Owning a pharmacy is not easy. Why? Because the industry is at a time where retail is under serious pressure (most retail sales we see are going backwards), rents and nasty landlords are a big problem, competition is increasing, and values in a lot of pharmacies are under pressure.
The choice of what legal entity you use to own your pharmacy or own your partnership interest through is a critical issue and very complex, often with no perfect answers. To go through all the issues in detail that you need to consider would require me to write three books the size of Lord of the Rings, which doesn’t suit the small framework for this blog.
You’re a pharmacist and have been working for a few years in a pharmacy, most likely with the title of manager. Now finally! You’ve been given the opportunity to buy a partnership interest in the pharmacy you work at, and you’ve got many emotions bubbling throughout your head so, you’re not quite sure what to do.
Firstly, take a big deep breath and read this article……
Previous blogs we have talked about the issues you need to contend with when buying a pharmacy (So You Want to Buy a Pharmacy? and Pharmacy Partnerships – What you need to Know). For most young pharmacist’s keen on ownership, the most common and likely affordable entry point is buying a share of the pharmacy they work in.
As business owners we should never pretend to know everything.
You need to know when to let go. Some pharmacy owners like to control everything, thinking the only way it will get done properly is to do it themselves. However, that mindset can lead to issues of no adaptation, systems becoming outdated, lack of compliance, inefficiencies and so forth.