We’ve all heard the “How do you get to Carnegie Hall? joke, whose punch line of course is “Practice, practice, practice.”  But a variation of that timeless treasure, tailored for pharmacy owners might sound something like: “How can a new pharmacy owner help ensure success?”  And that punch line, naturally, would be “Plan, plan, plan.”

Opening a new pharmacy is no small undertaking.  New owners often commit their life savings to purchasing a pharmacy or take on considerable levels of debt. And not only must pharmacy owners deal with the “normal” matters associated with entrepreneurship, but they must also navigate the many responsibilities unique to owning and managing a pharmacy. It’s essential then, for potential owners to start the planning process well ahead of actually signing on the dotted line.  But with so many moving parts, the process can seem overwhelming.

New owners will find they are not alone.  Many resources are available to help guide the way.  The National Community Pharmacists Association (NCPA) offers workshops for new owners, along with a series of reference materials. Assistance is also available through state pharmacy boards, major wholesalers, and local pharmacy owner groups.  Women pharmacists can tap into the national Pharmacist Moms group, which offers guidance and resources on a range of topics, including ownership,  There are also private consulting firms that specialize in helping new pharmacy owners. Read More >>