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Pharmacy junior partnerships: 2 ideas to kickstart the process

Posted by Benjamin Coakley on Mon, Sep 24, 2012 @ 08:56 AM


There are many issues and concerns involved with implementing a successful pharmacy juniorPharmacy junior partnerships partnership.  However, there are a few primary issues. One of the main primary issues is the lack of communication between the senior pharmacist and the junior partner candidate.  The following story plays out time and time again when we ask about potential junior partnerships.

Senior Pharmacist: "I have a young person working for me that I would love to have this pharmacy one day.  However, he or she hasn't approached me about this possibity."

Potential Junior Partner: "I would love to own this some day, but the pharmacist hasn't ever approached me with any kind of proposal."

Implementing a successful junior partnership requires getting the process started properly.  The first step is to understand that succession is inevitable.  You, the senior pharmacist, will exit your pharmacy.  Having a plan for it is essential for the protection of your legacy.  You, the potential junior partner, must understand that you will have to sacrifice in order to be successful in pharmacy ownership.  Junior partnerships can help both the senior pharmacist protect his or her legacy and the junior partner be successful into the future.

To begin the process of implementing a junior partnership, below are two steps you can take to help get the process kickstarted.

  1. Create a vision for exit/ownership - This is the most important step in the process behind understanding exiting the pharmacy will happen and choosing to be an owner.  Creating a powerful vision can help set the expectations up front.  This can also allow you to create a roadmap for a successful junior partnership.  However, it is important to remain flexible in this process because this is a negotiation.

  2. Create a proposal for the potential junior partner - It is essential for the potential junior partner to understand three things before he or she can make the decision on purchasing the store.  He or she will need to know that the salary will be competitive with other pharmacies, how the actual purchase of pharmacy interest will happen, and the career map the junior partner will follow to be successful.

Topics: pharmacy exit planning, pharmacy junior partnerships, pharmacy junior partners, succession