In his seminal book Good to Great, Jim Collins says when it comes to hiring, great companies do something entirely conterintuitive to what most employers consider normal.

Instead of trying to hire a person whose skills and experience fit a specific need, great businesses try to get the right people on the bus even before they determine what that particular person will do for the company.

This means the difference between good and great is a focus on talent and improving the human capital within a business.

In previous blogs, we propose replacing traditional succession planning, replacement planning and exit planning with a new way of thinking and a much more dynamic and immediately valuable approach. It's called Succession Development and it means looking at your business not merely as something you will sell to finance your retirement. Instead, by hiring and cultivating talented people, Success Development enables you to build a business capable of sustaining itself after you no longer particpate on a day-to-day basis.  

Hiring for talent makes it easier for you to transfer much of the managerial control (see last blog) to your team because they have acquired the necessary skills and knowledge to run the business. You can maintain ownership control during this time, which means you have  control but you may not be required to be in the pharmacy every day. Once you achieve this, you can begin to accomplish many of the important things that you put off during your life in pharmacy.

Additionally, because independent community pharmacy are persistently being commoditized by the big box stores and PBMs, focusing on things that cannot be commoditized will be very important for the long term success of your business. Talented people who infuse your pharmacy with energy and new ideas are impossible to commoditize. They can help fuel  your pharmacy's ability to reward you for your contribution and hard work and, with an effective Succession Development approach in place, they will fuel your pharmacy's ability to thrive for many generations to come.

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 inside, outside and after their life in pharmacy.