Our team of advisors at Waypoint has many years of experience helping pharmacy owners with pharmacy junior partnerships. We have even helped a few pharmacy owners that started as a junior partner complete the circle of pharmacy life by successfully executing their own junior partnership.
Before we get started, I think it is important to address the elephant in the room. Pharmacy junior partnerships are not right for everyone. We often hear pharmacy owners say that they would rather just sell to another independent and move on to life after pharmacy. The advisors at Waypoint acknowledge that there are many different pharmacy exit strategies. We designed our process to accomodate pharmacy owners no matter which option they choose.
If a pharmacy junior partnership is an option for you, it can be one of the most rewarding ways to exit your pharmacy. It can give you a great opportunity to mentor and groom the next owner. Many young pharmacists entering the workforce tell us that they want to explore this option. They always give us the same reasons: I do not want to borrow a tremendous amount of money on top of the student loans I have, I want the opportunity to discover if ownership is the right opportunity for me, I want the learning curve to be shortened so I can avoid some of the critical mistakes pharmacy owners make as they learn to run a business, etc.
So that leads us to the question, "What makes junior partnerships so rewarding?" When we brainstormed for answers to this question, all the Waypoint advisors had different answers. Below are the reasons I feel these are rewarding for both the senior partners and the junior partners.
- Trust - both partners can develop a level of trust deeper than experienced in most relationships. Each respective partner's success depends on the success of the pharmacy junior partnership. It is conceivable that, if this is the option you choose, you spend as much time with your partner as you do with any one else, including your spouse.
- Compassion - each partner can develop extreme compassion for each other, the pharmacy staff, and the patients. The compassion for each other can be significant as the junior partnership progresses towards the eventual transition out by the senior partner. We have seen a junior partnership put on hold because of an illness. The amazing thing is that both parties mutually agreed to stop the transition for an agreed period of time. This is true compassion for each other.
- Security - there are many ways to define security. The security we are referring to here is for the legacy of the senior partner. If your legacy is tied to the pharmacy surviving your exit, then a pharmacy junior partnership can enhance the chances of the pharmacy surviving after you are gone.
There are many rewarding qualities of a pharmacy junior partnership. These three are the first part of a three part series written by different advisors at Waypoint. If a junior partnership is an opportunity for you, we encourage you to explore it. You may find that it is not right for your situation. If it is right for you, we challenge you to give everything you have to the partnership to make it successful.
For Senior Pharmacists: Please start thinking about your succession plan by downloading the following E-Book
For Young Pharmacists: Please begin thinking about if ownership is right for you by getting a copy of the Young Pharmacist Prosperity Kit.
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!