Pharmacy U news

As I sit down to write this article, I reflect on my daily experiences as a community pharmacist here in Victoria, BC. On a regular basis, I hear the struggles and frustrations from patients navigating the current healthcare system.

We would suggest that planning for selling your business is a good opportunity to review your current accountant, their experience and their abilities.

If you have ever seen a late-night infomercial on television, you may have encountered a product that was so amazing and so easy to use that all you had to do was “set it and forget it.” While that phrase may sell product in late night infomercials, it most definitely does not apply to the pharmacies.

What if we viewed dispensing robots and RPhTs as a launching pad for a cognitive-service-based future for our profession? By freeing up our time, we can do more of what we do a better job at. You know, being the pharmacotherapy experts within the healthcare system.

Selling your pharmacy is not just a financial transaction, but a legal one, and it behooves you to consult a lawyer early in the process.

When pharmacy staff get angry words from patients, what the pharmacy manager says next means something. Something potentially very important to how the interaction carries on.

High performance teams need a strong leader, but it can be difficult to be a leader. Nobody ever teaches us as pharmacists what being a real leader is all about. True leadership is the ability to communicate with and effectively reach each person on your team.

If you are planning to exit your pharmacy business, you need a good team of advisors on your side. It should include an accountant, a corporate lawyer, a tax expert and a financial advisor, but the single most important member is the team lead – a “quarterback” who will ensure the players are working together and who will represent your interests from start to finish.