With all of the recent changes in DIR fees, we have been talking with our clients a lot about uncertainty and the "unknowns" that always seem to creep up when you least expect them. More specifically, how these unknowns can affect the value of their pharmacy in the future, and how they can be prepared for such changes.
One of the things you can always count on in the healthcare industry is change. Between an ever-changing government body, PBMs and innovations in medicine and technology - there is rarely a time when things stayed the same for long.
At Pharmacy401k, we work with independent pharmacy owners to help prepare for, and navigate, changes that not only affect their bottom line, but the future value of the business they have worked so hard to build. When it comes to the strategies we employ, below are the most common ones we have found help develop wealth outside of the pharmacy.
- 401(k) or other retirement plans
No two people are alike, so why would you settle for a cookie cutter 401(k) plan? Take the time to find a plan that is customized to your specific needs, and one that is beneficial to you and your team.
- Learn how to diversify wealth
Questions to ask yourself include; How Much? When do I start? What strategies should I follow? What order should I put them in? Below are some of the various diversification techniques we use (listed in no particular order) and keep in mind that some may or may not work for you and your needs.
- Tax Advantage Retirement Savings
- Roth Retirement Savings
- Taxable Investments
- Real-estate Investing
- Other Business Ventures
- Develop and/or review your comprehensive plan to allow you to maintain your desired income during retirement.
We offer several tools to help you along your way:
- Exit Planning
- Contingency Planning
- Buy/Sell Agreements
- Transition Planning
To get started on setting yourself on the right path to retirement, download our FREE 'Will You Make It?' calculator. This tool helps you determine if there is a gap between the possible income generated by the proceeds of the sale of your pharmacy and the amount of money you will need to enjoy inspired independence throughout your entire life after pharmacy.
Once you have completed the tool, if your results show that you will not make it, give us a call at 843-873-4420 or you can email email@example.com to discuss what you can do today to make sure that you WILL make it. Additionally, if your results show that you will make it, we can still help you review your current plan to see if there are any other options for you to help boost the amount you will have during retirement.
For more information on our custom approach and to discover your pharmacy's optimal plan, click here to download our company census tool or contact us by emailing firstname.lastname@example.org or call Tyler Campbell at 843-720-3756.