To find out what really works for community pharmacy owners, we have been conducting interviews with well-established and successful independent pharmacy owners.  This will be the first of many that we will be sharing over the next year.  Gene Phillips has been in the business for over 35 years and owns pharmacies in Summerton, Manning and Holly Hill, S.C.)

IA: (Independence Advocate) What has been your greatest challenge as an independent pharmacist?

GP: My largest battle has been one of mind over matter when my body doesn’t want to do what my mind knows is needed. Closing at six o’clock will hurt you because if you are not on the field you won’t score. There’s no way around it; our business is not about price, it’s all about service.

IA: What has helped you meet this challenge?

GP: I've always had a lot of desire to pull me through. Equally important are the like-minded friends and my family I count on for support.  And, I have been fortunate to have good people with me (one of my team has been with me for 30 years and another for 15). They understand my philosophy, they read my mind.

IA: What has helped you build your team?

GP: If I were starting a team now, I would start with people I know. In the past I have watched cashiers at grocery stores and tellers at banks. I watch how they relate to people and what their desire and work ethic is. I’ve never done well with placement services. I’m always looking for someone who has a smile on his or her face.

IA: What other advice would you give someone who is just starting out?

GP: You need to find someone you trust who has sound financial knowledge. Most people want to create a legacy but that doesn’t happen overnight; it takes a few dollars invested everyday in something else, something diversified.  Most young people do not have a lot of excess funds to gamble with so they need to be clear about living within their means. This makes it possible for them to save money to invest in other things, and, when you make money in these things, don’t spend it, reinvest it. It is OK to borrow money to make money but not OK to borrow money to buy luxuries.

IA: What do you think the future holds for independent pharmacists?

GP: New ideas are worth their weight in gold.  For example, compounding and DME (Durable Medical Equipment) have been good for my stores. Most importantly, you have to be involved politically. You may not like it but the big guys are involved and so if you’re not active, you can’t complain about what gets shoved down your throat. Give up some time to make some calls, go to meetings and be involved with politicians. They listen to people who talk and are willing to spend money. You have to put your money where your heart is.

IA: What is it about your business that you are most proud of?

GP: I am most proud of the fact that I make a real difference in people’s lives. It is really about trying to help people. If you care about your people and take care of them, they will take care of you.

This is the first part of a 6 part series where we will bring you information from the minds of actual community pharmacy owners.

Where does this wisdom come from?

The content of this blog is inspired and substantiated by our experience helping independent community pharmacists enjoy financial independence during and after their life in pharmacy. When a pharmacist reaches out to us for information and help, we endeavor to give them as much free value as is possible. In addition to providing educational and strategic planning tools (like The Helping Community Pharmacy Survey), we invite qualified pharmacists into our formal discovery process.

The first step of the process is completing The Inspired Goals Workshop. This 90-minute session enables us to deliver a detailed and personal Inspired Independence Blueprint. The blueprint provides a personalized roadmap for achieving your goals and enables you to fully understand the value of joining The Inspired Independence Program.

If you wish to learn more about any aspect of our work, the free value we offer, or to be considered for The Inspired Goals Workshop, visit our web site at www.waypointus.com or call 843.873.4420 and ask for Ben or Matt Coakley.

At Waypoint Pharmacy Advisors, we take care of you!