Update on our store!

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Congrats M, we've been enjoying watching you for the past couple of months! Keep us all updated!

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congrats doctor M :)

Someday I'd like to do exactly what you are doing.

One question of concern -- how do you deal with doctors who are "writers"? I know you have addressed the issue with counterfeit or fakes, but what if the RX is valid because the doctors are paid for the scripts? At our pharmacy we have a list of no less than 15 doctors who we are sure are involved in this practice. Calling for a DX and to confirm the script is no problem for these guys because because the doctor is involved in the unethical activity. These are easy to spot because a 20-something kid is coming in with an RX for Oxycontin 80mg TID #90, or instead perhaps it is #100 each of Xanax 2, norco 10, and Soma, and the kid asks for sealed bottles.

Worsening the confusion, some of these doctors are references from workman's comp or HMO pain management, so some "legitimate" patients are forced to be caught in the crossfire.

Do you "blacklist" any doctors that are known to be writers?
 
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how much is the rx30 license, support, maintenance, drug updates, conversion, IVR, Lifeline, etc?
Thanks
 
congrats hope this works out well for you!
 
~3300-3400 rx this month, long term care license is coming, Long term care facility is coming soon...Compounding/sterile compounding coming soon!
 
~3300-3400 rx this month, long term care license is coming, Long term care facility is coming soon...Compounding/sterile compounding coming soon!

Your DM was right -- you obviously made a horrible decision leaving CVS, jeez not even 2 years later, with those numbers in the summer and LTC/sterile on the horizon, go ahead and put the sunglasses down -- your store's future isn't that bright!
 
Your DM was right -- you obviously made a horrible decision leaving CVS, jeez not even 2 years later, with those numbers in the summer and LTC/sterile on the horizon, go ahead and put the sunglasses down -- your store's future isn't that bright!

actually its only been 1 year and 1 month....Yeah, I should have stayed at CVS...
 
Your DM was right -- you obviously made a horrible decision leaving CVS, jeez not even 2 years later, with those numbers in the summer and LTC/sterile on the horizon, go ahead and put the sunglasses down -- your store's future isn't that bright!

Wait I'm a little confused. Is that really that bad? Or are you being sarcastic.


To the Pharmacy owner, I'm wondering, if you don't mind telling me. What's the price range for land+getting a physical building plus stocking the whole thing with product? 1-2million?
 
Wait I'm a little confused. Is that really that bad? Or are you being sarcastic.


To the Pharmacy owner, I'm wondering, if you don't mind telling me. What's the price range for land+getting a physical building plus stocking the whole thing with product? 1-2million?

I was being 100% sarcastic -- those numbers are pretty impressive for a startup that is barely over a year old... Dr. M's success story with his pharmacy is a complete and total inspiration for many of us on here.
 
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To the Pharmacy owner, I'm wondering, if you don't mind telling me. What's the price range for land+getting a physical building plus stocking the whole thing with product? 1-2million?

I second this question what would be a general number for the amount of capital needed to start a venture such as yours?
 
Wait I'm a little confused. Is that really that bad? Or are you being sarcastic.


To the Pharmacy owner, I'm wondering, if you don't mind telling me. What's the price range for land+getting a physical building plus stocking the whole thing with product? 1-2million?

1-2 million?? No, nowhere near there...to start a start up, you will need minimum 150k, but to be on the safe side, having 200k-250k would be good.
 
1-2 million?? No, nowhere near there...to start a start up, you will need minimum 150k, but to be on the safe side, having 200k-250k would be good.

Dr. M - We had an independent community pharmacist come to our school as a guest lecturer, and touted the idea of a junior partnership. Basically, he would hire a pharmacist at say $85K per year, and take an additional $15K and stash it into an account, which would be used to purchase equity into the company. So after 6-8 years you would own 50% of the store and then you would essentially buy out the remaining 50%. Thoughts to going with this approach as opposed to working for a while in retail then venturing out on your own?
 
