Dwight D. Eisenhower once said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.”  This concept is very important as it pertains to owning and operating a community pharmacy (and executing an exit strategy). 

Creating a strategic plan for a pharmacist exit strategy is critical to the success of the plan.  However, it is only half of the equation.  Monitoring and updating the plan to make sure the necessary benchmarks are being reached is the other half, and according to Eisenhower, the more important one.

The following are three strategic ideas that can help you think about your pharmacy exit strategy.

1. Understand what life after pharmacy looks like for you - this is the biggest thing we see that keeps pharmacists from finally letting go of the pharmacy.  Not understanding how the time and energy spent in the pharmacy will be replaced after your life in pharmacy can be scary to the point where you do nothing (and this can be disastrous).
2. Create realistic benchmarks - we had a meeting with a pharmacy owner where he said he wanted out in 6 months.  This is not the ideal scenario because it typically is not realistic.  Even though it actually worked out for this owner, we say it is never too soon or too late to begin thinking about your exit strategy.
3. Spend enough time and energy on your exit strategy - Being a pharmacy owner is a demanding profession.  We often hear from pharmacists that they do not have enough time or energy to think about these critical issues.  It is important that you block out time to think about this, even if you have to pay a relief pharmacist, because this will be one of the most critical times in your pharmacy life.

Strategic thinking is important in every aspect of your pharmacy life, but it is imperative for your pharmacy exit strategy.  The better your strategic plan, and the better you monitor it and make the necessary adjustments, the more fulfilling your life after pharmacy will be.