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.
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
We just arrived home from the Pharmacy Growth Conference in Orlando last weekend and the first two days back brought two significant snow storms. As I woke up the morning of the second storm, I told my wife that I would love to just go out and play in the snow all day without having to worry about work. It made me realize that one day I would want to have the option of working or not. If that's the case, then I better start working on my exit strategy. Speaking of exit strategies...
Pharmacy exit strategies are being discussed more and more in today's pharmacy world than ever before. The reason is a tremendous transition has begun to take place in the pharmacy world. In our 30 plus years of work of helping community pharmacists navigate their life in pharmacy, we have heard many ideas and goals for life after pharmacy. There are a few lessons that we have observed and community pharmacists have learned (sometimes the hard way).
Dwight D. Eisenhower once said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” This concept is very important as it pertains to owning and operating a community pharmacy (and executing an exit strategy).
There are three primary options for a pharmacy exit strategy. They are sell to an insider, sell to an outsider or liquidate. Each one of these options has its positives and pitfalls. An insider could be family members in the business, a junior pharmacist or another employee/employees. An outsider could be another independent pharmacist, family members not in the business, a chain store pharmacist looking for independent direction, a conglomerate of pharmacies/pharmacists or a chain store