I was recently reflecting on a speaking engagement I had for pharmacy students at the Medical University of South Carolina. To summarize, I remember walking into the room and seeing all the young faces in the crowd. Some were immersed in the presentation of the speaker before me, while others were more focused on their smart phones.
The Pharmacy Ownership Guardian
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.
Tags: community pharmacy owner, community pharmacist, pharmacy exit strategy, pharmacy succession, pharmacy junior partner, pharmacy junior partners, profitability, pharmacy value, exit planning, independence, summerville, asheville
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.
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.
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.