Except for the people living under a rock for the past 30 years, most have heard the saying "no need to recreate the wheel" or "learn from other's mistakes." There is a tremendous amount of wisdom in these sayings if you can apply them to your situation. The great news is that they can be applied to pharmacy junior partnerships.
Topics: community pharmacist, pharmacy junior partner, pharmacy junior partnerships
Our ability to take great care of the independent community pharmacists we work with is driven in a large part by our process of continuous discovery. At the beginning of every relationship, we use a formal discovery process to assess our new client's current situation in a number of key areas. Among those areas is the strategy they use to manage their assets.
Topics: community pharmacy owner, community pharmacist independence, pharmacist asset strategy
I was reading a book recently titled What to Say When You Talk to Yourself by Shad Helmstetter, Ph.D. and it reminded me of a recent conversation with the owner of a community pharmacy.
Topics: community pharmacy owner, community pharmacist, retirement plans, fiduciary
There are three primary options for a pharmacy exit strategy. They are sell to an insider, sell to an outsider or liquidate. Each one of these options has its positives and pitfalls. An insider could be family members in the business, a junior pharmacist or another employee/employees. An outsider could be another independent pharmacist, family members not in the business, a chain store pharmacist looking for independent direction, a conglomerate of pharmacies/pharmacists or a chain store
Topics: life after pharmacy, pharmacy exit strategy, pharmacy succession
One of the things the advisors at Waypoint wanted to do starting this year is to be more personal about our experiences with community pharmacists. Below is a story from David Plaisance, one of our advisors in the Asheville, North Carolina office.
Topics: community pharmacist
