- Joined
- Jul 11, 2006
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First off...I am so happy that I ran across this thread tonight! I will be graduacting from pharmacy school in June of this year. I am a 28 married female with no children and my only debt is my gi-freaking-normous student loans (pharmacy only~$165,000). I have worked in an awesome independant pharmacy since I was 16 and (after my 8th rotation) I realize that independant pharmacy is the reason I wanted to become a pharmacist in the first place. I am *fairly young, I have put off having babies, and I am very driven to open my own pharmacy in rural KY. I have recieved very mixed feedback from mentors, friends and family...but mostly I have been given support and a "your're going to do what you want to anyway...so good luck" response. I really want opinions from people who aren't afraid to shoot me straight and who actually know what they are talking about. SO PLEASE....GUIDE ME
I come from a county of about 15,000 people. We do have a wal-mart...but that's it. The largest city in this county has 3 independant pharmacys (1 is my current employeer) and WM with 4 family DR's and 4-5 DMD's...15 miles down the road, there is a smaller city with 1 doctor office (which is connected to a building that was formerly a pharmacy) but no pharmacy (pharmacist retired...or died or something about 10 years ago). The city in question has a population of about 1,000-1,4000 people, many of whom are hard working farmers and eldely. Also, keep in mind that just as many people who live there see the 4 doctors down the road, as they do the one in their city and all have to go there to the dentist, hospital, clinic, or ER. Anyway... I have decided that I NEED to put in an independant pharmacy in this city and offer services that the other pharmacies have not quite stayed up to date on..(oh like IMMUNIZATIONS?!?, MTM, etc) or have time for (like non-sterile compounding, delivery, BP and BG monitoring, etc). My husband and I have about $200K of collateral in our home, farm, equipment, etc. but I do still have these looming student loans. My family and in-laws together have the means to "back me" and the desire for me to fulfill my dreams and I see getting a 200K (or so) buisness loan very possible (because this is America for goodness sake!). Rent for the building will be less than $1000/month, I have also staked out a very ambitious worker who I trust can bear a larger load than most, very personable and who would be avaliable to work ASAP. I can also purchase compounding materials cheap from a community pharmacist that has recently sold out to FRED's pharmacy Many residents have expressed to me personally that they want a pharmacy back in their community. With all of this being said, I am a little concerned about the recommendations of working in a chain for 2-5 years before starting my own pharmacy and paying down half of my student loan befoe undertaking more debt. I do have the possible option of my current boss becoming a silent partner if I choose to open this pharmacy. I don't know what my best option at this point is however. I am really going to have to sell this idea hard to my boss and provide a solid buisness plan before he commits (understandable). He would also be very beneficial in helping me set up the pharmacy and we would have the ability to rotate techs through, join his well established buying groups, etc, etc.
I am not afraid of failing...if I do I will just have to work somewhere else...I just really can't live not knowing "what if". I just would like any suggestions or PMs to help me proceed and learn more about your personal experiences. I have a list of expenses, accountants, lawyers, top 200 inventory starters, ideas...but I am positive I could learn more from you guys. I am so sorry for this ridiculously long post...I have insomnia tonight because I am filled with excitement that I have decided to follow through and take a chance...NO MATTER WHAT YOU HEIFFERS SAY...seriously kidding. Feedback appreciated. Thanks.
I'm sure you are already working towards your goal, but hopefully you did not decide to get a job with a major chain. If you are truly interested in opening an independent you need to work in an independent. You will learn very little about running a pharmacy working for a retail chain.
Did you ever consider purchasing the independent that you worked for?
