Reflecting on those pharmacists that I have identified and assisted into a junior partnership or those first time buyers who managed to buy a pharmacy in the last 2 to 3 years. All individuals with different qualities and personalities but what personal traits and business acumen did they have in common to transition from employee to pharmacy owner/partner? This is what I wanted to explore and share with you.
Number 1 is ‘Mindset’, even when working for someone as an employee having an owner mentality, taking action every single day that demonstrates the owner mindset. Personally and professionally knowing you are fully responsible for your own success.
Number 2 is ‘Risk Taking’, not afraid to try something new and take calculated risks. What I tell young pharmacists is they are actually backing themselves when they take the step into pharmacy ownership. Must have confidence in their own abilities and skills necessary to succeed. “If It Is To Be It Is Up to Me”
Number 3 is ‘Persistence’, they are the young pharmacist who stay in regular contact with pharmacy brokers, seeking out opportunities and learning what is happening in the pharmacy market. If they are unsuccessful and miss out on an opportunity they don’t give up. What they do is seek to learn why and what they could do differently or improve for next time they are interested in a pharmacy for sale.
Personal Traits
- Must be a good communicator
- They look for opportunities to talk to customers offering advice or just a friendly chat to build relationships.
- Be comfortable looking outside the pharmacy walls for opportunities to connect with the local community and groups where you can add value.
- Ability to delegate and empower staff.
- Recognise the importance of having motivated and well trained staff.
- Reward and recognise good performance.
- Volunteer ideas and suggestions, not passive.
- Life-long learner.
Business Acumen
- Obtain the resources & knowledge to achieve your goals.
- Knowing the key performance indicators of the business, what are they, why track and for what purpose.
- Information & data is only useful if it is used to grow the business, train and reward staff.
- Be able to understand a profit and loss statement and know how to prepare a monthly budget.
- Thinking big picture as well as having an eye for detail.
- Chase business don’t wait for business to come to you.
- Growth mindset as opposed to fixed mindset.
– Ian Fedrick, Partner and QLD & NT Sales Manager at AP Group
