NCPA Launches Student Ambassador Program

The National Community Pharmacists Association (NCPA) has launched its Student Ambassador Program, which recruits independent community pharmacy owners to visit pharmacy students to discuss the benefits of ownership and offer advice on how to navigate the process.

“The next generation of pharmacy owners are today’s pharmacy students,” said Holly Whitcomb Henry, RPh, NCPA President and pharmacy owner in Seattle. “NCPA has many tools to help students become successful owners. The NCPA Student Ambassador Program brings our current and future community pharmacy owners together, educating students about why community pharmacy is their best career option.”

Already, over 200 community pharmacists have signed up to become NCPA Student Ambassadors. They will visit pharmacy schools in their area, including the 80 pharmacy schools that have NCPA Student Chapters, as well as schools without chapters. The goal is to have the Ambassadors conduct at least one visit during the 2009–2010 school year.

To learn more about this program, please click here

Is it time to Rethink Your Exit Strategy?

Exit Strategies is a topic we have discussed before but it is an important one to revisit.

An exit strategy is defined as a plan to maximize the return on your investment if and when you decide to leave the business!

The return on your investment (ROI) can come from different actions. Before you started your business, you formulated the various ways in which you can achieve this ROI. Now is a good time to revisit your Exit Strategy.

In an ideal world, you would have established your "exit strategy" on the front end. However, often that gets missed or things have changed drastically since you began your business.

As a Pharmacy Owner, there are an array of options to choose from.

Opportunities for an Exit:

• Family Member Buyout - even if one of your children is taking over the store the business must be valued. There are tax implications that must be considered. In addition, your other children come into play with regards to your estate planning.

• Junior Partner Buyout - You may want to sell to one of your Pharmacists. Determining the right structure for the deal is critical to maximizing the benefits from the sale.

• Independent Buyer - One caution . . . your books and records need to be in order to maximize the value.

• Chain - could be local, regional, or national. This buyer will likely produce the highest dollar return to you. However, do not attempt to negotiate with a chain on your own. The experts will deliver the best deal.

It is important to remember that what worked for your colleague in another town, may not be in your best interest.

Every business is different, but they all require an exit strategy. Years ago, it was quite common to believe that the real advantage to being in business for yourself was that you were your own boss and didn’t have to answer to anyone. Wrong!!! We all have to answer to someone: the bank, investors, spouses, etc. The only good reason to become a business owner is to generate acceptable returns. Careful planning increases the odds of your success, and exit strategies are part of that planning.

Cardinal Health Names Recipient of Ken Wurster Community Leadership Award

Cardinal Health names independent pharmacist Harold Harmon recipient of inaugural Ken Wurster community leadership award

WEBWIRE – Wednesday, August 05, 2009

Company to donate $10,000 to Auburn University Harrison School of Pharmacy

WASHINGTON, D.C.— At its annual Retail Business Conference in Washington, D.C., Cardinal Health today named Harold Harmon, owner of H&M Drug of Wedowee, Ala., as the inaugural recipient of its Ken Wurster Community Leadership Award.

The award, which recognizes an independent pharmacist for outstanding contributions to his or her community, was created in honor of Tampa, Fla., independent pharmacist Ken Wurster, who passed away in 2008.

“Ken Wurster was a shining example of everything that independent pharmacy means to our country,” said Steve Lawrence, senior vice president, retail sales and marketing for Cardinal Health. “He was committed to serving his customers and his community with an unfaltering sense of responsibility. It’s our honor to create this award in Ken’s memory – with the goal of recognizing others who exemplify his commitment to family, business, customers and the broader community.”

Community pharmacists and Cardinal Health employees were encouraged to submit nominations for this award, and all nominees were judged on a variety of criteria, including:

· community leadership and involvement;
· their ability to inspire others; and
· their willingness to go above and beyond the day-to-day operations of a retail independent pharmacy to make their community a better place to live.

Most notable among Harmon’s contributions includes establishing an annual fund that awards scholarships to graduating seniors at local high schools in his county. Harmon has also completed several medical mission trips to provide much-needed medical care to needy children and families in impoverished nations. Harmon’s nominators also emphasized his outstanding commitment to patients – offering to be ‘on call’ to address his customers’ questions and needs at any time.

“Harold Harmon is an outstanding pharmacist and has consistently demonstrated an unwavering commitment to not only his immediate community, but to meeting the medical needs of the less fortunate around the world,” said Lawrence. “We feel fortunate to work with and know Harold, as he truly embodies the spirit of community pharmacy and this award.”

Each year, Cardinal Health will donate $10,000 in the name of the winner to the pharmacy school or pharmacy association of his or her choice. Harmon selected his alma mater, Auburn University’s Harrison School of Pharmacy.

Additional finalists for the 2009 Ken Wurster Community Leadership Award included:

· Darlene Able – Able Care Pharmacy & Medical Supplies in Enfield, Conn.;
· Henry Ager – Medical Discount Pharmacy in Livingston, Texas;
· Steve Simenson – Goodrich Pharmacy in Anoka, Minn.; and
· Theresa Stickler – Melrose Pharmacy in Phoenix, Ariz.

Nominations for the 2010 Ken Wurster Community Leadership Award will be accepted between Aug. 1, 2009 and March 1, 2010. Learn more about the award on cardinalhealth.com.

The above information came directly from www.Webwire.com