We recently had a conversation with two of our clients that have had a successful pharmacy junior partnership.  We often advise our clients on these partnerships, and we were curious what specifically in their relationship has made it so successful.  Here are some tips they had to share when recommending this type of relationship:

Junior Partner

• Use a probationary period to make sure you are combatable with the senior partner
• Get something in writing that addresses how long this “probationary period” will be and how ownership will transfer afterwards
• Do not be greedy.  The partnership and business have to be more important that just making money

Senior Partner

• This is a great way to carry on the legacy of the pharmacy and continue to take care of your patients and community
• This is the closest relationship other than being married and choosing the correct person is a crucial decision
• Use multiple third party valuations when deciding on sales price and throw out the highest and the lowest to reach a price and avoid animosity

One thing they both stressed is that the willingness to work together is critical.  They are a team when it comes to decision making and often have to compromise. They both also said that they trust the pharmacy is in good hands when the other is working.