The Community Pharmacist Blog

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Is Your Pharmacy a Family Pharmacy?

Posted by Benjamin Coakley on Tue, Mar 04, 2014 @ 10:32 AM


We have all heard that small businesses are the backbone of America. A significant number of family pharmacythose small businesses are family owned and operated. We could even take it a step further and say that small family owned businesses are the true backbone of America and the various communities that make up this great country.

We have noticed that many community pharmacies are family owned and operated. They are essentially family pharmacies. Their contribution to the communities they serve, and society in general, helps play a role in maintaining the strong backbone that America still has.

Unfortunately, there are forces working to weaken that backbone (big box stores, governments, PBMs, mail order, etc) and essentially destabilize one of the only things holding many communities together at this point. 

We say that community pharmacies are one of the only things holding many communities together because we have put many of miles on our tires travelling to and from these communities. When we first started, we would see that every town had a car dealership, hardware store and pharmacy. As the big box stores began expanding out further from urban areas, the hardware stores began to disappear. Then the 2008 economic crisis happened and car companies began restructuring which meant closing many of the rural car dealerships.  Pharmacies are all that many communities have left. And, now they are under assault.

Being family owned and operated should bring pride to those that work in businesses that fit this category. In fact, many owners are proud to tell us that they would prefer the pharmacy stay in their family as long as possible. They then ask us what they can do to make sure they are positioning the pharmacy to stay in their family after they transition out.

3 things to help keep your pharmacy in your family:

  1. Talk positively about the pharmacy - make it a point to highlight all the great things owning a pharmacy allows you to do. Be sure to always to do this with your family members.

  2. Look at your extended family members as potential owners - many pharmacy owners mention their children do not want the pharmacy and this is hard for them to understand. We are seeing more pharmacy owners looking for neices, nephews, cousins, etc. when they are looking for the next owner(s) of the pharmacy.

  3. Protect the pharmacy from outside forces - asset protection should be a vital part of your strategy to keeping the pharmacy in your family.  Understanding all the risks that can result in the pharmacy not transitioning to your family is key for this.

To help you get a handle on your existing pharmacy team and to explore the potential of family members, we offer a simple Talent Assessment tool. Contact us if you would like more infomration or our help in applying this or any of our other tools.

Click Here to Download the Talent Assessment and Action Planner Worksheet

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.

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, we invite qualified pharmacists into our formal discovery process.

The first step of the process is completing The Inspired Goals Workshop. This complimentary 90-minute session enables us to deliver a detailed and personal Inspired Independence Blueprint. The blueprint provides a 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 pharmacy, community pharmacy owner, family pharmacy