Once you reach a certain point in your life, you start looking ahead and thinking about life after pharmacy. For business owners, it becomes a bigger challenge because it’s not just about you, but making sure you leave your company in a good place; both financially and from a management/new ownership standpoint.Read More
The Pharmacy Ownership Guardian
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.Read More
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?Read More
To find out what really works for community pharmacy owners, we frequently conduct interviews with well-established and successful community pharmacy owners. This is the third of many that we will be sharing over the next year.
Tags: community pharmacy owner, community pharmacist, pharmacy exit strategy, pharmacy succession, pharmacy junior partner, pharmacy junior partners, profitability, pharmacy value, exit planning, independence, summerville, asheville
When it comes to exiting the pharmacy, there is no shortage of options. These range from transitioning to a pharmacy junior partner to selling to a chain store. Most community pharmacists would rather keep the pharmacy independent, so selling to the chain typically is the last option chosen. This article will be focused on the pharmacy junior partner and the benefits associated with them. If executed properly, transitioning to a junior partner can be extremely positive for the pharmacy, current staff of the pharmacy, and the surrounding community. This is such a viable option that the National Community Pharmacists Association is actively promoting this as an option for exiting a pharmacy.
Pharmacy exit planning (pharmacy succession planning) is a natural stage in the Community Pharmacist Lifecycle. However, this also happens to be one of the scariest and most challenging stages community pharmacists face. The reason this is challenging is because everything has to come together at one time in order for a community pharmacist to successfully exit the pharmacy. This creates uncertainty because most pharmacists are trained at helping patients rather than being trained in exiting the pharmacy. The following are some helpful hints to help think about pharmacy exit planning and to reduce some of the uncertainty associated with this stage of the lifecycle.