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3 Questions to Determine if Owning a Community Pharmacy is Right for You

Posted by Benjamin Coakley on Tue, Dec 18, 2012 @ 08:32 AM


It is a great time to be thinking about becoming an owner.  Pharmacy ownership opportunities are at an all time high.  However, becoming a community pharmacy owner is not right for everyone.  That being said, it can be ocommunity pharmacy ownerne of the most challenging and rewarding opportunities any pharmacist can have.  However, deciding on becoming an owner is not a decision that should be taken lightly.  This is a strategic decision and much thought should be spent on if it is the right decision for you or not.

There are a number of things that are involved in making this kind of decision in your life.  Some examples of these are family life, finances, health, etc. Understanding these other factors can help you determine if becoming a community pharmacy owner is right for you.  Outside factors are only part of the decision making process.  There are some much bigger things that go into this decision.  Below are three questions you can ask yourself that can help you determine if pursuing ownership in a community pharmacy makes sense for you.

  1. Do I want to have a lasting legacy for my community? - There is no better option in the pharmacy industry for impacting your community than owning a pharmacy in that community.  An example of this is we had a community pharmacy owner tell us one time that he contributes 40% of his church budget, sponsors the little league baseball league, and provides the resources to keep the local soup kitchen open.  Imagine the impact that this has on his community.
  2. Do I want to change my family's future? - Many community pharmacy owners end up passing this down to their children.  It is not uncommon for us to come across third and fourth generation pharmacies.  Owning a community pharmacy can do that for your family.
  3. Do I want to truly be independent? - Owning a community pharmacy allows you to have an independent lifestyle.  You can schedule the times you want off and you can do the things you want to do.  However, with this independent lifestyle comes the responsibility of being the ultimate decision maker.  A pharmacy owner told me one time (and this sums up the previous sentence), "As the owner of this pharmacy I may not be to blame, but I am always responsible."

Now is a great time for you to be thinking about becoming a community pharmacy owner.  It is also a great time for the older pharmacists to approach a potential owner and ask him or her the above three questions.  If you answer yes to these three questions (or your potential owner answers yes), then exploring ownership may be right for you.  There are many things you have to do if you want to explore ownership (this will be the subject of my next blog).

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Topics: community pharmacy owner, community pharmacist