As my wife and I moved into our new house Memorial Day weekend, the national holiday came and went rather quickly. It wasn't until 10:30 Memorial Day night that I finally had some time to reflect on the day and to actually be grateful for all the sacrifices our servicemen and servicewomen have made and continue to make for this great nation.
The fact that I almost missed one of the most important holidays in our country caused a little reflection on my life. I thought about how my grandfather, one of America's greatest generation, might be disappointed in me for this (Click Here for a Blog Post about Him). I came to the conclusion that people are often times so busy in their lives, that opportunities sometimes come and go without much thought. The same can be said about community pharmacy exit strategies.
According to numerous studies, only approximately 15 - 20% of business owners in this country have written exit strategies. With the baby boomer generation starting to retire in record numbers, it is easy to see that this can lead to serious complications for everyone involved in these companies. Community pharmacies are no different. The average age of community pharmacists is either quickly approaching are already past 60 years old. Exit strategies should be a high priority in the community pharmacy world because of these demographics. Understanding this, now is a great time to assess the how high of a priority your exit strategy is to you. To determine this priority, you can ask yourself two questions. The first is "Am I going to leave all the hard work that I have put into this pharmacy up to chance?" The second is "Am I going to let one of the biggest opportunities of my life just pass by without much thought of it?" If the answer is no to either of these questions, we recommend you make your exit strategy a high priority and get started immediately. Below are three things you can do to help you get started:
- Assess your potential successors/buyers?
- Answer the questions "Why do I want to exit my pharmacy?"
- Determine the sacrifices you will make to exit your pharmacy
These three things are not meant to be a magic elixir that will solve the problem of not having an exit strategy. They are just designed to kickstart the process. Creating an exit strategy and implementing the strategy is a process. It should have a start and a finish, and this can be a great place to start.
If you have served, have a loved one that is serving, or know someone who has served or has made the ultimate sacrifice for our nation, then thank you for your sacrifice. Our team at Waypoint is truly blessed to be a part of such a wonderful nation of heroes. God Bless America!
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 Career Path Builder), 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!