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Dr. M - We had an independent community pharmacist come to our school as a guest lecturer, and touted the idea of a junior partnership. Basically, he would hire a pharmacist at say $85K per year, and take an additional $15K and stash it into an account, which would be used to purchase equity into the company. So after 6-8 years you would own 50% of the store and then you would essentially buy out the remaining 50%. Thoughts to going with this approach as opposed to working for a while in retail then venturing out on your own?

this is a great option, i dont see anything wrong with it. find an owner willing to take you in and go with it. :thumbup:
 
update: looking at 3700 rxs monthly, avg 150-170 daily. hit 200 today...
 
update: looking at 3700 rxs monthly, avg 150-170 daily. hit 200 today...
And thursdays are usually a slower day. Your numbers are approaching what we do at Kmart.

I was wondering the other day, are you still a Bills fan, or has geography converted you to the Bucs?
 
And thursdays are usually a slower day. Your numbers are approaching what we do at Kmart.

I was wondering the other day, are you still a Bills fan, or has geography converted you to the Bucs?

I'm sure Dr. M had K-Mart squarely in his sights. My preceptor will be delighted to know that he's giving K-Mart a run for their money. :smuggrin:

Bills: 0-2, 4 Super Bowl losses
Buccaneers: 2-0, Super Bowl XXXVII Champions
 
I'm sure Dr. M had K-Mart squarely in his sights. My preceptor will be delighted to know that he's giving K-Mart a run for their money. :smuggrin:

Bills: 0-2, 4 Super Bowl losses
Buccaneers: 2-0, Super Bowl XXXVII Champions

I have CVS in my sights...3000 weekly...we are almost 1/3rd of the way there...

I stopped watching the bills in 1994...ive bever looked back!
 
I have CVS in my sights...3000 weekly...we are almost 1/3rd of the way there...

I stopped watching the bills in 1994...ive bever looked back!

You can do it. I've even got a great slogan you can use. "LifeCare Pharmacy - the pharmacy NOT currently under intense federal investigation!"
 
how much is the rx30 license, support, maintenance, drug updates, conversion, IVR, Lifeline, etc?
Thanks

we paid like $8000 for the rx30 system, $250 monthly for support and maintenance, and like $1500 for the license i believe...Id have to go back and see cause i dont remember...
 
You can do it. I've even got a great slogan you can use. "LifeCare Pharmacy - the pharmacy NOT currently under intense federal investigation!"

lol, i like that slogan..

I believe that we will reach that goal! its just a matter of time...
 
congrats doctor M :)

Someday I'd like to do exactly what you are doing.

One question of concern -- how do you deal with doctors who are "writers"? I know you have addressed the issue with counterfeit or fakes, but what if the RX is valid because the doctors are paid for the scripts? At our pharmacy we have a list of no less than 15 doctors who we are sure are involved in this practice. Calling for a DX and to confirm the script is no problem for these guys because because the doctor is involved in the unethical activity. These are easy to spot because a 20-something kid is coming in with an RX for Oxycontin 80mg TID #90, or instead perhaps it is #100 each of Xanax 2, norco 10, and Soma, and the kid asks for sealed bottles.

Worsening the confusion, some of these doctors are references from workman's comp or HMO pain management, so some "legitimate" patients are forced to be caught in the crossfire.

Do you "blacklist" any doctors that are known to be writers?

We do blacklist a few doctors...we are vigilant in who we fill narcotics for. We have an age limit for strong pain narcotics...any new oxycodone prescriptions we ask the patient a few questions such as:

1. What is your date of birth?
over 30, see question 2
under 30, sorry, we cannot help you.
2. Do you have Insurance?
If yes, see question 3
If no, see question 3
3. Do you take any other medications other than oxycodone?
If no, sorry, we are not accepting any new prescriptions for oxycodone.
If yes, what are those medications? We want patients that take other meds. We will not just fill the oxycodone. We pretty much tell the patient that we will need to be their new pharmacy for all their meds. We will not under any circumstances just going to fill oxycodone.
4. Then we do a background check.
have they been arrested for selling/distribution?
If Yes, goodbye.
If no, welcome to Lifecare Pharmacy. Now have a seat and keep quiet

We also look at our parking lot...Are they with a group of people? If yes, we just dont fill the rx...In our experience, groups of people coming to get oxycodone is never good. Iif we see that our parking lot is a circus, we hand the rx back and tell them why.

So you see, we are strict with who we fill for. As for the doctors, we fill for narcotics for doctors we know in our area. There are a lot of pain clinics here in florida but we have maybe 5 doctors we fill for. They are regular pts that come in every month, on time, and take other meds. We just dont deal with peoples BS when it comes to narcs. We have rules and they follow them when they walk in our door.
 
