Since the day I started at the University of Colorado Skaggs School of Pharmacy and Pharmaceutical Sciences, I would catch myself dreaming of graduation day, when I could celebrate the culmination of all of my years of work with my family and friends and take some time to give myself a much-deserved pat on the back. If this is what you envision for yourself, I advise you to not buy a pharmacy business 3 weeks before you graduate!

 

In October 2012, during my final year of pharmacy school, I attended the National Community Pharmacists Association Annual Convention in San Diego, CA. I was interested in the idea of ownership prior to attending this convention, but it was after meeting several successful independent pharmacy owners at the conference that I became super motivated to become an owner myself. I wrote letters to more than 40 independent pharmacies in Colorado with the goal of finding an opportunity without a business broker involved. I received a handful of responses back.

 

My husband Chris and I looked into a few of the options and found exactly what we were looking for in Capitol Heights Pharmacy. Capitol Heights is unique for a few reasons. It is located in the heart of Denver, CO, in an area of town that really embraces and supports local businesses. Capitol Heights is a “liquor-licensed drugstore,” so not only is it a full-service traditional pharmacy with prescription and OTC products, but we also sell a variety of wine, beer, spirits, and  grocery items.

 

You are probably thinking that pharmaceuticals and liquor might seem like a strange combination, but one thing that I have truly embraced through this process is that in order for an independent pharmacy to succeed and thrive, there must be multiple sources of revenue. Cognitive services, education, vaccines, compounding, and delivery can all be things that you can couple with traditional pharmacy services to be successful, and I strongly encourage any student thinking about going into independent pharmacy to consider their particular niche.

 

I am often asked about how I was able to pursue this opportunity right out of school. Let me tell you, it wasn’t easy! Chris, and I are not independently wealthy, but we do have a strong background in leadership and business. Capitol Heights is not a small business and we had to convince Live Oak, a bank that specializes in financing independent pharmacies, that this opportunity could pay the bank loan, support the business operations, and pay me as the pharmacist and owner. It helped that my husband has an MBA from the University of Denver, significant business experience including providing business consulting for a couple of medical practices. I also have  management and business operation experience.

 

We used our small savings coupled with a significant sellers note to get the deal done and have now owned the business for more than 9 months. It has far and away been the most challenging thing I have ever done. Imagine studying for board exams while the success of the business you just bought rides on passing the exams. No pressure!

 

If you are considering this path, I strongly encourage you to get a mentor or two. I also encourage you to really understand what goes into owning your own business and make sure that you have the personality and attitude that it takes. Don’t get me wrong, the perks of ownership are fantastic. I am building something that I am really proud of, but you also have to consider whether you like managing people, doing mounds of paperwork, and really ultimately being responsible for your own success and failure. You are signing up for all of the above when you go this route and a mentor can really help you decide if it is right for you.

 

I would be happy to answer any questions you have. I can be reached via e-mail at pharmacy@chprx.com.