A big challenge for pharmacy owners is to imagine what life will look like after the transition from life in community pharmacy to a life of independence occurs. For most people, it’s hard to think about what is going to happen next week, let alone years down the road. This is especially true in today’s extremely dynamic pharmacy environment.

Because we are so focused on the short term (think about how we get information compared to just two generations ago), we rarely spend time on thinking about the end game. Stephen Covey said numerous times in his books that we should begin with the end in mind. If we define what our life will look like after pharmacy, then making decisions in the short term will become easier. Once we do that, all we simply have to do is make sure we stay on track to achieve our final destination, a fulfilled life after pharmacy (Stephen Covey also said it’s more important to live your life by the compass than the clock).

What if I were to tell you that the beginning with the end in mind could be the thing that completely changes your life? What if I were to say that you are never too young to start thinking about life after pharmacy? If you don’t believe me, just ask someone approaching retirement if they ever thought that they would be in that position.  I have asked and people in that situation always tell me, “Don’t blink, it will be here before you know it” or “What happened? Where did all the time go?” These are very bold questions and statements.  We feel that pharmacy owners have to be bold to address this very bold topic. 

So, what are the steps to take to begin thinking about life after pharmacy? The first step you have to do is admit that life after pharmacy will happen.  It may be you getting carried out of the pharmacy with your boots on (dying for those of you not from the south) or it may be a calculated strategy. Either way, you will leave your pharmacy. The next three steps are listed below:

1. Clean up the messes in your life and pharmacy - we all have messes that need to be addressed. A mess is anything that takes your time and attention away from working in and on your pharmacy or any other important thing in your life. A good example of a mess is cleaning up the back room in the pharmacy. We had a pharmacy owner tell us that he obsessed over doing that for over a year before getting it completed. It would be hard to calculate the value of the lost productivity for him. Quit procrastinating and clean up your messes.  At Waypoint, we try to clean up one mess per quarter.
2. Focus on financial independence first - we have many things that compete for our dollars in life.  And, unfortunately, we only have some many dollars to allocate. We believe focusing on financial independence first is critical for the future success of community pharmacists and community pharmacy in general. A client one time mentioned to me that there are billions of dollars available for education but none for my retirement. Other goals are important, but no one is going to lend you money so you can have the life after pharmacy you want. You are responsible for that.
3. Address the contingencies in your life - addressing the situation of you getting hurt, sick or even dying can give you and your family a better chance of enjoying life after pharmacy.  We hope you live a long life and have a wonderful career in community pharmacy.  However, there are some pharmacy owners that die, get sick, or get hurt before they make the transition into life after pharmacy. If this happens, then there needs to be a plan in place to make sure your family has everything it needs to survive.