Entering the Pharmacy Business-Do I Build or Buy?
Entering the Pharmacy Business- Do I Build or Buy?
So you want to be in the pharmacy business. You have a passion, you know you could provide better service to patients, you have a unique idea, or you see a void in the market. Perhaps it is an opportunity just waiting for someone to take advantage.
No matter what your reason, as you begin assembling your thoughts, or you are doing your homework or beginning your business plan, the question eventually will come down to “ Should I Build or Buy”.
If you ask many of the experts, or read many of the articles, they will invariably tell you that conventional wisdom will dictate that you buy an existing business. Hands Down!
I will tell you with out any hesitation, that is a superficial judgment. Often these experts are business brokers. “If all you have is a hammer, every problem will look like a nail”. That is because they sell pharmacies. Our company provides both services because not every problem is a nail and the more options you have, the best chance of finding the right fit for your goals. We are a resource of pharmacists for pharmacies, and we have found that over many years of working with a wide variety of clients, that each client is different. In the next five weeks, I will highlight some of the pluses and minuses of both Building and Buying a pharmacy. This five week series will be broken down into
Week One – “The industry wisdom”, advantages of buying an existing Pharmacy
Week Two- “I have a Dream”- The advantages of Building your own Pharmacy
Week Three- “I didn’t see that pothole”- the disadvantages of buying an existing pharmacy
Week Four- “I think I am going to stand in traffic” – The disadvantages of starting brand new.
Week Five- “Decisions, Decisions”- How do I know what is right for me?
PS. Yes this is a shameless plug! If you are in the middle of this process and don’t have time to wait for the five weeks, you can call us and we’ll be happy to assist you with the process.
1 800.642.1652 Dean A. Pedalino R.Ph., C.Ph., FASCP
So you want to be in the pharmacy business. You have a passion, you know you could provide better service to patients, you have a unique idea, or you see a void in the market. Perhaps it is an opportunity just waiting for someone to take advantage.
No matter what your reason, as you begin assembling your thoughts, or you are doing your homework or beginning your business plan, the question eventually will come down to “ Should I Build or Buy”.
If you ask many of the experts, or read many of the articles, they will invariably tell you that conventional wisdom will dictate that you buy an existing business. Hands Down!
I will tell you with out any hesitation, that is a superficial judgment. Often these experts are business brokers. “If all you have is a hammer, every problem will look like a nail”. That is because they sell pharmacies. Our company provides both services because not every problem is a nail and the more options you have, the best chance of finding the right fit for your goals. We are a resource of pharmacists for pharmacies, and we have found that over many years of working with a wide variety of clients, that each client is different. In the next five weeks, I will highlight some of the pluses and minuses of both Building and Buying a pharmacy. This five week series will be broken down into
Week One – “The industry wisdom”, advantages of buying an existing Pharmacy
Week Two- “I have a Dream”- The advantages of Building your own Pharmacy
Week Three- “I didn’t see that pothole”- the disadvantages of buying an existing pharmacy
Week Four- “I think I am going to stand in traffic” – The disadvantages of starting brand new.
Week Five- “Decisions, Decisions”- How do I know what is right for me?
PS. Yes this is a shameless plug! If you are in the middle of this process and don’t have time to wait for the five weeks, you can call us and we’ll be happy to assist you with the process.
1 800.642.1652 Dean A. Pedalino R.Ph., C.Ph., FASCP
Labels: Build a Pharmacy
posted by HCC Pharmacy Solutions at
8:41 AM
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