Superintendent Pharmacist?

[SeanP]

Asking for a bit of help and advice...

Last year I took over an existing pharmacy and this year managed to purchase a second one. Things have been busy/hectic and very stressful and I'm now not sure if this is what I want. Thing is, I don't want to just sell up if I take a break and then decide that this is what's best for me (I don't necessarily believe that there is a perfect job out there for everyone...). So...what are my options?

I've spoken to a lot of people about this and have come up with:

• Get a Personal Assistant
• Get managers to pass over some of the stress to them
• Get a superintendent pharmacist to take over the main issues

I think the first one would be nice, if a little over the top. Plus they'd need a good working knowledge of pharmacy and so I think chances of finding one are pretty slim.

Managers - good idea, trouble is finding them! Where are they all hiding, or has everyone realised that its much easier to be a locum for precisely the reasons I'm looking for a manager!

Finally, I think the Superintendent is a good idea in principle. Thing is, I don't know what they'd be responsible for, would I sell a stake in the business to them, how much are they worth and how do I find them?

Is anyone a superintendent here and willing to give me some insight into their roles and responsibilities, what's expected of them and what they expect in return?

Much appreciated
Sean
Troubled proprietor

[LeftArm]

Managers

You'll never get a PA that can do what you do unless they are a pharmacist. A superintendent takes some responsibility but in the end you would still probably be making the final decisions as you are the proprietor. (I assume you are currently the superintendant anyway)

Managers will take responsibility for day to day while you remain in ultimate control. You can still cover for days off holidays etc.

Your main problem will be finance, the extra salary will either have to come out of bottom line profits (if there are any) or your own salary (if you are in a position to take one).
Your last alternative is to ride the storm. 2 years is not a long and is likely to be the hardest part of the venture. Things can only get better.

PS I am not a pharmacist or a business owner!

[hibernia]

Your last alternative is to ride the storm. 2 years is not a long and is likely to be the hardest part of the venture. Things can only get better.

I would have to agree with that. When you start in business, any business, you have to be prepared to give it your whole life for at least three years with little or no return before you start to see results.
By all means get all the the help you can, or can afford, but batten down the hatches for two very tough years. If you can last that long you'll make it, if not, get out.

[SeanP]

I think I can afford to, I don't mind so much about the money when its a choice between selling up now and starting again from scratch, or holding onto it and keeping my options open (I'm planning to do a bit of travelling etc by the way).

Reason why I'm trying to consider all this is because its just getting too much at the moment, I see Pharmacists moaning all the time about all the issues current and future that are a threat to our profession, PCTs moving goalposts, rewriting the rules and GPs looking after themselves. I'm not sure I want to carry on in a profession where the future is not certain...

[DavidS]

Managers - good idea, trouble is finding them! Where are they all hiding, or has everyone realised that its much easier to be a locum for precisely the reasons I'm looking for a manager!

Sean, I think anyone looking for a manager's position would jump at the chance to be considered to work with you, as you are showing that you want to ask for advice, and work co-operatively. If you put your rough location on here I wouldn't be surprised if you didn't get a PM or two.

When I used to do this kind of thing, I used to reckon that it took three shops to make more money than one. The situation may have changed, but you will be stretched to make as much out of two shops as you are doing out of one, until, of course, you come to sell. There are, however, other good reasons for taking another shop on, to do with diversifying and spreading risk.

I also note that people are talking about working hard for 2 years. Make that ten. By then I would have expected to have paid off the loans and be looking for a tax opportunity to move on. If you can do it in less than that, or if other factors come up, well......

[johnep]

That was Alan Lloyds business plan. He had expanded to three shops and then had problems covering holidays etc. He decided to have four pharmacists covering the three shops, but got a bit carried away when opportunities presented themselves. This was a time when many independents came onto the market at roughly the same time.
johnep

[SeanP]

Sean, I think anyone looking for a manager's position would jump at the chance to be considered to work with you, as you are showing that you want to ask for advice, and work co-operatively. If you put your rough location on here I wouldn't be surprised if you didn't get a PM or two.

When I used to do this kind of thing, I used to reckon that it took three shops to make more money than one. The situation may have changed, but you will be stretched to make as much out of two shops as you are doing out of one, until, of course, you come to sell. There are, however, other good reasons for taking another shop on, to do with diversifying and spreading risk.

I also note that people are talking about working hard for 2 years. Make that ten. By then I would have expected to have paid off the loans and be looking for a tax opportunity to move on. If you can do it in less than that, or if other factors come up, well......

David thanks for the reply, you've given me a bit of hope! I'm located in Birmingham, so anyone on here feel free to PM me!

Why would you require 3 shops before you make more profit than on one? My calculations (although rough) indicate that naturally the second will be nowhere near as profitable because of inefficiencies such as locums and not personally being there to manage it, but it will still generate 'some' profit and it gives the opportunity to obtain greater discounts through bulk buying?

Johnep I live not far away from Mr Lloyd, although I don't know him personally. I did hear how he started up and that was the inspiration to try and start my own chain! Though the game has definitely moved on, so I'm not sure if there's still much gain to be had in building a chain when up against the multiples with their deep pockets? I think the future of pharmacy is rather bleak actually...

[Pharmanaut]

because of inefficiencies such as locums and not personally being there to manage it

Be careful what you say...
Otherwise we'll send some advisors round to help you with your opinion.
They are tough, but fair lads.

[DavidS]

Because you will need to manage both shops, effectively, which will mean you will need locums to cover you when you do that, have meetings, deal with staff etc.

Even if you have a manager, the other shop will require an overhead in terms of your time, in other words.

You will also use a load of time getting your third shop, of course.