The Community Pharmacist Blog

The Waypoint team recently took a trip to San Diego and the weather was out of this world.  It inspired a discussion on what the advisors' lives would be like after working at Waypoint.  One of our advisors mentioned that he would love to be able to travel to places like San Diego without having to worry about being on a budget.  Another one of our advisors said he would love to sit on his back porch, watch the sunset and eat boiled peanuts.  The third advisor mentioned that he had no idea what he would do when his working life ended.

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. 

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.

When it comes to exiting the pharmacy, there is no shortage of options.  These range from transitioning to a pharmacy junior partner to selling to a chain store.  Most community pharmacists would rather keep the pharmacy independent, so selling to the chain typically is the last option chosen.  This article will be focused on the pharmacy junior partner and the benefits associated with them.  If executed properly, transitioning to a junior partner can be extremely positive for the pharmacy, current staff of the pharmacy, and the surrounding community.  This is such a viable option that the National Community Pharmacists Association is actively promoting this as an option for exiting a pharmacy.