King: [4:40] And if you have the kind of ambition that I've been talking about, Dan King: [4:43] Then the case for a business partner is even stronger. Dan King: [4:45] And the data across industries back that up. And so when we talk about an industry where maybe Dan King: [4:52] It's a little harder. Dan King: [4:53] Than the average industry, Dan King: [4:54] The case for having a partner is quite strong. Dan King: [4:59] So what is that all-important guiding principle? Let's say you've decided you've got a level of ambition where a partner makes sense. Then what? Dan King: [5:09] What's that guiding principle that's most important to keep in mind? A very wise coach years ago, his name is Hans Phillips. Dan King: [5:17] I'm going to call him out, Dan King: [5:19] Told me there's one important principle, and I believe this. Dan King: [5:24] He taught me this maybe six or seven years ago, Dan King: [5:26] And I still deeply believe it. The question you need to ask yourself when you're considering a potential business partner is, would you marry this person? So it's an extremely high standard. And that makes sense because, again, a partner only makes sense or a partner is more likely to make. Dan King: [5:43] Sense if we're trying to build Dan King: [5:44] Something really ambitious. Dan King: [5:45] And if we're trying to build something significant, complex, difficult, then you need a high standard to get it done. Dan King: [5:54] And so the standard that you apply to selecting a business partner should be equally high. and this isn't to say that. Dan King: [6:01] If you don't Dan King: [6:01] Get along all the time you shouldn't marry them in business but it is to say that there is a level of of scrutiny that should be quite high here and you should hold yourself and your business partner to a. Dan King: [6:17] High standard if you want to get to a high place Dan King: [6:19] So ask yourself the question would you marry this person and when you do you'll see that you're going to rule out people who are close. Dan King: [6:26] Who kind of feel good on one level, but deep down you really know Dan King: [6:30] It would be very hard to work with this person for five to ten years at that level of closeness and significance. So hold yourself to a high standard. Dan King: [6:40] Hold them to a high standard would be my advice here. Dan King: [6:42] And ask yourself, would you marry this person? It's a very strong question, and you're worthy of it, and your mission and vision are worthy of it. Dan King: [6:55] So then, being guided by this principle, what are the three other criteria that I think are important to keep in mind? They are a complementary skill set, integrity, and alignment with mission. So let's get into the first, a complementary skill set. you want someone who you wouldn't just marry in a business sense you don't just want. Dan King: [7:18] To have a mission that is worthy of of Dan King: [7:22] That partnership you also want to be able to be to do things that the other person can't do this is the single most important person other than you and the. Dan King: [7:31] Success of the Dan King: [7:32] Business you've each got to bring different things to the. Dan King: [7:34] Table otherwise what are you doing here Dan King: [7:35] You don't want someone who thinks. Dan King: [7:38] The way you do Dan King: [7:38] Otherwise you're not going to get the benefit of diversity of thought. And in business, when. Dan King: [7:43] Decisions need to be made quickly and those decisions matter, Dan King: [7:46] Diversity of thought really matters. So on the one hand. Dan King: [7:49] You want to marry this person, Dan King: [7:51] But on the other hand. Dan King: [7:53] You've got to be different. People say, you know, romantically some marriages work when people are very similar. Dan King: [8:00] Here, at least in skill set. Dan King: [8:03] You want difference because they got to be good at things that you're not to justify the Dan King: [8:08] Substantial ownership that they have in the. Dan King: [8:10] Business. Similarly, Dan King: [8:12] Why should they work with you. Dan King: [8:14] If you can only do things that they can do? Dan King: [8:18] So this isn't to say there shouldn't be any overlap. Dan King: [8:20] But it is to say that in general, you guys should be bringing complementary skills to the table. Dan King: [8:26] And one way that has been useful for me. Dan King: [8:29] I'm sure there's many other ways, Dan King: [8:30] Is to. Dan King: [8:31] Create what I call a Dan King: [8:32] Self-awareness cheat sheet for each of you. It's a one-page document. Dan King: [8:35] That sort of summarizes Dan King: [8:36] Who you are in business. Dan King: [8:39] And on that spreadsheet, I include psychometric data. So I include, you know, what are the personality tests, like the five factors, Myers-Briggs, a lot of people don't like Myers-Briggs, I like a certain version of it. Dan King: [8:54] So what data. Dan King: [8:56] Do you get Dan King: [8:56] From those tools and what other people say about you so. Dan King: [9:01] You can use 360s Dan King: [9:03] Where other people are weighing. Dan King: [9:05] In on how you show up Dan King: [9:06] And who you are at work. Dan King: [9:08] So i aim to create Dan King: [9:10] A kind of one-page self-awareness cheat sheet for myself and a potential partner so that i can see distilled in a summarized form who are they and who am i and are we really bringing complementary skills to the table? You'll know pretty. Dan King: [9:25] Quickly if you do that or something similar. Dan King: [9:28] Next is integrity. Dan King: [9:30] So we want to achieve something significant Dan King: [9:34] And probably want to. Dan King: [9:35] Do it while being a good human. Dan King: [9:37] Isn't that what this is about? You know, we're in mental health. We care about being good humans, right? Dan King: [9:41] So you want someone that has integrity. Dan King: [9:44] But even if we weren't in mental health, you don't want someone who's. Dan King: [9:47] Going to steal Dan King: [9:47] From your cupboard. You don't want to be looking over your shoulder. You don't want them to be a brilliant business person, but shady. I don't need to get into all the reasons why, but, and you wouldn't want to marry someone who didn't have high integrity either. Dan King: [10:01] Right? All that said, I think integrity is a Dan King: [10:04] Spectrum rather than a. Dan King: [10:05] Dichotomy. So it's not that you're low integrity Dan King: [10:07] And I'm high. Dan King: [10:08] Integrity, Dan King: [10:09] But feel into who this person really is. Dan King: [10:13] Just like when you're dating, Dan King: [10:14] Is this person, can you really trust them deep down in your bones? Dan King: [10:19] I think you'll know. Dan King: [10:20] And then the final point, the third point in terms of the criteria. Dan King: [10:24] That I found are significant? Dan King: [10:26] It's mission. Are they aligned? Do they really give a shit, right? They may have tons of integrity. They may have a complimentary skill set. But do they actually want to achieve what you want to achieve? Are you aligned in terms of the mission that you have? Dan King: [10:42] Do you guys have the same vision? Do you both want to pull it off? Dan King: [10:46] Do they wake up burning with excitement to work on the thing that you care about? So if they're not aligned with that mission. Dan King: [10:54] Even if they like you, Dan King: [10:56] If you want different things, if you want to create different things in the world, your energy is going to be mismatched. It's not going to work so well, will it? so you want a complementary skill. Dan King: [11:05] Set you want integrity Dan King: [11:07] You want alignment on. Dan King: [11:08] Mission and have honest Dan King: [11:09] Conversations about what do you want to create really feel into whether you're whether you're aligned. Dan King: [11:16] Or not so if you're not it doesn't make sense right Dan King: [11:19] So in summary we the case for a business partner is stronger if we are ambitious and want to. Dan King: [11:27] Build something way beyond a Dan King: [11:28] Lifestyle business. Dan King: [11:29] And that case weakens to the extent we want a lifestyle business. We want to hold our partners and ourselves to a high standard and ask, would you marry this person? And we want complementary skills, we want integrity, and we want mutual alignment with a mission that everyone's excited about. Dan King: [11:49] I hope this helps. And if you want to talk more about this. Dan King: [11:53] My email is in the show relatively easy for you to find. Dan at FiresideStrategic.com. Thanks for listening. Dan King: [12:00] Take care. Bye.