Pharmacy

Many pharmacy owners have the means and the desire to loan money to their children for a variety of good reasons. This post considers some of the pitfalls you may wish to consider. We encourage you, as pharmacy owners, to speak with your accountant and estate lawyer before loaning money to your children. You’ll be glad you did!

In my career I’ve been able to witness value creation firsthand. A powerful example of it came when we, in the pharmacy where I was working, were scaling our immunization program and discovered a significant gap in our training. Reports indicated that our CPR training—a vital skill for pharmacists—was highly inconsistent.

I strongly believe that when we make the decision to hire someone, that person becomes part of the family and needs our support and resources until exiting. The first priority of a leader is to take care of staff, then staff can take care of customers and customers can take care of business.

Maturity brings perspective, but my passion for pharmacy remains unchanged, and I would choose this path again. I learned invaluable lessons from my role models, particularly my parents, and tackle problems one by one, prioritizing the most serious.

One of the earliest lessons I learned in pharmacy school was that pharmacy is always changing. My experience over my own career has certainly proven this to be true. However, while we were told to expect change, what I wasn't prepared for was how to embrace it, let alone lead others through it.

A new boss is an opportunity. People on are good behaviour and their minds are sharp. They are energized and observant. They try to make good impressions and become free to give opinions they would not have before. The new boss organically lights up the reset button, now available for the staff to press.

Every investor likely has specific circumstances and situations that may limit utilization of some of these year-end tax tips. It’s best to check with your accountant first before making any tax-related changes. You have plenty of time before the year end to take action, so get cracking…unless you actually enjoy paying taxes!

Advocacy … is a skill that anyone can learn, but being an effective advocate requires two things: a unique perspective and a lot of imagination. One must be able to envision the compromise and chart the way forward. These experiences taught me that true progress in pharmacy can be achieved through collective effort and the ability to imagine a better future.