ALEXANDRIA, Va. – Ask pharmacist Hashim Zaibak how he came to own 11 pharmacies (all under the Hayat Pharmacy umbrella) in Milwaukee, and he’ll tell you about a workshop he attended several years ago, conducted by the National Community Pharmacists Association.
“I had wanted to own my own store since pharmacy school,” Zaibak said, “But my training was in pharmacy, not business, so I really had no idea what ownership would entail. When I heard about NCPA’s Ownership Workshop I thought, ‘Maybe here’s how I can get the info and learn the skills I need to start my own pharmacy business.’ Turned out to be one of the best things I’ve ever done, and it was really the push I needed to purchase my first pharmacy.”
Zaibak is not alone. NCPA estimates that more than 2,500 pharmacists have attended an Ownership Workshop, sponsored by McKesson, in the past 20 years, and more than half of those attendees are now pharmacy owners. Some, like Zaibak, own more than one store.
“The Ownership Workshop may not be like pixie dust, but it’s pretty close,” says NCPA Innovation Center director Kurt Proctor, whose team offers the Ownership Workshop three times a year around the country. “It provides a real-world perspective on what ownership entails and equips attendees with the knowledge they need to confront challenges successfully. The hundreds of new pharmacy owners it has produced are the proof.”
Whitney Culpepper, owner of Hoover Hometown Pharmacy in Hoover, Ala., is a past attendee, and 18 months ago became a new pharmacy owner. “The Ownership Workshop was an invaluable experience for me. I took away an incredible amount of practical knowledge from it. Afterwards, the speakers became resources for advice as I opened my own independent pharmacy a year and a half ago. I can confidently say I would not be where I am as an owner if I hadn’t attended the Ownership Workshop.”
Topics covered in the program include:
• Keys to building a successful pharmacy practice.
• Ownership roles, responsibilities, and management styles.
• Financial planning for success and growth.
• Marketing tips.
• Technology needs for the pharmacy.
• Legal and accounting counsel for the new owner, including pitfalls to avoid.
• Strategies for proper floor planning, pricing strategies, and product placement.
Proctor says for many, like Culpepper, who aspire to pharmacy ownership, attending the conference has been the boost they needed. “It’s made the difference between dreaming about ownership and doing something about it.”
Registration for NCPA’s next Ownership Workshop, set for June 8-10 in Denver, is at http://ncpanet.org/ow. That link is also the location to register for the autumn Ownership Workshop set for Oct. 4-6 in Boston.