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The Community Pharmacist Blog

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Developing a Clear-Cut Exit Strategy

Posted by Benjamin Coakley on Wed, Sep 13, 2017 @ 09:30 AM

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.

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Topics: community pharmacist, pharmacy exit strategy, community pharmacist independence, community pharmacy exit strategies, exit planning

The Two Most Vulnerable Times for a Pharmacy Owner: Your Exit Strategy (Part 1)

Posted by Benjamin Coakley on Fri, Oct 28, 2016 @ 10:28 AM

Being a pharmacy owner requires a person who is not afraid to take risk.  Combine the risk of just being a business owner with current dynamics of the pharmacy world and it becomes easy to see this risk can be significant. In the past 40 years of studying and working with pharmacy owners, we have discovered that the risk of pharmacy ownership varies throughout the lifecycle of the pharmacy owner and pharmacy itself.

We have discovered the two most vulnerable times are during the startup phase and the contribution phase. The startup phase is somewhat self explanatory but the contribution phase sometimes can be a little confusing to understand. We are going to discuss the contribution phase in more detail today and the startup phase in more detail next week.

What does it mean to be in the contribution phase of your life in pharmacy? This is the time in your life where giving back becomes a high priority. This is the time where you are actively in the process of emotionally, financially, mentally and physically separating yourself from your pharmacy. Therefore, you are actively participating in your community pharmacy exit strategy. There are many moving parts at this stage of the game and that is what makes this an extremely vulnerable time for you and any other pharmacy owner.

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Topics: community pharmacy, pharmacy exit planning, pharmacy exit strategy

From Behind the Counter: Mentorship creates community pharmacy legacy

Posted by Rick Coakley on Thu, Jun 13, 2013 @ 07:28 AM

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.

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Topics: community pharmacy owner, community pharmacist, pharmacy exit strategy, pharmacy succession, pharmacy junior partner, pharmacy junior partners, profitability, pharmacy value, exit planning, independence, summerville, asheville

Memorial Day Reflections and Community Pharmacy Exit Strategies

Posted by Benjamin Coakley on Wed, Jun 05, 2013 @ 02:06 PM

As my wife and I moved into our new house Memorial Day weekend, the national holiday came and went rather quickly. It wasn't until 10:30 Memorial Day night that I finally had some time to reflect on the day and to actually be grateful for all the sacrifices our servicemen and servicewomen have made and continue to make for this great nation. 

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Topics: community pharmacy owner, pharmacy exit strategy, community pharmacy exit stratagies

Selling a Community Pharmacy vs. a Pharmacy Junior Partnership

Posted by Rick Coakley on Thu, Apr 25, 2013 @ 12:57 PM

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.  

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Topics: community pharmacy owner, pharmacy exit planning, life after pharmacy, pharmacy exit strategy