We do blacklist a few doctors...we are vigilant in who we fill narcotics for. We have an age limit for strong pain narcotics...any new oxycodone prescriptions we ask the patient a few questions such as:

1. What is your date of birth?
over 30, see question 2
under 30, sorry, we cannot help you.
2. Do you have Insurance?
If yes, see question 3
If no, see question 3
3. Do you take any other medications other than oxycodone?
If no, sorry, we are not accepting any new prescriptions for oxycodone.
If yes, what are those medications? We want patients that take other meds. We will not just fill the oxycodone. We pretty much tell the patient that we will need to be their new pharmacy for all their meds. We will not under any circumstances just going to fill oxycodone.
4. Then we do a background check.
have they been arrested for selling/distribution?
If Yes, goodbye.
If no, welcome to Lifecare Pharmacy. Now have a seat and keep quiet

We also look at our parking lot...Are they with a group of people? If yes, we just dont fill the rx...In our experience, groups of people coming to get oxycodone is never good. Iif we see that our parking lot is a circus, we hand the rx back and tell them why.

So you see, we are strict with who we fill for. As for the doctors, we fill for narcotics for doctors we know in our area. There are a lot of pain clinics here in florida but we have maybe 5 doctors we fill for. They are regular pts that come in every month, on time, and take other meds. We just dont deal with peoples BS when it comes to narcs. We have rules and they follow them when they walk in our door.

Age, really? I have a 19 year old cousin who has reactive arthritis. Asides from corticosteroids, he takes about 200 mg of Oxycodone/day.

I'm gonna have orthopedic surgery on my knee soon. I have medical insurance but no prescription insurance. The only pain killer that works effectively for me is either Dilaudid or Morphine. I wonder how much of a hassle I'm going to get when I go in to pick up those meds.
 
Age, really? I have a 19 year old cousin who has reactive arthritis. Asides from corticosteroids, he takes about 200 mg of Oxycodone/day.

I'm gonna have orthopedic surgery on my knee soon. I have medical insurance but no prescription insurance. The only pain killer that works effectively for me is either Dilaudid or Morphine. I wonder how much of a hassle I'm going to get when I go in to pick up those meds.

I wouldn't wonder too much about it if I were you. I'm sure you'll do something terribly unethical and possibly of questionable legality to make the pharmacist not want to question your script.
 
Age, really? I have a 19 year old cousin who has reactive arthritis. Asides from corticosteroids, he takes about 200 mg of Oxycodone/day.

I'm gonna have orthopedic surgery on my knee soon. I have medical insurance but no prescription insurance. The only pain killer that works effectively for me is either Dilaudid or Morphine. I wonder how much of a hassle I'm going to get when I go in to pick up those meds.

You havent worked in florida much have you...the narcotic capital of the nation...yes, there is an age restriction for us...i need not say anything more. You would not have any trouble getting your dilaudid or morphine from us...you went to orthopedic and that is fine. Im talking about getting 240 oxy, 120 xanax 2mg and soma 350 #120 for a 22 year old paying straight cash and has 3 buddies in his car...No thanks...now for a regular pt whose kid had surgery and needs pain meds, ok, use your common sense...but we get some shady people trying to get meds from us.

I feel for your cousin and that some bad apples must ruin for people who really need it...but we have our guidelines to protect us and the people in our neighborhood. The DEA is swarming florida and we need to be vigilant. No out of state people, no doctors out of area.
 
we paid like $8000 for the rx30 system, $250 monthly for support and maintenance, and like $1500 for the license i believe...Id have to go back and see cause i dont remember...

Keep up the good work Dr. M! One day Independent pharmacy will be on top again.

We are also an Rx30 pharmacy and have been for a long time. Are you guys fully utilizing their workflow management?
 
Keep up the good work Dr. M! One day Independent pharmacy will be on top again.

We are also an Rx30 pharmacy and have been for a long time. Are you guys fully utilizing their workflow management?

Thanks for the support! We are still learning the rx30 system and are slowly implementing workflow!
 
Your posts are really inspiring! The webpage for the pharmacy looks great. I've wondered about the possibility of opening up my own pharmacy in the future; I'm glad to see others have done the same, successfully.
 
