Pharmacy junior partnerships can be great opportunities for increasing the chances of your pharmacy surviving long after you are enjoying an inspired life after pharmacy. However, many community pharmacy owners think simply finding a junior partner is all it takes. The fact is, finding one is just the beginning.
When you go to any theme park these days, outside the more thrilling rides there is always a sign. It says something like, "Please do not ride this ride is you currently have a heart condition." The same can almost be said about owning a pharmacy in today's economic environment. Owning a pharmacy can be a rollercoaster ride with many ups and downs. However, it also can be one of the most rewarding decisions people can make.
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.