A WaypointRx Company
When looking at exiting your pharmacy, either via selling or a successor, one of the most commonly overlooked steps in the process is developing a plan to minimize employee turnover.
Whether you are looking to exit your pharmacy in the next 2, 5 or 10 years – it’s important to start developing and implementing ways to make sure your key employees stay throughout times of transition. In addition to your employees feeling appreciated and respected, it helps ensure a smooth changeover once you are no longer the owner.
One of the simplest and most effective ways to ensure your employees stick with you, is to develop what we call a “Golden Handcuffs” benefit. This type of benefit is unique, because it is customized to each individual employee, based on what is most important to them. For example, offering a new mother added paid-time-off to be with her family, or offering your longer-term employees a phantom stock to keep them invested in the future of the company.
The benefits don’t have to be strictly financial in nature, and can even be things such as a wellness program, access to financial planning assistance, or added leadership opportunities are all popular incentives – especially for the younger team members.
Check out this short video for more details and examples of utilizing a Golden Handcuffs plan.
When implementing a Golden Handcuffs plan for your employees, it is also a good idea to remind them of all the current benefits that are available to them. More often than not, many employees don’t fully realize all of the benefits they could take advantage of, and unrecognized benefits are the same as no benefits at all.
For more information or if you would like help developing a Golden Handcuffs plan for your key employees, contact us today by clicking the button below.
Additionally, before you start the process of leaving your pharmacy, we recommend you review our Letting Go Checklist to make sure you are not only financially, but mentally and emotionally ready to begin your life after pharmacy. Click here to download the checklist.
At TransitionsRx (a WaypointRx company), it is our mission to ensure you enjoy the greatest possible personal, ownership, and financial success. As champions of independent pharmacy ownership across America, we have amassed a tremendous amount of experience along with the most comprehensive toolbox of resources and solutions you can imagine. Our Inspired Independence Program has helped hundreds of pharmacy owners take full advantage of all their opportunities inside, outside and after their life in pharmacy.