It is quite a significant moment when you give the next generation of pharmacists the opportunity to get into business ownership. I don’t think anyone would forget their first opportunity many years ago. It is the start of the next exciting journey in their career. As the senior partner, you get the privilege and honour of mentoring them, and imparting your knowledge that has led you to being successful.
The reasons for bringing on a business partner can be varied, but the common reasons are:
You need help running the business.
You want to take a step back and slow down.
You want to introduce new skill sets and new ideas into business.
You have opportunities to buy or start another pharmacy and need someone to help.
You already own multiple pharmacies and are struggling to manage them properly.
You have an excellent pharmacist manager who you want to “lock in”.
Owning a second pharmacy can be tough for just one owner. One pharmacy is okay when you are working there and have full knowledge of every intricate detail. Plus, you are “only” managing 5, 10, 15 or so team members.
When you have multiple stores, you don’t have the same capacity to control everything like you can with one. And all of a sudden, you have double the number of team to manage, double the admin, double the responsibility, double the issues, double the stress, and only being half as effective as before. It is not easy, so bringing in a partner is the logical decision to make.
If you are thinking of bringing in a partner, I have highlighted some issues you need to consider…