You havent worked in florida much have you...the narcotic capital of the nation...yes, there is an age restriction for us...i need not say anything more. You would not have any trouble getting your dilaudid or morphine from us...you went to orthopedic and that is fine. Im talking about getting 240 oxy, 120 xanax 2mg and soma 350 #120 for a 22 year old paying straight cash and has 3 buddies in his car...No thanks...now for a regular pt whose kid had surgery and needs pain meds, ok, use your common sense...but we get some shady people trying to get meds from us.

blackey.gif
 
I just moved to florida from cali and I notice a big difference. definitely narcotic capital of the U.S.

control substance tracking system is coming soon, no? I heard dec. 1st.

p.s dude...you are my hero.
 
Have you started administering 340b pricing scripts for eligible hospitals' employees drug programs yet?

If someone started one of those here in my neck of the woods, they'd be bazillionaires...
 
Have you started administering 340b pricing scripts for eligible hospitals' employees drug programs yet?

If someone started one of those here in my neck of the woods, they'd be bazillionaires...

Not yet...We are actually going to help open and run a closed door pharmacy in Miami...150 beds to start up to 400-500 beds potential! 340b coming soon!
 
If I ever do retail when I graduate, this is how it's going to be. Checking your posts every few months is amazing.
 
I am very curious how the delivery works. I was just thinking about it and want to understand the logistics of the whole process.

Do you arrange it so that they can pay their copay when it is delivered or call and keep their credit card info on file? Do they have to be home to sign for the prescription? Do they just sign on a sheet of paper the driver keeps with him? What is the timeframe you give for someone who wants their prescription delivered? And since you offer free delivery, do you find that people like that and take advantage of that? Is it pretty much a full time job to make all those deliveries every day?
 
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What kind of business knowledge do you need for this, Doctor M? You said your partner is good with all the finance and business. Did either of you do the dual PharmD/MBA programs? What preparations would you advise for people who are considering opening up their own independent shop? Is opening up an independent just for a certain breed of people? How realistic is it to make it without being consumed by big chains?

neither one of us has an MBA. We each just have our own qualities i guess. Preparations? Save money and have a good amount of it...Opening up an independent requires a lot of time...so you have to be willing to put the time into it...70-80 hrs weekly for the first few months...
 
Age, really? I have a 19 year old cousin who has reactive arthritis. Asides from corticosteroids, he takes about 200 mg of Oxycodone/day.

I'm gonna have orthopedic surgery on my knee soon. I have medical insurance but no prescription insurance. The only pain killer that works effectively for me is either Dilaudid or Morphine. I wonder how much of a hassle I'm going to get when I go in to pick up those meds.

good luck. i've had a history of being on pain meds due to frequent massive sports injuries ... and a friend my age who is on chronic pain meds and we've both been hassled beyond belief. ive had pharmacists basically hold the prescription from me and refuse to give it back , saying that they were going to call the police because the dr forgot to put some piece of info on it (give me a break people forget things sometimes).

personal favorite is when i'd get a script from primary care doc, and orthopedist (like a script for 2 weeks worth at primary care, and then another after i had waited a few weeks to see an ortho dr), being accused of doctor shopping. ... i dont know exactly what that is, .. yes im being treated by two doctors for the same condition.. how this is illegal is beyond me .. it shouldnt give healthcare professional a right to be rude to one of their patients.

on the other hand, i ran into a DM the other day who was instructing myself and a p1 student about his .. "pharmacy ideals" or something or other, and he said he'd rather give pills to 100 addicts than let one real pain patient get hassled out of their meds or denied their meds. that's how im going to practice. he said , pharmacists arent in the business of being the drug police.

obviously i will reject a fake script, but if a script looks real and is verifiable with a doctor im going to dispense regardless of whether the patient is 22 and has friends in his car with hoodies or whatnot.

maybe i shouldnt have taken friends with me in my car when i picked up my pain meds.. or maybe i shouldnt have been wearing a hoodie and sweats cause i was sitting around all day in pain. what a dumb idea.
 
