The Community Pharmacist Blog

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The Critical Need for a Written Pharmacy Contingency Plan

Posted by Benjamin Coakley on Fri, Apr 18, 2014 @ 11:32 AM


contingency plan vs fallback plan

Our next series of blogs address one of the most important, yet overlooked and unmet needs facing community pharmacy owners today.

When asked what would happen to their pharmacy if they got sick, injured or even died, most owners mention they have never thought about it and a few say they have a plan in their head.

One pharmacy owner said his wife would step in and fill in for him. When we asked her about this, she said she didn't even know where the keys to the pharmacy were.

The umet need is a Pharmacy Contingency Plan. This plan is critical for the future success of your community pharmacy because they allow it to survive until the you get back to full health or until it can be sold to another independent community pharmacy owner. If you do not have contingency plan in place, your legacy is at risk. What will happen to your business if getting sick, are hit by the proverbial bus, or are called home to The Big Pharmacy in the Sky?

(We can make a joke about getting hit by a bus because one of the advisors at Waypoint actually was hit by a bus. He was in his car, but nevertheless, he got hit by a bus. He always jokes and says if you want to know how many police officers there are in Summerville, SC, then get hit by a school bus. I have to admit that it was quite the spectacle.)

Contingency plans are part of the foundation of the legacy plan for your pharmacy. Just like the foundation of your house, it is often overlooked because it isn't very glamorous. Unless you are a structural engineer, you most likely never point out the foundation of your house when someone comes to visit. And, the foundation of your pharmacy legacy plans isn't likely to be the first thing you discuss with someone when they come into your pharmacy. However, as explained before, this plan is vital if your pharmacy is to survive through tough times.

When we bring the subject up with our clients, most pharmacy owners ask us why contingency plans are typically never completed. We feel there are two main reasons: First, as essential as it is, it is a pretty morbid subject and not a lot of fun to discuss. Secondly, community pharmacy owners typically do not have much time to allocate to things that are not urgent, regardless of their importance. Everyone who works in this industry knows the tremendous demands placed on the time and energy of pharmacy owners. Putting something else on their plate can cause pharmacy owners to feel overwhelmed... a feeling that typically leads to inaction.

In addition to these two barriers, most community pharmacy owners do not have access to a process that makes it easier to create and maintain non-urgent - yet vital - planning needs like a contingency plan. (Which is one of the reasons our clients hire us; we have a great process for getting this vital work done.)

So, the question is, "What is your plan for your pharmacy if you cannot come to work the next day, week, month or six months?"  If you do not have a contingency plan, then you may want to start planning for this scenario (even if it never happens). Creating a Community Pharmacy Contingency Plan can make the difference of your pharmacy transcending you or going the way of the dinosaur.

Click Here for a  Complimentary  Pharmacy Risk Profile

Who are Waypoint Pharmacist Advisors?

Why do we do what we do?

Our vision and mission is to help community pharmacy transition through a life of pharmacy into a life of independence. In order to do this, we have decided to focus on protecting community pharmacies and family pharmacies for future generations.

Our process, The Inspired Independence Process, is designed to help pharmacy owners, no matter where they are in their pharmacy lives, achieve all their goals and dreams, inside, outside and after their life in pharmacy. In doing so, we are helping community pharmacies survive for many years to come.

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: pharmacy contingency plan, pharmacy risk profile, pharmacy risk analysis