The Community Pharmacist Blog

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A Successful Pharmacy Junior Partnership: 3 Things Learned

Posted by David Plaisance on Mon, Nov 25, 2013 @ 12:47 PM


Except for the people living under a rock for the past 30 years, most have heard the saying "nopharmacy junior partnerships need to recreate the wheel" or "learn from other's mistakes."  There is a tremendous amount of wisdom in these sayings if you can apply them to your situation.  The great news is that they can be applied to pharmacy junior partnerships.

Successful pharmacy junior partnerships all have certain things in common. The most important thing they have in common is the trust between partners.  If there is no trust, then there really is no partnership.  Another thing they have in common is both partners typically love community pharmacy. Without a love for and devotion to community pharmacy, junior partnerships can and will not be successful.  

The two things above are great examples of things that must be shared between the partners but cannot typically be put into a training manual.  They are inherent in people that love and are willing to sacrifice for community pharmacy. Basically, you either have them or you don't.

If you do have them, then great.  A pharmacy junior partnership may be a great option for you. This can result in one of the most rewarding and challenging adventures of your life.  And, there are some other things that great junior partnerships have in common that can be learned. 

Below are three things we have learned that successful junior partnerships have in common:

  1. A Written Plan - It is very easy to get caught up in running your pharmacy and not take the time to plan.  The vital step in this process is to write your plan down on paper.    It has been our experience working with pharmacists, that having a written plan greatly increases the chances of success.  Remember: a plan is only as good as the piece of paper it is written on (See General Eisenhower's Quotes on Planning the Normandy Invasion in the Second World War).  Planning (reviewing and adjusting your plan) is more important because things constantly change.
  2. A Timeline - A written plan is only fully implementable if you have timelines established for the partnership.   The timeline should include the junior partner taking on further responsibilities, learning all aspects required to run a pharmacy.   It should also include benchmarks for the senior pharmacist.  There should be specific dates (month, day and year) to achieve each item.
  3. Communication - When it comes to employee benefits, we have a saying that “An uncommunicated benefit is a wasted benefit.”  This is also true when working with a junior pharmacist.  Regular communication of your plan is key.   We suggest regular monthly meetings to track progress, make adjustments and celebrate accomplishments.

Remember, that this is only one(1) option for transitioning the pharmacy to the next generation. If it is a good fit for the pharmacy, then it can really maximize the impact the pharmacy has well into the future.

To start planning your exit and evaluating if a junior partnership is right for you, please click the button below.

 

Create Your Exit Strategy Blueprint

 

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 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 Pharmacist Advisors, we take care of you!

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