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good luck. i've had a history of being on pain meds due to frequent massive sports injuries ... and a friend my age who is on chronic pain meds and we've both been hassled beyond belief. ive had pharmacists basically hold the prescription from me and refuse to give it back , saying that they were going to call the police because the dr forgot to put some piece of info on it (give me a break people forget things sometimes).

personal favorite is when i'd get a script from primary care doc, and orthopedist (like a script for 2 weeks worth at primary care, and then another after i had waited a few weeks to see an ortho dr), being accused of doctor shopping. ... i dont know exactly what that is, .. yes im being treated by two doctors for the same condition.. how this is illegal is beyond me .. it shouldnt give healthcare professional a right to be rude to one of their patients.

on the other hand, i ran into a DM the other day who was instructing myself and a p1 student about his .. "pharmacy ideals" or something or other, and he said he'd rather give pills to 100 addicts than let one real pain patient get hassled out of their meds or denied their meds. that's how im going to practice. he said , pharmacists arent in the business of being the drug police.

obviously i will reject a fake script, but if a script looks real and is verifiable with a doctor im going to dispense regardless of whether the patient is 22 and has friends in his car with hoodies or whatnot.

maybe i shouldnt have taken friends with me in my car when i picked up my pain meds.. or maybe i shouldnt have been wearing a hoodie and sweats cause i was sitting around all day in pain. what a dumb idea.

Not in florida you wont, i can guarantee that...good way to lose you wholesaler acct and having the sheriffs and DEA office in your pharmacy a lot...Work for a chain? then maybe...an independent, you can't practice like that...good luck...
 
good luck. i've had a history of being on pain meds due to frequent massive sports injuries ... and a friend my age who is on chronic pain meds and we've both been hassled beyond belief. ive had pharmacists basically hold the prescription from me and refuse to give it back , saying that they were going to call the police because the dr forgot to put some piece of info on it (give me a break people forget things sometimes).

personal favorite is when i'd get a script from primary care doc, and orthopedist (like a script for 2 weeks worth at primary care, and then another after i had waited a few weeks to see an ortho dr), being accused of doctor shopping. ... i dont know exactly what that is, .. yes im being treated by two doctors for the same condition.. how this is illegal is beyond me .. it shouldnt give healthcare professional a right to be rude to one of their patients.

on the other hand, i ran into a DM the other day who was instructing myself and a p1 student about his .. "pharmacy ideals" or something or other, and he said he'd rather give pills to 100 addicts than let one real pain patient get hassled out of their meds or denied their meds. that's how im going to practice. he said , pharmacists arent in the business of being the drug police.

obviously i will reject a fake script, but if a script looks real and is verifiable with a doctor im going to dispense regardless of whether the patient is 22 and has friends in his car with hoodies or whatnot.

maybe i shouldnt have taken friends with me in my car when i picked up my pain meds.. or maybe i shouldnt have been wearing a hoodie and sweats cause i was sitting around all day in pain. what a dumb idea.

You also make it seem like we dont use our judgment...St pete is a whole different world...
 
You also make it seem like we dont use our judgment...St pete is a whole different world...

im sure you guys do what you do , reasonably , given the situation.. but do you ever worry that you may have turned away a pain patient?
 
im sure you guys do what you do , reasonably , given the situation.. but do you ever worry that you may have turned away a pain patient?

Of course we do...we have to use judgment...we cant fill every single oxycodone rx that comes in...we have a limit...if we filled every single one, we would run out...We fill enough oxycodone for the amt of rxs we fill...Honestly, i could care less who i filled for, cause i dont know who has pain and who doesnt, but The DEA does care, so we have to be the way that we are...Its sad, but that is the way it has to be here in florida...
 
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I've still got a long way to go, but my uncle has thrown out the idea that when I become a pharmacist, he would help me open up my own store. He would handle all the business, and I would just have to handle all the pharmacy aspects. Owning and operating small businesses has run in my family for a couple decades now ever since they emigrated here from the mother land, but I'm not sure that the areas are the same, since the businesses they have run are sales and service sector mostly, and wouldn't this be considered retail?

Having run successful businesses, I'm sure they must have some business sense, but would this kind of idea work out? Do you need to be a pharmacist to know how to run a pharmacy successfully, or do you think some hybrid management like this would be feasible? I still have some time to think about if this is something I might do, and if I did, I might try to get into a dual PharmD/MBA program. Would that help, do you think, or would just taking some basic classes in business be sufficient? Thank you for your insight and input, your success story is really inspiring.

