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.

A word of caution: This average may be somewhat skewed as our clients always share our belief in the importance, contribution and power of community pharmacy. Generally speaking, deep inside they want their business to fulfill its critical role long after they are gone. And, instinct tells us there is a conflict between fulfilling this critical role and merely selling to the highest bidder.

The pros and cons of succession strategies that pivot around the sale of the business to a junior partner have long been debated. The reasons we believe pharmacy junior partnerships work are:

1. The owner’s desire to see their business survive beyond their watch

2. Their willingness to include another person’s needs and goals in their succession planning, and:

3. The ability of the owner to ultimately let go of the business.

If, as Peter Drucker says, the final test of greatness lies in choosing and empowering a successor, junior partnership must certainly be considered.

*Note: this is a small excerpt of our article coming out in this month's edition of America's Pharmacist magazine from the National Community Pharmacists Association.