Except for the people living under a rock for the past 30 years, most have heard the saying "no need to recreate the wheel" or "learn from other's mistakes." There is a tremendous amount of wisdom in these sayings if you can apply them to your situation. The great news is that they can be applied to pharmacy junior partnerships.
The Pharmacists First Guardian
Our team of advisors at Waypoint has many years of experience helping pharmacy owners with pharmacy junior partnerships. We have even helped a few pharmacy owners that started as a junior partner complete the circle of pharmacy life by successfully executing their own junior partnership.
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.
To find out what really works for community pharmacy owners, we frequently conduct interviews with well-established and successful community pharmacy owners. This is the third of many that we will be sharing over the next year.
Tags: community pharmacy owner, community pharmacist, pharmacy exit strategy, pharmacy succession, pharmacy junior partner, pharmacy junior partners, profitability, pharmacy value, exit planning, independence, summerville, asheville
Pharmacy junior partnerships can be great opportunities for increasing the chances of your pharmacy surviving long after you are enjoying an inspired life after pharmacy. However, many community pharmacy owners think simply finding a junior partner is all it takes. The fact is, finding one is just the beginning.
Often I speak with pharmacists who have gone the route of bringing in a pharmacy junior partner to eventually take over the pharmacy and things did not go well with it. This typically leaves a poor taste in the pharmacy owner’s mouth about this potential succession route.
Many years ago we ran a marketing campaign titled "When is an independent community pharmacy like a penguin?" The thought process behind this was that many community pharmacists have a patented response when asked what makes their pharmacy different and successful. They all say "We treat our patients better than anyone else." This is why we chose penguins as a metaphor for this issue. They all look exactly alike and it is almost impossible to pick one out from the others. We actually issued what we call "The Penguin Challenge" because it is imperative for community pharmacists to know what makes their pharmacies uniquely successful.
While our team has seen almost every possible type of succession plan and the resulting outcomes during 30 years of helping independent community pharmacists make the most of their financial opportunities, a quick accounting of strategies chosen by clients who have successfully moved beyond life in pharmacy, and those who are actively working towards doing so, shows that two out of three plans include selling to junior partners.
When you go to any theme park these days, outside the more thrilling rides there is always a sign. It says something like, "Please do not ride this ride is you currently have a heart condition." The same can almost be said about owning a pharmacy in today's economic environment. Owning a pharmacy can be a rollercoaster ride with many ups and downs. However, it also can be one of the most rewarding decisions people can make.