The Community Pharmacist Blog

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The Pharmacy Lifecycle

Posted by Benjamin Coakley on Mon, Apr 22, 2019 @ 02:57 PM



It's hard for me to say this but I am 40 years old and about to enter the sunset years of my life on Earth. I remember vividly being 20 years old and thinking I was going to live forever. It's funny how time and life can serve you a big slice of humble pie.

In working with pharmacy owners over the years, we have come to realize that there is a sunrise and sunset for the life of pharmacy ownership. The sunrise typically involves growing the business and the drive to be as successful as possible as a pharmacy owner. The sunset typically involves more of giving back to the family, the industry and the community. Most pharmacy owners, if they hang around for long enough, will go through the sunrise and sunset. The key is understanding where you are and where you are going.

Lifecycle w title

(click the image above to take the lifecycle assessment)

Managing the lifecycle of pharmacy ownership is one of the most important things you can do to maximize personal, financial and ownership success. It also will allow you to live a robust life after pharmacy.

Characteristics of sunrise:

  1. Growth focused
  2. More willing to take risk
  3. Personal cash flow may be tight
  4. Spending a lot of resources on developing the right staff
  5. The demands on your time are significant and managing a life inside and outside of pharmacy can be difficult
  6. Spending a lot of effort finding the right advisors

Characteristics of sunset:

  1. Good Day-Bad Day Syndrome
  2. Focused on lifestyle rather than wealth accumulation
  3. Focused more on maximizing what you have instead of expanding locations
  4. Focused on protecting the pharmacy from staff defections
  5. There is typically more time for someone to do the things they want outside the pharmacy
  6. Focused on the legacy of the business

To discuss where you are, or where you want to be, click on the button below and talk with one of our advisors. We offer a free life cycle assessment and would love to help get you on the path that is best for you. 

Contact WaypointRx


 

Advisory services are offered through Waypoint Strategic Advisors, LLC, a Registered Investment Advisor in the state of South Carolina. Insurance products and services are offered through [Insurance company name], an affiliated company. All matters discussed in this blog are for informational purposes only. Opinions expressed herein are solely those of Waypoint Strategic Advisors, LLC and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of South Carolina or where otherwise legally permitted. Waypoint Strategic Advisors, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency, and are not engaged in the practice of law. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. 

Topics: life after pharmacy, Community Pharmacist Lifecycle, pharmacy startup phase, Blog