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The Community Pharmacist Blog

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The Pharmacy Lifecycle

Posted by Benjamin Coakley on Mon, Apr 22, 2019 @ 02:57 PM

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.

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Topics: life after pharmacy, Community Pharmacist Lifecycle, pharmacy startup phase, Blog

The Two Most Vulnerable Times for a Pharmacy Owner: The Startup Phase (Part 2)

Posted by Benjamin Coakley on Mon, Nov 07, 2016 @ 02:33 PM

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. We discussed the contribution phase (pharmacy exit strategy) in great detail last week. This week's blog is about the startup phase of your life in pharmacy.

The startup phase applies to you as the pharmacy owner and to the actual pharmacy itself. The risks associated to the pharmacy are typical of most businesses starting up. We are interested more in the risks associated with the new owner and his or her family. These are often the most overlooked in the process. So, let's dive in to some examples.

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Topics: community pharmacy, Community Pharmacist Lifecycle, pharmacy startup, pharmacy startup phase