A WaypointRx Company 

You’ve dedicated your life to your pharmacy. Long days, weekends, holidays, and sacrifices you have made to make sure your business is a success, and you have now reached the point where you are thinking about life AFTER pharmacy. Before you start the long process of transitioning, there are several questions you need to answer first. By answering these questions, you will be prepared, not only for the next step, but for any unexpected events that may occur before or during the transition.

Question #1: Are you prepared for the unexpected?

Question #2: Are all of your important documents completed and together?

Question#3: Have you considered not only your financials, but the overall future of your family and company?

These are not questions to be taken lightly. We have worked with several clients whose biggest downfall was assuming that you and your employees can and will get up and go to work in the morning, and that everything will go as planned. Let’s dive a bit deeper into the questions above.

Are you prepared for the unexpected?

Think about your average day within the pharmacy. How much of it relies solely on you showing up to work and completing the tasks necessary? If you were to become sick, injured or pass away suddenly – could anyone else do what you do? On the flip side, do you have employees who you rely so dependently on where if they quit or couldn’t come in, could your pharmacy survive without them? The key is to not take anything for granted. Always assume that something will eventually happen and make sure you have a back up plan for each and every member of your team – including yourself.

For help preparing yourself for the unexpected – download our contingency planner.

Are all of your important documents completed and together?

This includes items such as your will, your contingency plan, a list of people, resources, and companies that your pharmacy utilizes on a regular basis (accountant, lawyer, wholesaler, financial advisor, etc.). By having these documents together, and fully completed, any transition that occurs will be made easier. Additionally, should something happen to you, it makes the process easier on those who will take over and can mean so much more to them than anything else you may leave behind.

For help organizing your documents – download our selling planner and legacy checklist tools

Have you considered not only your financials, but the overall future of your family and the company?

I have a quick story for you about a client who was looking to transition away from his pharmacy. The plan was in place and everything was going well, when his compounding pharmacist decided to take a job elsewhere. Unfortunately, because he did such a great job branding her, when she left she took all of his business with her. Before starting your transition process, make sure you have a plan for your pharmacy, it’s employees, and yourself and your family. Don’t plan on just selling and running, because things may happen you don’t expect. However, if you have a set plan in place and contingencies for key employees, it will make your life easier and the process smoother.

To summarize, before you start thinking about transitioning away from your pharmacy, there are several things to do, including:

1. Put together a salary continuation agreement, which allows the pharmacy to continue paying you if you aren’t working (e.g. sick or injured).
2. Develop a list if your most trusted advisors and their contact information
3. Develop a list of key business relationships and their contact information (banker, CPA, attorney, wholesaler, marketing, etc.)
4. Create a list of most important accounts including who they are, what they need/get, and contact information
5. Generate a plan for any restructuring of your management team if you become sick or hurt.

We never know what is going to happen tomorrow, so it is important to plan ahead. By preparing the list of items above, you are not only showing your family and your team that you care about them and their well-being; but you are also making any future transitions into life after pharmacy easier on yourself. To completely prepare yourself, not only for the inevitable – but also the unexpected, be sure to check out these tools available for download today.

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.

Advisory services are offered through Waypoint Strategic Advisors, LLC, a Registered Investment Advisor in the state of South Carolina.

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