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.Read More
The Pharmacy Ownership Guardian
The Statue of Liberty was a joint effort between France and the United States, intended to commemorate the lasting friendship between the peoples of the two nations. Today, it remains an enduring symbol of freedom and democracy, as well as one of the world’s most recognizable landmarks. Nothing symbolizes independence more than America's Great Lady. Read More
Some scientists spend their whole life searching the cosmos for the existence of life. They spend countless hours gazing through telescopes or listening for radio signals from galaxies light years away. They push themselves to the limits of their entire being all because they believe it actually exists. I bet you think I am writing about extraterrestrial life.
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.
There has been much debate recently about whether selling a community pharmacy outright or creating a pharmacy junior partnership is the optimal route in exiting a pharmacy.
Many community pharmacy owners laugh when we ask them what their life after pharmacy will look like. And, in practically the same breath they say someting like "I never knew there was a life after pharmacy." Some even have said (as we say in the south) "I am going out with my boots on."
We just arrived home from the Pharmacy Growth Conference in Orlando last weekend and the first two days back brought two significant snow storms. As I woke up the morning of the second storm, I told my wife that I would love to just go out and play in the snow all day without having to worry about work. It made me realize that one day I would want to have the option of working or not. If that's the case, then I better start working on my exit strategy. Speaking of exit strategies...
Pharmacy exit strategies are being discussed more and more in today's pharmacy world than ever before. The reason is a tremendous transition has begun to take place in the pharmacy world. In our 30 plus years of work of helping community pharmacists navigate their life in pharmacy, we have heard many ideas and goals for life after pharmacy. There are a few lessons that we have observed and community pharmacists have learned (sometimes the hard way).
Dwight D. Eisenhower once said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” This concept is very important as it pertains to owning and operating a community pharmacy (and executing an exit strategy).
There are three primary options for a pharmacy exit strategy. They are sell to an insider, sell to an outsider or liquidate. Each one of these options has its positives and pitfalls. An insider could be family members in the business, a junior pharmacist or another employee/employees. An outsider could be another independent pharmacist, family members not in the business, a chain store pharmacist looking for independent direction, a conglomerate of pharmacies/pharmacists or a chain store