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Fulfillment in Life after Pharmacy for Community Pharmacists: 3 Ideas

Posted by Matt Coakley on Mon, Jan 14, 2013 @ 11:00 AM


 

There are two common reasons why community pharmacists remain stuck in their pharmacies right up to the bitter end.

The bitter end is one in which they do not get the opportunity to enjoy lifelife after pharmacy, community pharmacist after pharmacy because they are either too old or too poor. 

The first reason is financial: they don't do what it takes to ensure the assets they  accumulate are capable of generating enough income to ensure financial independence during their life after pharmacy. 

The second reason is emotional: they are not mentally prepared to leave the pharmacy because they have not figured out what their life after pharmacy looks like.

While there are countless advisors ready to help you figure out how to ensure your assets can take care of you during your life after pharmacy, there are very few prepared to help you figure out what your life after pharmacy will look like.

Here's an example: Eight years ago, a pharmacist called us and said "I'm ready to leave." We did our due diligence by looking at his assets and looking at the status of his pharmacy. We discovered that he was financially prepared to leave and he even had a partner who agreed to buy him out.

Despite being financially prepared, he was unable to leave because when it came down to actually handing over the keys, he was not mentally and emotionally prepared. He'd spent his whole life building his pharmacy and had nothing compelling or meaningful to replace it with.

Well, he finally transitioned out just before the new year began. He spent eight "extra" years getting ready to retire and, while he doesn't regret the time spent in his pharmacy, he says he wishes he would have been better prepared those many years ago. 

Regardless of when you plan to transition from your life in pharmacy to your life after pharmacy, here are three things that you really should think about.

#1: Find something outside the pharmacy with intrinsic value to replace all the time and energy you spend in the pharmacy: This is really important because we talk to pharmacy owners all the time that say I don't want to leave because I can only play so much golf.  Well what they are really saying is they just haven't found anything that makes them feel like they feel when they are in the pharmacy.  So finding that something of intrinsic value, something that gives you a sense of self worth is extremely important.  On a side note - it's sometimes more difficult for men than women.  There has been some research recently done and a man's identity is sometimes tied to their profession.  So they can feel like they are losing part of their identity when they give up their profession.  That doesn't have to be the case if you find something outside that stimulates you and provides that sense of self worth.

#2 Stay engaged in your community: Community pharmacy owners typically are leaders in their community, and just because you no longer own the pharmacy and you've transitioned out, doesn't mean you can't continue to be a leader in your community. In our little town, there was a gentleman who owned a very successful business. He transitioned the business to his children and he made his identity to be a community leader. Unfortunately, this particular gentleman passed away a couple of years ago, but there's a golf tournament named after him, there's a park named after him, and everywhere you go in our little community you see his name.  He continued his legacy of being a leader even after he transitioned out of his business. You can do the same thing.

#3:Take an active role in your finances: The biggest concern that most people mention when they enter into retirement is outliving their retirement money. So, putting your money on auto-pilot may not be the best option. You may put it on auto-pilot for short periods of time, but it's very important that you sit back and look at it from time to time. By doing this, you can make the necessary course corrections because, as we all know and understand from the recent discussions about the economy and the fiscal cliff, things constantly change. And, when things change, there may need to be changes to your finances.

We think these three things are things that can help you really live a fruitful life after pharmacy. Understanding these things also may allow you to finally approach the young person in your pharmacy that you think has a good chance of being a future owner and say, "We're ready for you to take the next step in the path to ownership."

But, that brings a whole host of different issues that I will discuss in my next blog. It will be about how to approach a young person that you believe is ready to begin the path to ownership.

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Where does this wisdom come from?

The content of this blog is inspired and substantiated by our experience helping independent community pharmacists enjoy financial independence during and after their life in pharmacy. When a pharmacist reaches out to us for information and help, we endeavor to give them as much free value as is possible. In addition to providing educational and strategic planning tools (like the Time Management Planner), we invite qualified pharmacists into our formal discovery process.

The first step of the process is completing The Inspired Goals Workshop. This 90-minute session enables us to provide a detailed and personal Inspired Independence Blueprint. The blueprint provides a personalized roadmap for achieving your goals and enables you to fully understand the value of joining The Inspired Independence Program.

If you wish to learn more about any aspect of our work, the free value we offer, or to be considered for The Inspired Goals Workshop, visit our web site at www.waypointus.com or call 843.873.4420 and ask for Ben or Matt Coakley.

At Waypoint Pharmacy Advisors, we take care of you!

Topics: community pharmacy owner, community pharmacist, life after pharmacy