As many of you know, we recently attended the NCPA National Conference in Orlando. We learned and experienced many different things while there. We even were blessed to see former President Clinton speak. After time to decompress from all the information, we concluded that there were three important insights we needed to share from the conference.
Despite having to navigate an increasingly complex - some might even call it treacherous - regulatory, political and economic landscape, the national family of independent community pharmacy owners is as vital, positive, and committed as ever.
A large number of young pharmacists are eager to learn how they can make the transition from employee to owner and are looking at all possible options for doing so.
Pharmacy junior partnerships are really starting to emerge as a viable option of young pharmacists that do not want to take on a significant debt load right out of pharmacy school. Yet, there is very little help available for those who wish to pursue an exit strategy involving the sale of the pharmacy to a junior partner. (See "In our experience..." below for Waypoint's position on this matter.)
While we assist pharmacy owners in navigating The Community Pharmacist Lifecycle™ all of the disciplines we bring to the table have an impact on the eventual transition to life after pharmacy.
In our experience...
At this year's conference, we were impressed by the number of organizations able to assist NCPA members in selling or buying a pharmacy. We were also impressed with the almost complete absence of organizations able to help pharmacy owners attract, empower and make successful junior partners who - in due course - could become majority owners of the pharmacy businesses they help build.
While this exit and entry option is not right for every pharmacy owner or would-be pharmacy owner, we learned it is a much sought after option among younger pharmacists looking for an ownership opportunity and highly appealing to many pharmacy owners looking for the best exit opportunity.
We base this statement on our experience working with hundreds of independent community pharmacy owners, the popularity of our Colleagues in Consultation session featuring a senior/junior partnership that worked, and the many conversations we had with pharmacy owners at our booth and elsewhere during this year's conference.
When it is time for you to enjoy an inspired life after pharmacy, your options are:
- Sell to outside buyer
- Another independent pharmacy owner
- Close the doors
- Run the business down (Go down with the ship)
- Hire, develop, mentor and sell to a Junior Partner
The option that is right for you depends on many variables. However, if you are committed to leaving behind a viable, sustainable independent business, one that continues to make a significant contribution to the well-being, health and wealth of your community, you will be well-served to explore all of your options.
Where does this wisdom come from?
The content of this blog is inspired and verified 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, self-assessment and strategic planning tools (like The Community Pharmacist Lifecycle), 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!