Preparing for Ownership
WHAT'S HOLDING YOU BACK?
Are you worried you don't have the business knowledge? Not sure you can get the deposit you need because of student loan debt? Maybe you don't know exactly where to start and the process seems daunting. Regardless of the barrier, NCPA has the resources you need to overcome it and become a successful community pharmacy owner.
Student Ownership Boot Camp
Students Ownership Boot Camps are information-packed, one-day workshops that go over business plan development, financial planning, ownership models, and more. These boot camps are designed specifically for student pharmacists, and they're a great way to get the tools you need all in one place.
Upcoming Student Ownership Boot Camps:
Sunday March 29, 2020 University of Kentucky College of Pharmacy, Lexington, Ky
Can't attend the Student Ownership Boot Camp? Check out our Pharmacy Ownership Workshop, sponsored by McKesson. The Pharmacy Ownership Workshop assists pharmacists in developing tools that guide them in pharmacy ownership and enhance their current management skills. More than 50 percent of past Workshop participants now own their own pharmacy.
One ownership alternative to consider is a junior partnership. A junior partnership allows for the transfer and sale of an independent pharmacy over several years, with you acquiring a gradually increasing percentage of ownership in the pharmacy, while increasing his or her understanding and responsibility in managing the pharmacy and business. Factors such as time frame, percentage of purchase per year, and amount paid may be adjusted to meet the special needs of the owner and/or purchaser. There are several benefits to a junior partnership:
Gradually learn the business. Understanding and managing the business side of a pharmacy can be a big challenge for new pharmacy owners. A junior partnership allows you to learn the business over time rather than jumping in all at once.
Make sure it's the right match. The time frame of a junior partnership allows you and the current owner to see if the match is right. From upholding the same values and ideals to treatment of customers and employees, sellers want to make sure their business legacy continues, and you want to make sure the pharmacy's culture and environment is what you expect.
Provide continuity in customer service. As a junior partner, you not only learn the pharmacy patients' expectations, but they also have a chance to establish a trusting relationship with you.
Put down little to no upfront cash. Unlike other purchasing options, a large deposit is often not a requirement with a junior partnership. Depending on the agreement, you may be able to negotiate a reduction in the first few years of your salary as a means of buying in to the business.
NCPA makes finding a junior partnership easy. You can set up an account on PharmacyMatching.com or email NCPA Student Affairs to ask for a list of NCPA member owners in your area you could approach with a proposal.
Lifetime Vision Creator
One of the keys of being a successful independent pharmacy owner is planning. The Lifetime Vision Creator, brought to you by Waypoint Strategic Advisors, helps you take the first step in planning out your success as an independent pharmacy owner.
PCCA Student Boot Camp
Interested in starting a compounding pharmacy? NCPA has partnered with the Professional Compounding Centers of America in Houston, Texas to provide you with a unique opportunity to learn the art and skill of compounding as a student pharmacist. This Boot Camp will train you on how to compound 11 different dosage forms, and it mixes classroom and lab training over a two-day intensive course. Register online at www.pccarx.com or contact Bindhu Batra for more information.
There are all sorts of resources available at the NCPA Bookstore. Take a look at the extensive list of books, CDs, subscriptions and web-based education available to members – like you – who are preparing for pharmacy ownership.