We dont have MBAs, we have common sense. We hired a CPA, Paychex does our payroll and everything else we do...You make mistakes as you go; some will cost you but you learn from them...We manage our inventory, we manage our payroll...and you dont need to be a pharmacist to run a pharmacy successfully...it helps tremendously, but you could be a carpenter and run a pharmacy...it's all business and cents...I never took a business class, ever...Im not an accountant, neither do i want to be...I open pharmacies and bring business in...I let the experts do what they do and i do what I do...from 8 am to 7pm, i talk to patients, verify, counsel, order drugs, return drugs, talk to marketing reps, talk to wholesalers, review MARs and by 7pm, i am drained...again, do what you do best, and dont do it yourself...the best way to succeed is with a team that works for you...I have the best team and together we are opening store number 2...We each have qualities that contribute greatly to the business, but we each learned how to do each others job in case one of us isnt there...Hope this helps...good luck.
 
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What is the time frame like on all this, Doctor M? I think I read that your store is almost 2 years old now, but did you open it right after graduating from pharmacy school? Or did you work in several different areas of pharmacy first? Like maybe a year at hospitals, a couple years in retail, etc. I've read some other posts about opening up independents, and one big piece of advice seems to be to pay off all your student loan debts before taking up a small business loan to open up your own store.

What kind of time or frame or amount of experience do you think is best in going down the route of opening up your own store? Does it matter or help if you've worked in a hospital setting first, or maybe put in a couple years at a retail chain and have been a pharmacy manager? Maybe there are certain skills that you will pick up in these different areas to best help you when you try to make it on your own?

Our store has been opened 1 year and 3 months. We are still young and growing.
After graduation, i worked in retail for 5 years and just sort of grew to hate the company i worked for. I gained a lot of experience on how to communicate with people and how to run a retail business. Experience helps and also helps to save lots of capital that you will need.

As for paying off students loans? My rate is 2.75% fixed, so i am not paying that off right away. It just depends IMO. I dont think i could have waited 10 years to pay off my student loans and then open up a store. I always new since i was an intern i was going to open a store, i just didnt know where or with who. So in my case, it just made sense to consolidate my loans, open up a business, put all my eggs in that basket, and hope to god that we survive, and then pay off all my loans after we have succeeded. SO far so good. So i guess to answer your question, it just depends...
 
It's been awhile since ive update...but to date we're filling around 4000 rx per month...this is an avg of 170-180 rx per day on the weekdays and weekends are slow...Since i last posted, my partner and I had decided to hire another pharmacist...A complete success it was! My partner works weekends, around 25 hours weekly, i work 4 week days in a row, for 32 hrs weekly...the new rph and I will be going to an every other day schedule with overlap on mondays still...im looking at 3 days weekly and 27 hour work week...i guess i can say, that we are doing great, money is good, and now i just need to find some hobbies to take up my time...any ideas?
 
It's been awhile since ive update...but to date we're filling around 4000 rx per month...this is an avg of 170-180 rx per day on the weekdays and weekends are slow...Since i last posted, my partner and I had decided to hire another pharmacist...A complete success it was! My partner works weekends, around 25 hours weekly, i work 4 week days in a row, for 32 hrs weekly...the new rph and I will be going to an every other day schedule with overlap on mondays still...im looking at 3 days weekly and 27 hour work week...i guess i can say, that we are doing great, money is good, and now i just need to find some hobbies to take up my time...any ideas?

Glad to hear you're doing well. That's more scripts than a couple CVS's that I work at up here in MI. There's gotta be so much to do in Florida. Golf, poker, sports, boating, second job at Disney World, etc.
 
Glad to hear you're doing well. That's more scripts than a couple CVS's that I work at up here in MI. There's gotta be so much to do in Florida. Golf, poker, sports, boating, second job at Disney World, etc.

i started doing crossfit, an intense excercise regimen...i like the second job idea at Disney! I thought about maybe opening a retail outlet, but nothing to do about pharmacy...like "A dollar store" or something...
 
i started doing crossfit, an intense excercise regimen...i like the second job idea at Disney! I thought about maybe opening a retail outlet, but nothing to do about pharmacy...like "A dollar store" or something...

I used to own a dollar store.
 
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