The Community Pharmacist Blog

Often I speak with pharmacists who have gone the route of bringing in a pharmacy junior partner to eventually take over the pharmacy and things did not go well with it.  This typically leaves a poor taste in the pharmacy owner’s mouth about this potential succession route. 

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.

While our team has seen almost every possible type of succession plan and the resulting outcomes during 30 years of helping independent community pharmacists make the most of their financial opportunities, a quick accounting of strategies chosen by clients who have successfully moved beyond life in pharmacy, and those who are actively working towards doing so, shows that two out of three plans include selling to junior partners.

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.