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Your Pharmacy Legacy: Three Things to Keep Top of Mind

Posted by Benjamin Coakley on Thu, Jul 25, 2013 @ 08:47 AM


In the world of community pharmacy, there are always conflicting objectives that compete forCommunity pharmacy legacy your time, attention, energy and money.  One of the objectives we discover in our many discussions with community pharmacists is the pharmacy legacy.

This objective is very important for most pharmacy owners because they want their hard work and sacrifice to transcend generations.  They understand the consequences to their community if the pharmacy doesn't continue as a going concern.  The advisors at Waypoint call this the Last Test of Greatness.

One of the hardest things for pharmacy owners to understand about the pharmacy legacy is that it is greatly dependent on the owner managing the transition through his or her life in pharmacy (See -The Community Pharmacist Lifecycle).  The more you take advantage of your opportunities and the more roadblocks or traps avoided, the more positive your pharmacy legacy will be.  

Right here is where we always get the "deer in the headlights" look because this can be a rather complex subject to work through.  However, if you can remember a few key points as it relates to your transition through your life in pharmacy, you can make a tremendous difference in your pharmacy legacy.

1. Life's not about how much money is in your bank account: 

This is always a hard concept to grasp because most people own businesses to make money. And, having a wealth accumulation asset strategy is always something we recommend at Waypoint. I never will forget a seminar we did in Tulsa, Oklahoma where an attendee actually defined success and money as a way to keep score.  We never condone this because there will always be someone out there with more money than you (unless you are Bill Gates or Warren Buffett). Focus on helping people and you will end up with plenty of money in your bank account.  Also, check out the book The Go-Giver (We have a select few if you want to contact us for a free copy).  It is a fun and quick read about how to live a successful life of giving.

2. Follow your passion:

We ask pharmacy owners what life looks like after pharmacy for them and most never have an answer.  It has been our experience that pharmacy owners are passionate about pharmacy. If they weren't, then most would have exited the business years ago (especially when third parties became a significant player in the industry).  We also know that pharmacy owners are passionate about other things.  These range from traveling, volunteering, spending time with the grandkids, etc.  It is extremely important that you find a passion outside the pharmacy.  If you don't, then this can prohibit you from leaving the pharmacy and can negatively impact your pharmacy legacy.

3. Believe:

We just came back from the McKesson IdeaShare show in Las Vegas where the hotel was advertising a show featuring the Journey song Don't Stop Believin.  We heard it so many times that I have decided to take a 6 month sabbatical from all Journey songs.  However, something good came of it.  I began to think about all the pharmacy owners out there that are looking for help in transitioning through their life in pharmacy and into life after pharmacy.  I thought about a particular pharmacy owner in South Carolina that we have worked with for numerous years.  She has been looking for a successor for quite some time, and we have made numerous offers over the years to potential successors.  And, like the story of Mighty Casey (we are big baseball fans at Waypoint), we always struck out.  But, this pharmacy owner continued to believe that we were on the right path.  And, she recently was contacted by a young lady that said she is interested in being the successor.  The point of this story is no matter where you are in your pharmacy life, don't stop believing that what you are doing is right.

Where Are You in The  Community Pharmacist Lifecycle?

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 Young Pharmacist Prosperity Kit), 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 deliver 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, pharmacy legacy