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The Community Pharmacist Blog

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Pharmacy junior partnerships: 2 ideas to kickstart the process

Posted by Benjamin Coakley on Mon, Sep 24, 2012 @ 08:56 AM

There are many issues and concerns involved with implementing a successful pharmacy junior partnership.  However, there are a few primary issues. One of the main primary issues is the lack of communication between the senior pharmacist and the junior partner candidate.  The following story plays out time and time again when we ask about potential junior partnerships.

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Topics: pharmacy exit planning, pharmacy junior partnerships, pharmacy junior partners, succession

Pharmacy Junior Partners and Penguins

Posted by Benjamin Coakley on Fri, Sep 14, 2012 @ 11:14 AM

Many years ago we ran a marketing campaign titled "When is an independent community pharmacy like a penguin?"  The thought process behind this was that many community pharmacists have a patented response when asked what makes their pharmacy different and successful.  They all say "We treat our patients better than anyone else."  This is why we chose penguins as a metaphor for this issue.  They all look exactly alike and it is almost impossible to pick one out from the others.  We actually issued what we call "The Penguin Challenge" because it is imperative for community pharmacists to know what makes their pharmacies uniquely successful.

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Topics: pharmacy exit planning, pharmacy junior partner, pharmacy junior partnerships, pharmacy junior partners

Pharmacy Junior Partners: 4 Benefits to the Community Pharmacy

Posted by Benjamin Coakley on Fri, Aug 10, 2012 @ 05:30 PM

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. 

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Topics: pharmacy exit planning, pharmacy succession, junior partner, exit planning

3 Helpful Hints to Pharmacy Exit Planning

Posted by Benjamin Coakley on Wed, Aug 01, 2012 @ 10:17 AM

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.

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Topics: community pharmacist, pharmacy exit planning, vision, exit planning