Reference no: EM132290271
You have been retained as an independent management consultant by Dr. Jim House, and his father, Charles.
Dr. House will be completing his residency at Inova Fairfax Hospital in Internal Medicine this spring, and is about to consider practice opportunities.
His father is an entrepreneur who started a restaurant business from scratch, building his business to three stores in twenty five years. He earns a good living. Charles is a firm believer in his son “hanging out a shingle” and building a business (practice), just as he had.
Although Jim is leaning this way, he has a job offer to become an associate (employed) physician with a ten physician Internal Medicine Group in Alexandria.
Other issues:
- Dr. House has approximately $100,000 in medical school loans.
- Dr. House has a dominant personality, and likes to be “in charge”
- Since Charles started his business with no assistance from parents or relatives, he believes his son should do the same, and will offer no start-up capital.
Your assignment:
Develop an executive summary for Dr. House and his father:
Identifying the advantages and disadvantagesfor him of joining the group practice, vs. starting up a new solo practice on his own.
Based on your knowledge from Topic 2, what will you recommend to Dr. House?