We just arrived home from the Pharmacy Growth Conference in Orlando last weekend and the first two days back brought two significant snow storms. As I woke up the morning of the second storm, I told my wife that I would love to just go out and play in the snow all day without having to worry about work. It made me realize that one day I would want to have the option of working or not. If that's the case, then I better start working on my exit strategy. Speaking of exit strategies...

Pharmacy exit strategies are being discussed more and more in today's pharmacy world than ever before.  The reason is a tremendous transition has begun to take place in the pharmacy world.  In our 30 plus years of work of helping community pharmacists navigate their life in pharmacy, we have heard many ideas and goals for life after pharmacy.  There are a few lessons that we have observed and community pharmacists have learned (sometimes the hard way).

It is important to acknowledge that life after pharmacy will happen.  It will either be a planned phase of your life or it will happen because you were called home to the big pharmacist in the sky (this happens more often than you think).  Once this fact of being a pharmacy owner is accepted, then planning for life after pharmacy becomes easier.

Another thing to keep in mind is that life after pharmacy doesn't have to be a negative phase of your life.  We had a pharmacist tell us one time, that for the first time in his life, he could see that life after pharmacy is a positive thing.  He said the reason it is positive is that he finally will be able to do all the things he wanted to do but unfortunately never had the time or energy.  Being a pharmacy owner is a demanding profession, and we think it is important that you have a plan for life after pharmacy because your legacy for your community, pharmacy, employees, and family is on the line.

As we mentioned above, there are a few lessons that we have observed and pharmacists have had to learn over the years.  They are listed below because we want to make sure you understand these so you can plan for them.

1. Selling your pharmacy is not an ideal retirement plan - we talk to many pharmacists that have this as their plan for retirement.  However, there is a shortage of buyers in the market today.  If there are more sellers than buyers (look at the demographics of pharmacy today), then what will happen if you are the unfortunate one who cannot sell the pharmacy.

2. Working for a chain store should not be planned on after retirement - we hear from many pharmacists that they will just go to work for a big chain after their time of ownership is complete.  However, there is a huge supply of pharmacists in the market today and the majority of them are looking for chain stores or hospital settings to practice pharmacy.  This creates a situation where you may or may not be able to get one of these coveted positions.

3. Your spouse may want you around more (but not too much) - Being a pharmacy owner requires a significant investment of time and energy.  When life after pharmacy happens, replacing that time and energy is extremely important.  Having something that is meaningful in your life can help the transition into life after pharmacy more fulfilling.

The best plan for life after pharmacy acknowledges that this will happen and understands the above lessons.  This can be one of the scariest times of your pharmacy life, but it can also be one of the most rewarding.  Which road you travel (scary or rewarding) depends on how well you have planned for life after pharmacy.