In recent months, we have seen a lot of activity in pharmacy ownership changes. Some of these have been outright purchases but the majority of these have been partnership buy-ins. Our last few blogs have had a strong focus on partnerships from the perspective of the existing owner. Today this blog is going to focus on the incoming partner and the emotional roller coaster of the first stages of buying a business.
You might ask yourself why is this important? October is Mental Health Awareness month and buying a business is certainly one of those lifechanging events that can have a big impact on you and your family.
Our personal experiences as mentors and as business owners means we know how real this is. We have lived through these issues and seen other people face these challenges too.
The stress and pressure of business ownership can lead to problems at home.
In our experience, people don’t predict or plan for this enough. Preparing for this impact doesn’t appear in a business plan, but we say it should!
The key is to prepare yourself and your support network as you don’t want to be surprised.
The effect of owning a business may be positive, negative or neutral, but those relationships will change.
First off, well done for taking the first step and making the mental decision to consider buying a business. Not everyone has the stomach for running their own business, but there comes a time in your career where you question the possibility of owning a business. While a traditional job can also be quite challenging, it’s structured and predictable. You can plan your life around a regular pay cheque, regular hours and holidays. On the other hand, some people need the freedom of business ownership. It’s more of an adventure. There’s risk, adversity, and the chance of enormous financial gains – or nothing at all.
Not every pharmacist is going to be a business owner, certainly not every pharmacist WANTS to be a business owner and that’s ok; however, being in the right frame of mind when you take that leap of faith is very important. The initial choice to purchase is largely motivated by the emotional desire to better your circumstances.
Clients often know they want to buy a business and while everyone has their individual reasons. What we can’t stress enough is that buying a business is a delicate balance between logic and emotion.
