The Community Pharmacist Blog

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Is a Pharmacy Junior Partnership Right for Everyone?

Posted by Benjamin Coakley on Wed, Jul 10, 2013 @ 12:17 PM


I was recently reflecting on a speaking engagement I had forcommunity pharmacy junior partnership pharmacy students at the Medical University of South Carolina. To summarize, I remember walking into the room and seeing all the young faces in the crowd. Some were immersed in the presentation of the speaker before me, while others were more focused on their smart phones.

Watching the students took me back to when I was in college. I remembered feeling uneasy about not knowing what I wanted to do with my life or where I would be in the next 5 years. With all my reflection, I didn't realize that my time to speak had come. And, what happened next is absolutely amazing and shocking.

I walked up to the dry erase board and began to write all the positive things our clients have told us being a community pharmacy owner has allowed them to do. I wrote things like go flyfishing in Alaska, take mission trips to Haiti and Africa, take a week off after Hurricane Katrina to go help the gulf coast, sponsor the little league baseball team, owning a beach house, etc. I then asked the students, "How many of you knew that being a community pharmacy owner can allow you to do these things?" Many of them raised their hands, but not all of them. I then asked for volunteers from those that didn't raise their hands to explain why. Their answers are the amazing and shocking part of this story. They said they didn't know being a community pharmacy owner was an option for them.

I asked some of the volunteers the stay after my presentation so I could ask them questions, and a few reluctantly agreed. I asked them why they didn't think owning a community pharmacy was an option for them. They said they didn't know how to buy a pharmacy or they didn't want to make a commitment that large right out of pharmacy school. That was perfectly logical to me because I was not ready to buy a business or take on a commitment that large right out of school. I then asked if each of them if they had ever heard of a pharmacy junior partnership. They said they had not heard of this idea. After explaining the concept (please see previous blogs for a more in depth discussion of what pharmacy junior partnerships are), they all (almost in unison) asked me, "How do I know if a pharmacy junior partnership is right for me?"

The answer to this question really depends on who you are and where you are in your life. Community pharmacy junior partnerships are not right for everyone. If pharmacy junior partnership is right for you, it can be one of the most rewarding and challenging experiences of your life. Knowing the right questions to ask yourself can help you determine if it makes sense to pursue a junior partnership.  

Below are a few questions that can help get you started.  If you answer yes to the below set of questions, then you should consider exploring a junior partnership.

  1. Do I want to own a community pharmacy?
  2. Am I looking for a challenge in my pharmacy career?
  3. Do I want to learn from someone that has already been successful in his or her pharmacy life?
  4. Do I want to own but not take on the commitment up front in the process?
  5. Am I willing to sacrifice a little on the front end for more success later down the road?

Securing a copy of our young pharmacist prosperity kit can be helpful in determining the direction you want to go with your pharmacy life and if a pharmacy junior partnership is worth exploring.

Get the Young Pharmacist Prosperity Kit

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 Young Pharmacist Prosperity Kit), 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!

Topics: community pharmacist, pharmacy junior partnerships, pharmacy junior partners