The Pharmacists First Guardian

The Two Most Vulnerable Times for a Pharmacy Owner: The Startup Phase (Part 2)

Posted by Benjamin Coakley on Mon, Nov 07, 2016 @ 02:33 PM


Being a pharmacy owner requires a person who is not afraid to take risk.  Combine the risk of just being a business owner with current dynamics of the pharmacy world and it becomes easy to see this risk can be significant. In the past 40 years of studying and working with pharmacy owners, we have discovered that the risk of pharmacy ownership varies throughout the lifecycle of the pharmacy owner and pharmacy itself.

We have discovered the two most vulnerable times are during the startup phase and the contribution phase. We discussed the contribution phase (pharmacy exit strategy) in great detail last week. This week's blog is about the startup phase of your life in pharmacy.

The startup phase applies to you as the pharmacy owner and to the actual pharmacy itself. The risks associated to the pharmacy are typical of most businesses starting up. We are interested more in the risks associated with the new owner and his or her family. These are often the most overlooked in the process. So, let's dive in to some examples.

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Tags: community pharmacy, Community Pharmacist Lifecycle, pharmacy startup, pharmacy startup phase

NCPA 2013 Observation: The Emergence of Pharmacy Junior Partnerships

Posted by Benjamin Coakley on Thu, Oct 24, 2013 @ 01:48 PM

As many of you know, we recently attended the NCPA National Conference in Orlando.  We learned and experienced many different things while there. We even were blessed to see former President Clinton speak.  After time to decompress from all the information, we concluded that there were three important insights we needed to share from the conference.

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Tags: pharmacy junior partner, pharmacy junior partnerships, community pharmacist independence, Community Pharmacist Lifecycle

Community involvement: good for your town, your pharmacy and you!

Posted by Matt Coakley on Mon, Sep 30, 2013 @ 08:50 AM

Among the many reasons we love taking care of independent community pharmacists is they represent all that is great in small town America. Few, if any other community members are as entrepreneurial, work as hard, or are more dedicated to the community than owners of a hometown pharmacy.

While it may seem I am preaching to the choir, our very best clients have found getting more involved in the community where they do business – and on many cases – where they live, is a great way to meet more people and, indirectly, increase their customer base.

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Tags: community pharmacy owner, community pharmacist, community pharmacy benefits, Community Pharmacist Lifecycle, business, vision, profitability, pharmacy value, family business owner, family business, behavioral economics

What's Next for Your Pharmacist Career Path?

Posted by Matt Coakley on Wed, Aug 28, 2013 @ 09:07 AM

There are as many different reasons that people decided to become pharmacists as there are pharmacists out there.  In other words, it is different for everyone.  However, choosing your own path as a pharmacist doesn't start when you finish pharmacy school and it doesn't end when you decide to retire.  I had a nice young lady sum it up this way, "Once I became a pharmacist, I quickly understood that I will always be a pharmacist."

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Tags: community pharmacy owner, Community Pharmacist Lifecycle, pharmacist career path

What's bugging you? Take the Overcoming Frustration Survey

Posted by Benjamin Coakley on Tue, Feb 26, 2013 @ 09:49 AM

Help us help community pharmacy!

As part of our continuous search for new and better ways to help community pharmacists remain independent, we are conducting a very short, 10 question survey to determine the issues you find most challenging. More precisely, we want to gain a better understanding of what is important to you but also difficult for you to manage or resolve. It is an inquiry into the issues that frustrate you the most within your life as a community pharmacy owner. Ultimately, as always, our goal is to help you eliminate frustration and optimize your success.
 
Click here to complete the survey.

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Tags: community pharmacist, Community Pharmacist Lifecycle

Are you normal? Where are you in The Community Pharmacist Lifecycle?

Posted by Benjamin Coakley on Tue, Feb 05, 2013 @ 12:56 PM

Two of the most frequent questions community pharmacy owners ask us are, “Am I normal?" and "How do I compare to other pharmacy owners?”

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Tags: community pharmacy owner, community pharmacist, Community Pharmacist Lifecycle