On many occasions over the last fifteen years I have seen good pharmacies become average pharmacies. This has been for many varied reasons.
It could be due to competitive forces in the market place,because of changing demographics of a particular area, changes to business conditions, making a poor choice in relation to a marketing group, waiting too long to do a new fitout or more often than not because the owner of the business simply ran out of drive and was unable to keep up with the many changes that our industry throws at us.
We all understand that it is difficult to know every move of the large discounters and changes to legislation are unavoidable but knowing when you have lost the desire to keep your business at the cutting edge is something that should be very obvious to each of us, or so we would think.
Unfortunately, from my experience, there are two main reasons why pharmacists (or any business owner) ignore the warning signs that there business is losing its competitive edge and it is time to sell;
They have invested their heart in the business and cannot make a logical decision, or;
They have been so busy with their working lives that retirement or increased leisure time is actually a source of anxiety. What will I do with all the time?
If we look at the first point, it is totally understandable that a business owner could be reticent to sell their business because they have invested so heavily in it with their time, they have seen it grow and they have been integrally involved in its success. That said, it is extremely prudent for one not to get emotionally attached to a business, recognising that it is time to sell is a very important business skill (maybe the most important).
Point two could take a team of psychologists months to provide guidance on, but from a very simplistic viewpoint it is important that we all have activities outside the work environment. Having a more holistic approach to life will have benefits during your working life and will allow for an easier transition post career.
With all the changes currently occurring in pharmacy it is important to understand where your pharmacy fits in its “life cycle”. If you would like a confidential discussion about how Pharmacy Solutions can assist with an exit strategy, please contact us. Equally, if you would like assistance with acquiring “leisure skills” I am certain at least one of our sales consultants can assist with a game of golf, perhaps surfing, maybe cooking, what about gardening………… maybe even just a beer or wine.
Peter Marshall