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Sounds like you need to leave Dallas for Belton Tx...I went to pharmacy school to be an independent pharmacy owner.
Even though I owend a DME co with a closed door pharmacy once, my dream hasn't really materialized yet. But I have not given up on it. I want a burger joint pharmacy with a bait shack in the back.
Sounds like you need to leave Dallas for Belton Tx...
my sister is in medical school, my other sister is in pharmacy school, and I am almost done with pharmacy school. I still don't like to open up a pharmacy. I think it's too much headache. I'll be better off owning subways and buildings and work once a week at a chain.
I went to pharmacy school to be an independent pharmacy owner.
Even though I owend a DME co with a closed door pharmacy once, my dream hasn't really materialized yet. But I have not given up on it. I want a burger joint pharmacy with a bait shack in the back.
Serious question, what kind of image do you think a burger joint pharmacy would give to the field of pharmacy?
quick question why buy the pre-existing pharmacy, i'm 51 and i want
to start from the ground up, i've been in the same area for over 20 years
and i think and can get this up and running quickly already have a big AL lined
up and know everyone around here by first name. I think I can make this work
Michael
I adore soda fountain pharmacies Well, I also adore independents and have to stop in them whenever I see one on a trip or something. (nerd) Wags and CVS make such a sad replacement for old-time pharmacies.Do you actually believe pharmacy "image" would be more damaged by a soda fountain - burger joint pharmacy that serves a community? I think not.
So what's the salaries? I've been searching all over the net, and I finally find a good discussion about independent pharmacies, but how much more would you all plan to be making? I heard it can be over 500k a year. If that were true, why isn't every pharmacist trying to run their own pharmacy?
what's an AL?
The benefit of buying a pre-existing pharmacy is that, if it is successful, your marketing is done. Limited market research is needed all of the work is done for you, it is a win win.
The benefit of starting from scratch is that you get to do things the way you want. The down-side is you wont make money for a while. If you have a ton of capital and can afford not to draw a salary for a few years, then go fo it. If you are popular in town and everyone know's you and the town can sustain the amount of business you need to stay profitable then go fo it. If there is already a small independent in town that is successful, and it is a small town, then dont even think about it. I dont think you will be able to overcome their loyalty. Depending on your costs of course, you will need to be filling aroun 100-150 scripts/day just to be in the green (and this may even be conservative). You would be pretty successful to be doing 50 daily by the end of the first year.
If you can walk into a pharmacy that is already filling 250+ you almost can't lose, especially in small town. The only downside is, that after you buy it, you need to do things the same way they have doing it to stay on top.
100-150 within 1 year...we were lucky
Yes you were. Luckily for us two we have had similar success. We just opened a new store in a very small town, that had a small independent who was doing about 600-700 daily and sold to CVS. We jumped on that town like a fat kid on cake! We have been open for two years now and just last week did 291 and cleared 150 by year one. GREAT SUCCESS!!!! But no typical.
What are your hours like? Do you think it's possible for an independent to be open M-F 9-5?Yes you were. Luckily for us two we have had similar success. We just opened a new store in a very small town, that had a small independent who was doing about 600-700 daily and sold to CVS. We jumped on that town like a fat kid on cake! We have been open for two years now and just last week did 291 and cleared 150 by year one. GREAT SUCCESS!!!! But no typical.
What are your hours like? Do you think it's possible for an independent to be open M-F 9-5?
I know Doctor M's pharmacy opens all 7 days I believe. Btw Doctor M, I went to your pharm's website and it says account suspended.
What are your hours like? Do you think it's possible for an independent to be open M-F 9-5?
I know Doctor M's pharmacy opens all 7 days I believe. Btw Doctor M, I went to your pharm's website and it says account suspended.
PB&J ? Is this a tray of compartments for times and days?
johnep
Bangers & Mash and now P&PB&J. I'll never understand the tastebuds of the BritsSomething which never caught on in the UK. I did have peanut butter on toast this morning. Use a sprinkling of black pepper.
johnep
Something which never caught on in the UK. I did have peanut butter on toast this morning. Use a sprinkling of black pepper.
johnep
I'm starting to seriously consider owning my own pharmacy again - now that I'm 7 months from graduation. I am finishing my community rotation at an independent pharmacy - which ironically has been my least favorite rotation thus far.
Anyway, the store I am at has been in business for over 30 years. The current owner has had it for about 5 years. He purchased it in conjunction with a partner and they are 50/50. The partner provides some of the infrastructure (attorneys, accountants, purchasing agreements with vendors, etc.) while the owner is in charge of day to day operations. He runs it like he wants for the most part. The partners have their own pharmacy in another town and my preceptor worked for them for a couple of years before they went in on this business together. These partners are also part-owners of many more independent pharmacies in the region.
In the time my preceptor has owned this store, they have built a brand new building, expanded into DME, and opened a 2nd location on site with a new doctor's building in town. He fills for 4 different nursing homes in the area, does nursing home consulting, and does compounding too. He does 250-300 scripts a day. And the best part is, we can see Walgreens out the front window.
The town is a rural community and has a population of about 11,000. That is deceiving though because the pharmacies really serve a larger population when you count all the tiny towns and countryside around. There is a Walgreens, Wal-Mart, Medicine Shoppe, and another independent in town too.
Even though he hasn't been my favorite preceptor, he is doing something right! He has inspired me to believe that I can be just as successful in this area (not in the same town though!).
How does he steal Walgreen's business? by charging less money? there is no way as Walgreens have the best price...its hard to beat.