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Procrastination is in our blood.  Especially when it comes to planning for retirement.  Here is a story of how to recognize and resolve those issues we love to put off for another day.

Pharmacy 401k plans are a great way to save money and provide a benefit to your employees. Please visit the website at www.pharmacy401k.com to learn more.  Below is Waypoint's blog dedicated to pharmacy 401k plans and retirement planning for pharmacy owners.

Community Pharmacy Owners: It's time to get "Round Tuit"

Posted by Tyler Campbell on Thu, Aug 04, 2016 @ 10:18 AM


I have a friend, Roy, who owns a business consulting firm out of South Carolina. He had a very successful career as a CPA, and found his passion in retirement when he began consulting small business owners. Starting with a few clients, it snowballed into a booming business. Now in his early 70’s, many refer to him as Coach Roy. Roy often takes the time to discuss points of business, leadership, networking, and professional development with me. Being an author with the gift of gab, Roy tends to have a knack for turning a phrase. About three years ago, he gave me a coaster like cardboard disk quoting one of his infamous phrases. I keep it on my desk. The words circle the outside of where a drink would sit and state in bold red letters, “Round Tuit”. I must admit, when Roy gave me this, I did not understand what it meant. Was this some sort of business Latin term they did not teach me in college? Was it something from his time in the military, and I should show the utmost respect for it and what it stands for? I politely smiled and thanked him for the gift. Luckily, he began to explain.


roundtuitpic-1.jpg

"I will get around to it", known as “round tuit” in the south, a common phrase used to answer mundane, often nagging, type questions. As a child the question was, “When are you going to clean your room?” In college it might have been, “When are you going to shower?” First year of marriage, “When are you going to mow the lawn?” Now that we are all grown up, “When are you going to start planning for retirement?”

Do you find yourself answering the last question with the answer, I’ll get “round tuit”? Maybe you annunciate better, but the sentiment is still the same, putting off what we don’t want to do. In the Community Pharmacy World, it is no different. As an independent pharmacy owner, one finds themselves juggling the day-to-day operations, educating their patients, supporting the community, and providing fair compensation to the pharmacy’s employees. With this type of responsibility, one can create a very long “round tuit” list.

It is okay to have a “round tuit” list. After all, that is exactly why Coach Roy made this disk to sit on my desk. When I identify something I am putting off, I simply place it on the disk. Doing this, puts it in plain sight, and will remain right in front of me until I take care of it.




 

What is on your “round tuit” list?

If your list is like the majority of pharmacy owners, reviewing your retirement plan to ensure that it reaches your retirement goals, while adequately attracting, retaining, and rewarding your best employees, is probably somewhere on that list.

If you would like to take that task off of your “round tuit” disk, please contact me at tyler@waypointus.com for a free analysis of your current retirement plan.

 

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Topics: community pharmacy, pharmacy retirement plan, pharmacist retirement plan

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