The Pharmacy Ownership Guardian

Guest Blog - Independent Pharmacies and Social Media Marketing

Posted by Rice's Pharmacy on Tue, Aug 22, 2017 @ 08:55 AM

Some say engaging your business in social media marketing is just jumping on the bandwagon. Everybody’s doing it so you should, too. But what’s the real value and how does that look for us as pharmacies? 

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Tags: community pharmacist, community pharmacist independence, social media, pharmacy marketing

3 Back-to-School Tools for Pharmacy Owner Success

Posted by Benjamin Coakley on Wed, Aug 09, 2017 @ 08:55 AM

Driving your pharmacy’s success is like driving a school bus on a busy back-to-school day.

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Tags: community pharmacist, community pharmacist independence, pharmacy key employee evaluator, investment policy statement, inspired goals

What's Your Plan for Independence?

Posted by Benjamin Coakley on Fri, Jul 07, 2017 @ 01:46 PM

As we spend this month celebrating our independence, take a moment to think about YOUR independence. What is your plan for your life after pharmacy?

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Tags: community pharmacist, community pharmacist independence, bucket list, monte carlo planning, personal retirement

3 Tips For Making Time In The Summertime

Posted by Benjamin Coakley on Wed, Jun 07, 2017 @ 02:06 PM

 It’s Summertime!

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Tags: community pharmacist, pharmacy time management, pharmacy owner time management

Memorial Day: Setting a legacy

Posted by Benjamin Coakley on Tue, May 23, 2017 @ 02:44 PM

 

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Tags: pharmacy legacy, community pharmacy legacy, savings, financial plan

Don't be a fool this month.

Posted by Benjamin Coakley on Sat, Apr 01, 2017 @ 12:08 PM

While April 1st is the annual celebration of April Fool's day - this year, don't let your financial plan, or lack thereof, make a fool of you. While everyone is on their own unique path towards financial freedom, there are several mistakes that a lot of people make.

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Tags: savings, financial plan

Do you have the luck of the Irish?

Posted by Benjamin Coakley on Fri, Mar 10, 2017 @ 10:30 AM

Wishing you all an early happy St. Patrick’s Day! As we spend the day celebrating Irish heritage, the Waypoint team has come around to the discussion of luck. Are you lucky like the Irish, or do you have to work for things?

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Tags: pharmacy owner, debt reduction, savings

Who was your valentine this year?

Posted by Benjamin Coakley on Fri, Feb 17, 2017 @ 03:37 PM


Traditionally, Valentine’s Day has been reserved for couples. But this year, we want you to think of it differently. Your year-round valentine in the pharmacy is someone or something that loves you back. As an example, PBMs are probably NOT your valentines.

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Tags: pharmacy contingency plan, succession development, exit planning, written goals, pharmacy owner

The 5 best ways to keep your pharmacy New Year's resolutions

Posted by Benjamin Coakley on Wed, Jan 25, 2017 @ 09:45 AM


Keeping New Year’s resolutions is difficult for everyone – especially when they revolve around your pharmacy and livelihood. The stakes are higher and the pressure to succeed is significantly greater than resolutions pertaining to yourself. So, why is it that setting and achieving goals for your pharmacy year after year is such a difficult task?

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Tags: pharmacy contingency plan, succession development, exit planning, written goals, pharmacy owner

The Two Most Vulnerable Times for a Pharmacy Owner: The Startup Phase (Part 2)

Posted by Benjamin Coakley on Mon, Nov 07, 2016 @ 02:33 PM


Being a pharmacy owner requires a person who is not afraid to take risk.  Combine the risk of just being a business owner with current dynamics of the pharmacy world and it becomes easy to see this risk can be significant. In the past 40 years of studying and working with pharmacy owners, we have discovered that the risk of pharmacy ownership varies throughout the lifecycle of the pharmacy owner and pharmacy itself.

We have discovered the two most vulnerable times are during the startup phase and the contribution phase. We discussed the contribution phase (pharmacy exit strategy) in great detail last week. This week's blog is about the startup phase of your life in pharmacy.

The startup phase applies to you as the pharmacy owner and to the actual pharmacy itself. The risks associated to the pharmacy are typical of most businesses starting up. We are interested more in the risks associated with the new owner and his or her family. These are often the most overlooked in the process. So, let's dive in to some examples.

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Tags: community pharmacy, Community Pharmacist Lifecycle, pharmacy startup, pharmacy startup phase