Practices have used multi-practitioner professional partnerships to attract appropriate staff and reward specialised skills. Pharmacists, like other professionals, are seeing the evolution in the admission of junior partners. Also, with almost 60% of existing practitioners ready to retire in the next 10 years, partnerships will become a practical way for the profession to retain their skills.
To a junior partner, a partnership with an existing owner can provide additional support to a managerial role. The opportunity for business ownership to co-exist with the ability to acquire management skills and wisdom through practical experience and mentoring from a senior partner. Additionally, junior partners can benefit from financial support of the business, often which is running at low debt levels, and implement a plan for extended ownership over a specified period. One of the other factors to consider as a junior partner is that partnership will allow for a share in a much bigger pharmacy.
As a senior partner, junior partnerships can be part of a wider succession plan. The ability to re-invigorate the business with a junior partner full of energy and enthusiasm may be a valuable asset to increase growth. Additionally, you are obtaining a manager that has a stake in the business performance, allowing for a phase out of operational duties. This itself forms a part of a succession planning strategy.
If your are interested in looking into entering into a partnership, Medici Capital can provide guidance and assistance, both in the analysis of the business pre and post new partnership as well as providing guidance in the structure of the partnership agreement.
For those new to the idea of pharmacy ownership or pharmacy partnership, Medici Capital runs education courses for prospective partners to teach business, management and partnership concepts essential to developing commercial competency. These courses provide information about how to understand different types of pharmacy, evaluate an opportunity and strategies you should begin to understand when looking at ownership opportunities.
For those more advanced in your partnership aspirations, Medici Capital manages a partnership facilitation service; if you're looking for a partner we can match you with a prospective partner based on our professional analysis of your objectives and those of the incumbent partner. If you are keen to buy into a partnership, or you are looking for a partner, please contact us to join our program.
We look forward to your enquiries.
Advertisement: